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).

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