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.
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.
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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