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Castine adds to largest position before buyout announced

Boston-based hedge fund manager Castine Capital Management LLC added seven new financial stock positions during the second quarter, according to the firm's latest 13F filing.

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Castine's largest initiation, a $20.1 million stake in Detroit-based Chemical Financial Corp., became its third-largest position overall at the end of June. Castine exited a $9.5 million investment as of March 31, 2019, in Wayzata, Minn.-based TCF Financial Corp., which merged with Chemical Financial Corp. on Aug. 1 in a merger of equals.

Castine's total financial stock portfolio increased to $386.2 million as of June 30, up from $322.8 million at the end of March.

Established in 2003, Castine is principally owned by Paul Magidson, Ostrom Enders and Jonathan Cohen. The firm invests primarily in U.S. financial institutions.

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Castine boosted its holdings in Hartford, Conn.-based United Financial Bancorp Inc. by 9.7% during the quarter, pushing its total investment in the company to $27.2 million, its single largest position. On July 15, People's United Financial Inc. announced that it would acquire United Financial for about $758.1 million.

The hedge fund manager also more than doubled its stakes in Gulfport, Miss.-based Hancock Whitney Corp.; Irvine, Calif.-based Opus Bank; and Winter Haven, Fla.-based CenterState Bank Corp. during the second quarter.

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Castine completely sold out of eight positions, including a $9.7 million stake in Bank of America Corp., which had been a top 20 position at March 31.

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Click here for a template containing Castine Capital's common stock holdings as of June 30, 2019.