According to its most recent Form 13-F filing, Stieven Capital Advisors LP significantly increased its stake in two banks in the second quarter: Irvine, Calif.-based Pacific Premier Bancorp Inc. and Little Rock, Ark.-based Bank of the Ozarks.
The fund's stake in Pacific Premier jumped by 179.7% during the quarter, largely from the bank's acquisition of Paso Robles, Calif.-based Heritage Oaks Bancorp on April 1. Pacific Premier announced another acquisition on Aug. 8, for Plaza Bancorp, which also is headquartered in Irvine.
Stieven Capital raised its position in Bank of the Ozarks by 168.9% in the second quarter. Bank of the Ozarks underwent a corporate reorganization during the quarter, dissolving its holding company.
The total value of Stieven Capital's financial institution holdings was $521.0 million at June 30, up from $486.9 million at March 31. The three largest holdings by market value at June 30 were Los Angeles-based Preferred Bank, Cleveland-based TFS Financial Corp. (MHC) and Santa Clara, Calif.-based SVB Financial Group.
Joseph Stieven founded Stieven Capital in 2005. Before that, he worked as a banking analyst at Stifel Nicolaus & Co. Inc.
Stieven Capital exited eight financial institution holdings in the quarter. The largest of those positions by March 31 market value was Ottawa, Ill.-based Centrue Financial Corp., which was acquired by Effingham, Ill.-based Midland States Bancorp Inc. on June 9. Stieven Capital retained the majority of Midland States shares inherited from the acquisition, and the new stake represented the biggest second-quarter initiation.
The fund established eight other new positions. The next largest initiations were Plano, Texas-based LegacyTexas Financial Group Inc. and Nashville, Tenn.-based FB Financial Corp. The latter has been a hot stock since its IPO in September 2016, returning 90.5% through June 30.
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