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Endeavour Capital buys more Midland States, boosts Byline stake in Q4'17

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Endeavour Capital buys more Midland States, boosts Byline stake in Q4'17

Greenwich, Conn.-based Endeavour Capital Advisors Inc. continued to bulk up on Midland States Bancorp Inc. during the fourth quarter of 2017, adding another 24.2% to its stake and making the Illinois-based bank its No. 1 position, according to hedge fund's latest Form 13F. As of Dec. 31, 2017, Endeavour's investment in Midland was worth $28.2 million.

Endeavour sold 13.1% of its former No. 1 position, Itasca, Ill.-based First Midwest Bancorp Inc., reducing its total investment to $22.8 million.

All told, Endeavour revealed nine new positions as of the end of 2017, six of which made it into the firm's top 20 holdings. The largest entry was a $6.6 million stake at Santa Rosa, Calif.-based Luther Burbank Corp., which started trading on the Nasdaq on Dec. 8.

The total value of Endeavour's financial institution holdings dropped to $246.7 million as of year-end 2017, down from $264.9 million on Sept. 30.

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The hedge fund increased its stake in Chicago-based Byline Bancorp Inc. by 951% in the fourth quarter, pushing its total investment to $15.7 million. The bank announced that it would acquire Evanston, Ill.-based First Evanston Bancorp Inc. on Nov. 27, 2017, and later said it could be on the lookout for more M&A deals to expand its presence in Chicago. Byline went public in July 2017.

Endeavour exited four positions during the quarter, including two banks that were acquired. Stillwater, Okla.-based Southwest Bancorp Inc. was acquired by Pine Bluff, Ark.-based Simmons First National Corp. on Oct. 19, 2017, and Los Angeles-based CU Bancorp was acquired by Beverly Hills, Calif.-based PacWest Bancorp a day later.

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Click here for a template that allows users to analyze Endeavour's common stock holdings as of Dec. 31, 2017.

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Company filings including Forms 13F can be found through the filings archive tab on a company's briefing book page.