Boston-based Castine Capital Management LLC revealed four new bank stock positions worth a combined $19.8 million as of June 30, according to the firm's most recent Form 13F.
Castine's largest initiation, a $7.9 million investment in Irvine, Calif.-based Opus Bank, was the firm's 11th-largest position by the end of second quarter.
Castine also revealed a $4.5 million investment in Chicago-based Byline Bancorp Inc. and a $4.4 million investment in De Witt, N.Y.-based Community Bank System Inc., which completed its acquisition of South Burlington, Vt.-based Merchants Bancshares Inc. on May 12. At the end of March, Castine held a $10.6 million position in Merchants Bancshares.
Mount Pleasant, Texas-based Guaranty Bancshares Inc. was Castine's fourth-largest new position at $3.0 million.
Richmond, Va.-based Community Bankers Trust Corp. remained Castine's single-largest investment for the third consecutive quarter at $13.9 million, despite the firm's stake shrinking 18.8% during the second quarter. Both Community Bankers Trust and Guaranty Bancshares were added to the Russell 3000 Index in June.
Castine's total stock portfolio consisted of 32 common stock positions worth $222.3 million as of June 30, down from 34 positions worth $242.5 million as of March 31. During the second quarter, Castine reduced its position in 21 companies, while it increased its position in seven stocks, apart from the four new investments.
Castine completely exited six positions which were collectively worth $30.1 million as of March 31. Aside from its Merchants Bancshares position, Castine completely sold out of two other merger targets during the second quarter. Pompano Beach, Fla.-based Stonegate Bank is being acquired by Conway, Ark.-based Home BancShares Inc., while Milwaukee-based Bank Mutual Corp. is being acquired by Green Bay, Wis.-based Associated Banc-Corp.
Castine also sold off a $5.9 million stake in Peoples Bancorp of North Carolina Inc. during the quarter. It was also added to the Russell 3000 Index in June.
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