Va. bank becomes Banc Funds' top holding in Q4'20

Chicago-based Banc Funds Co. LLC's total common stock holdings rose 37% in the fourth quarter of 2020 to $1.06 billion, the firm's most recent Form 13F filing showed.

McLean, Va.-based Southern National Bancorp of Virginia Inc. became Banc Funds' top holding at $23.2 million at the end of 2020 after the investment firm increased its stake in the bank by 34.8% and Southern National's shares spiked 39.5% in the fourth quarter. Late last month, Southern National announced that its board of directors approved changing its name to Primis Financial Corp. in March.

Irvine, Calif.-based First Foundation Inc., which was the fund's largest holding as of Sept. 30, 2020, dropped two spots to No. 3 even as the bank's shares recorded a 53% gain in the quarter.

Bedminster, N.J.-based Peapack-Gladstone Financial Corp. became Banc Funds' second-largest position at year-end 2020 at $23.1 million.

Banc Funds revealed three new stakes worth a combined $1.9 million as of Dec. 31, 2020, including a 4.73% stake in Charleston, S.C.-based First Capital Bancshares Inc. worth $1.6 million.

The fund also exited two stakes in the fourth quarter of 2020, including a $93,000 position in Medford, Ore.-based People's Bank of Commerce, which is merging with Albany, Ore.-based Willamette Community Bank in March, and a $521,000 stake in Islandia, N.Y.-based Empire Bancorp Inc., which was acquired by Uniondale, N.Y.-based Flushing Financial Corp. in October 2020. Banc Funds reported a new $214,000 position in Flushing Financial at Dec. 31, 2020.

Click here to see Banc Funds' common stock holdings as of Dec. 31, 2020.