Mendon Capital Advisors increased its holdings in several community banks in the third quarter, while reducing its exposure to JPMorgan Chase (JPM) and other large and midsize banks.
The Rochester, N.Y., fund led by longtime Anton Schutz sold all of its Chase stock during third quarter, shedding 50,000 shares, according to a regulatory filing Tuesday. Mendon, which manages a $140 million portfolio, also liquidated its holdings in East West Bancorp (EWBC), First Horizon National (FHN), First Niagara Financial Group (FNFG), Fulton Financial (FULT) and Huntington Bancshares (HBAN). Mendon also cut its stakes in Citigroup (NYSE: C) and Comerica (CMA).
The fund added Capital One Financial (COF) to its portfolio, buying 50,000 shares of the McLean, Va., company's stock during the third quarter.
Mendon also added stakes in more than a dozen community banks. Those investments included about 300,000 shares of BNC Bancorp (BNCN) in High Point, N.C., and 125,000 shares of Capital Bank Financial (CBF) in Coral Gables, Fla.
Mendon shed some of its exposure to community banks, selling all of its shares in Financial Institutions (FISI) in Warsaw, N.Y.; Osage Bancshares (OSBK) in Pawhuska, Okla.; and Tompkins Financial (TMP) in Ithaca, N.Y.