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Castine Capital initiated stakes in 5 banks in Q1

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Castine Capital initiated stakes in 5 banks in Q1

Boston-based Castine Capital Management LLC increased its bank holdings to $307.8 million in the first quarter, up from $294.4 million as of Dec. 31, 2017, according to the firm's latest 13F filing.

The hedge fund further increased its position in its largest investment, Community Bankers Trust Corp., by 21.9%, pushing its total stake in the bank to $15.9 million as of March 31. Castine now owns 8.0% of the company, according to S&P Global Market Intelligence data.

Castine was also bullish on its second-largest investment, Sterling Bancorp, increasing its stake in the New York-based bank by 17.3% to $14.3 million as of March 31.

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Castine disclosed five new stakes in banks in the first quarter, including a $4.2 million position in Old Second Bancorp Inc. and a $3.7 million stake in Atlantic Capital Bancshares Inc. Castine also reported a $1.3 million stake in Bridgewater Bancshares Inc., which completed an initial public offering in March.

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In addition, Castine exited stakes in Opus Bank, Signature Bank and Farmers Capital Bank Corp. during the first quarter, which were worth $7.2 million, $5.8 million and $600,000, respectively, as of Dec. 31, 2017.

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