Chicago-based Banc Funds Co. LLC exited 15 banking positions worth a total $44.6 million in the second quarter, four of which were due to M&A activity.

The largest exit was a stake valued at $12.7 million in Birmingham, Ala.-based National Commerce Corp., which was acquired by Winter Haven, Fla.-based CenterState Bank Corp. on April 1.

Overall, Banc Funds' exposure to U.S. financial institutions was a little more than $1.34 billion at the end of the quarter, up 4.8% from the end of March, according to the firm's latest Form 13F filing.
Bedminster, N.J.-based Peapack-Gladstone Financial Corp. became Banc Funds' largest position, valued at $33.3 million as of June 30, after the firm increased its stake by 9.9% in the second quarter. Banc Funds trimmed its holdings in its previous largest position, Grand Rapids, Mich.-based Mercantile Bank Corp., by 11.1%.
Founded in 1986 by Charles Moore, Banc Funds is focused on the U.S. financial sector, with most of its holdings in regional banks.

Banc Funds also initiated positions in seven banks worth a combined $10.3 million as of June 30. The largest positions were a stake valued at $3.3 million in Fort Walton Beach, Fla.-based Beach Community Bancshares Inc. and a stake valued at $3.2 million in Lubbock, Texas-based South Plains Financial Inc.

Click here to see Banc Funds' financial stock investments as of June 30.
