Second Curve Capital in New York cashed out of two bank holdings in the first quarter.
The firm, run by Tom Brown, disclosed in regulatory filings that it had sold nearly 1.3 million shares of EverBank Financial (EVER) in Jacksonville, Fla., worth almost $24 million during the quarter. Second Curve also sold its remaining 139,000 shares in Sun Bancorp (SNBC) after selling most of its shares in the Vineland, N.J., company in the fourth quarter.
The disclosure follow substandard quarterly results at both companies. The $17.6 billion-asset EverBank last month reported a 20% decline in earnings from a year earlier.
The $3.1 billion-asset Sun has struggled in recent quarters. The company's chief executive resigned late last year after several quarterly losses. The company lost $1.9 million in the first quarter. Thomas O'Brien was hired as Suns new president and CEO last month.