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Banc Funds exits 15 bank stocks in Q2'19

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Banc Funds exits 15 bank stocks in Q2'19

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.

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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.

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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.

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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.

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