Capital

Shiv Govindan at Pilgrims & Indians Capital has kept a relatively low profile as a bank investor. But two key board appointments at struggling community banks promise to make him a more visible player in the industry.

Revere Bank in Laurel, Md., has raised $31 million in a subordinated debt offering that it plans to use for M&A and other purposes.

First Internet Bancorp in Fishers, Ind., has issued $25 million in subordinated debt and intends to use the proceeds to support its rapid growth and perhaps for future acquisitions.

Bank of Southern California in San Diego has agreed to sell $7 million of its common stock to the asset management firm Castle Creek Capital.

First Merchants Corp. in Muncie, Ind., has agreed to buy a minority stake in Independent Alliance Banks in Fort Wayne, Ind.

The $2.2 billion-asset company disclosed in a regulatory filing that it redeemed $12.2 million, the remaining half of its SBLF shares, on Sept. 22 at a liquidation value of $1,000 each for $12.4 million.

Only a dozen banks still owe the government Troubled Asset Relief Program money, and an unspecified number of others including Reliance Bancshares in St. Louis owe investors who bought their Tarp balances. But Reliance has made problem loans vanish and has a credit line in hand to help retire its $62 million Tarp-related debt.

Home BancShares co-founder and Chairman John Allison is shrinking his ownership stake in the Conway, Ark., company for estate-planning purposes.

Farmers Capital Bank in Frankfort, Ky., has announced a plan to restructure its balance sheet.

CapStar Financial Holdings in Nashville, Tenn., expects to raise net proceeds of $16.6 million in an initial public offering that it plans to spend on growth and other initiatives — perhaps including M&A.