0000899140-15-000575.txt : 20150729 0000899140-15-000575.hdr.sgml : 20150729 20150729173002 ACCESSION NUMBER: 0000899140-15-000575 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20150729 DATE AS OF CHANGE: 20150729 GROUP MEMBERS: BASSWOOD ENHANCED LONG SHORT FUND, LP GROUP MEMBERS: BASSWOOD ENHANCED LONG SHORT GP, LLC GROUP MEMBERS: BASSWOOD FINANCIAL FUND, INC. GROUP MEMBERS: BASSWOOD FINANCIAL FUND, LP GROUP MEMBERS: BASSWOOD FINANCIAL LONG ONLY FUND, LP GROUP MEMBERS: BASSWOOD PARTNERS, L.L.C. GROUP MEMBERS: BENNETT LINDENBAUM GROUP MEMBERS: MAIN STREET MASTER, LTD. GROUP MEMBERS: MATTHEW LINDENBAUM SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA BANCORP CENTRAL INDEX KEY: 0001130144 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 330937517 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-78147 FILM NUMBER: 151013749 BUSINESS ADDRESS: STREET 1: 86 NORTH MAIN STREET CITY: PORTERVILLE STATE: CA ZIP: 93257 BUSINESS PHONE: 5597824900 MAIL ADDRESS: STREET 1: 86 NORTH MAIN STREET CITY: PORTERVILLE STATE: CA ZIP: 93257 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BASSWOOD CAPITAL MANAGEMENT, L.L.C. CENTRAL INDEX KEY: 0001085393 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 645 MADISON AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-521-9500 MAIL ADDRESS: STREET 1: 645 MADISON AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Basswood Capital Management LLC DATE OF NAME CHANGE: 20130814 FORMER COMPANY: FORMER CONFORMED NAME: BASSWOOD CAPITAL MANAGEMENT LLC DATE OF NAME CHANGE: 19990428 SC 13D/A 1 s14912859a.htm AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 1)

Sierra Bancorp
(Name of Issuer)


Common Stock, No Par Value
(Title of Class of Securities)

82620P102
(CUSIP Number)

Matthew Lindenbaum
Basswood Capital Management, L.L.C.
645 Madison Avenue, 10th Floor
New York, NY 10022
(212) 521-9500
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

(with copies to)
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019
(212) 728-8000

July 28, 2015
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:  ☒

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


 
CUSIP No.  82620P102
 
 
 
Page 2 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Basswood Capital Management, L.L.C.
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
AF
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
1,069,262 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
1,069,262 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,069,262 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.85%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA






 
CUSIP No.  82620P102
 
 
 
Page 3 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Basswood Partners, L.L.C.
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
AF
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
62,109 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
62,109 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
62,109 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.46%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO



 
CUSIP No.  82620P102
 
 
 
Page 4 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Basswood Enhanced Long Short GP, LLC
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
AF
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
363,292 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
363,292 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
363,292 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.67%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO


 
CUSIP No.  82620P102
 
 
 
Page 5 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Basswood Financial Fund, LP
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
WC
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
53,202 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
53,202 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
53,202 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.39%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN


 
CUSIP No.  82620P102
 
 
 
Page 6 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Basswood Financial Fund, Inc.
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
WC
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
19,222 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
19,222 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,222 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.14%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO



 
CUSIP No.  82620P102
 
 
 
Page 7 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Basswood Financial Long Only Fund, LP
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
WC
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
8,907 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
8,907 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,907  (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.07%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN


 
CUSIP No.  82620P102
 
 
 
Page 8 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Basswood Enhanced Long Short Fund, LP
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
WC
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
363,292 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
363,292 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
363,292 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.67%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN


 
CUSIP No.  82620P102
 
 
 
Page 9 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Main Street Master, Ltd.
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
WC
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
544,758 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
544,758 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
544,758 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.00%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO


 
CUSIP No.  82620P102
 
 
 
Page 10 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Matthew Lindenbaum
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
AF
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
1,069,262 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
1,069,262 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,069,262 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.85%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN



 
CUSIP No.  82620P102
 
 
 
Page 11 of 17 Pages
 
 
1
 
 
NAME OF REPORTING PERSON
 
Bennett Lindenbaum
 
2
 
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a) ☐
(b) ☒
 
3
 
 
SEC USE ONLY
 
 
4
 
 
SOURCE OF FUNDS
AF
 
 
5
 
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 ☐
 
6
 
 
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
 
 
SOLE VOTING POWER
0
 
 
8
 
SHARED VOTING POWER
1,069,262 (see Item 5)
 
 
9
 
 
SOLE DISPOSITIVE POWER
0
 
 
10
 
 
SHARED DISPOSITIVE POWER
1,069,262 (see Item 5)
 
 
11
 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,069,262 (see Item 5)
 
12
 
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
 

 ☐
 
13
 
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.85%
 
14
 
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN





This Amendment No. 1 to Schedule 13D (this “Amendment No. 1”) is being filed with respect to the Common Stock, no par value (the “Common Stock”), of Sierra Bancorp, a Delaware corporation (the “Issuer”), to amend the Schedule 13D filed on August 21, 2014 (as amended by this Amendment No. 1, the “Schedule 13D”).

Item 2.                                        Identity and Background.

Item 2(a) of the Schedule 13D is amended to reflect the following:

(a) This Amendment No. 1 is being filed on behalf of:

(i) Basswood Capital Management, L.L.C. (the “Management Company”), Basswood Partners, L.L.C. (“Basswood Partners”), Basswood Enhanced Long Short GP, LLC (“Basswood Long Short GP”), each a Delaware limited liability company;

(ii) Basswood Financial Fund, LP, Basswood Enhanced Long Short Fund, LP, Basswood Financial Long Only Fund, LP, each a Delaware limited partnership, Basswood Financial Fund, Inc., Main Street Master, Ltd., each a Cayman Islands corporation, (collectively, the “Funds”); and

(iii) Matthew Lindenbaum and Bennett Lindenbaum.

The Funds directly own shares of Common Stock.  The Management Company is the investment manager or adviser to the Funds and a managed account and may be deemed to have beneficial ownership over the Common Stock directly owned by the Funds and managed account by virtue of the authority granted to it to vote and to dispose of the securities held by them, including the Common Stock held by them.  Basswood Partners is the general partner of each of Basswood Financial Fund, LP and Basswood Financial Long Only Fund, LP and may be deemed to have beneficial ownership over the Common Stock directly owned by such Funds by virtue of its position as general partner.  Basswood Long Short GP is the general partner of Basswood Enhanced Long Short Fund, LP and may be deemed to have beneficial ownership over the Common Stock directly owned by such Fund by virtue of its position as general partner. Matthew Lindenbaum and Bennett Lindenbaum are the managing members of the Management Company and control the business activities of the Management Company.  The Management Company, Basswood Partners, Basswood Long Short GP, the Funds, Matthew Lindenbaum and Bennett Lindenbaum may be referred to herein as the “Reporting Persons”.

Item 3.                                        Source and Amount of Funds or Other Consideration.

Item 3 of the Schedule 13D is amended to reflect the following:

The Funds and a managed account expended an aggregate of $14,004,252 (including commissions, if any) to acquire the 1,069,262 shares of Common Stock reported herein.  The Funds and a managed account effect purchases of securities primarily through margin accounts maintained for them with each of J.P. Morgan Securities LLC, Morgan Stanley & Co., Goldman Sachs &Co. and BNP Paribas Prime Brokerage, which may extend margin credit to the Funds as and when required to open or carry positions in the margin accounts, subject to applicable Federal margin regulations, stock exchange rules and the firm’s credit policies.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.


Item 5.                                        Interest in Securities of the Issuer.

Item 5(a), 5(b) and 5(c) of the Schedule 13D is amended to reflect the following:

(a)            As of the date of this Schedule 13D, each of the Reporting Persons beneficially owns shares of Common Stock in such numbers as set forth on the cover pages of this Schedule 13D.  The total number of shares each of the Reporting Persons beneficially owns represents such percentages as set forth on the cover pages to this Schedule 13D of the Common Stock outstanding.  The percentages used in this Schedule 13D are calculated based upon the 13,615,809 shares of Common Stock outstanding as of April 30, 2015, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 and filed on May 7, 2015.

(b)            The Management Company, Matthew Lindenbaum and Bennett Lindenbaum share voting and dispositive power over the 1,069,262 shares of Common Stock held directly by the Funds and a managed account.  Basswood Partners, the Management Company, Matthew Lindenbaum and Bennett Lindenbaum share voting and dispositive power over the 62,109 shares of Common Stock held directly by Basswood Financial Fund, LP and Basswood Financial Long Only Fund, LP.  Basswood Long Short GP, the Management Company, Matthew Lindenbaum and Bennett Lindenbaum share voting and dispositive power over the 363,292 shares of Common Stock held directly by Basswood Enhanced Long Short Fund, LP.  By virtue of the relationships among the Reporting Persons, as described in this Schedule 13D, the Reporting Persons may be deemed to be a “group” under the Federal securities laws. Except as otherwise set forth in this Schedule 13D, each Fund expressly disclaims beneficial ownership of any of the shares of Common Stock beneficially owned by any other Reporting Person, and the filing of this Statement shall not be construed as an admission, for the purposes of Sections 13(d) and 13(g) or under any provision of the Exchange Act or the rules promulgated thereunder or for any other purpose, that any Fund is a beneficial owner of any shares not directly held by such Fund.

            (c)            The following table sets forth all transactions with respect to the Common Stock effected by the Reporting Persons  during the past sixty (60) days, inclusive of any transactions effected through 5:00 p.m., New York City time, on July 29, 2015.  All such transactions were sales of Common Stock effected in the open market, and the table in the per share prices column includes the commissions paid in connection with such sales.


Entity
Trade Date
Shares Purchased (Sold)
Price
Managed Account
6/11/2015
-655
17.13
Managed Account
6/12/2015
-6,402
16.88
Managed Account
6/15/2015
-19,744
16.71
Managed Account
6/15/2015
-313
16.71
Basswood Financial Long Only Fund, LP
6/16/2015
-4,930
16.73
Basswood Financial Long Only Fund, LP
6/16/2015
-1,853
16.73
Managed Account
6/16/2015
-2,594
16.73
Basswood Financial Long Only Fund, LP
6/17/2015
-1,125
16.71
Basswood Financial Long Only Fund, LP
6/17/2015
-679
16.71
Managed Account
6/17/2015
-689
16.71
Basswood Financial Long Only Fund, LP
6/18/2015
-2,721
16.67
Basswood Financial Long Only Fund, LP
6/18/2015
-878
16.67
Basswood Financial Long Only Fund, LP
6/18/2015
-1,750
16.67
Managed Account
6/18/2015
-2,045
16.67
Basswood Financial Fund, Inc.
6/19/2015
-964
16.66
Basswood Financial Long Only Fund, LP
6/19/2015
-3,850
16.66
Basswood Financial Long Only Fund, LP
6/19/2015
-2,600
16.66
Basswood Financial Long Only Fund, LP
6/19/2015
-4,400
16.66
Basswood Financial Long Only Fund, LP
6/19/2015
-125
16.66
Managed Account
6/19/2015
-4,198
16.66
Basswood Financial Fund, Inc.
6/22/2015
-582
16.71
Basswood Financial Long Only Fund, LP
6/22/2015
-4,975
16.71
Basswood Financial Long Only Fund, LP
6/22/2015
-1,656
16.71
Managed Account
6/22/2015
-2,536
16.71
Basswood Financial Fund, Inc.
6/23/2015
-997
16.77
Basswood Financial Long Only Fund, LP
6/23/2015
-4,729
16.77
Basswood Financial Long Only Fund, LP
6/23/2015
-3,056
16.77
Basswood Financial Long Only Fund, LP
6/23/2015
-3,000
16.77
Basswood Financial Long Only Fund, LP
6/23/2015
-554
16.77
Managed Account
6/23/2015
-4,338
16.77
Basswood Financial Fund, LP
7/1/2015
-922
17.39
Basswood Financial Long Only Fund, LP
7/1/2015
-150
17.39
Basswood Financial Fund, Inc.
7/1/2015
-808
17.39
Basswood Financial Long Only Fund, LP
7/1/2015
-960
17.46
Basswood Financial Fund, LP
7/2/2015
-1,044
16.84
Basswood Financial Fund, LP
7/2/2015
-2,644
16.84
Basswood Financial Fund, LP
7/2/2015
-400
16.84
Basswood Financial Fund, LP
7/2/2015
-561
16.84
Basswood Financial Long Only Fund, LP
7/2/2015
-487
16.84
Basswood Financial Fund, Inc.
7/2/2015
-234
16.84
 

 
 
Entity Trade Date Shares Purchased (Sold) Price
Basswood Financial Fund, Inc.
7/2/2015
-1,734
16.84
Basswood Financial Long Only Fund, LP
7/2/2015
-33
16.83
Basswood Financial Fund, LP
7/6/2015
-384
16.89
Basswood Financial Fund, LP
7/6/2015
-3,366
16.89
Basswood Financial Fund, LP
7/6/2015
-600
16.89
Basswood Financial Fund, LP
7/6/2015
-2,690
16.89
Basswood Financial Fund, LP
7/6/2015
-165
16.89
Basswood Financial Long Only Fund, LP
7/6/2015
-304
16.89
Basswood Financial Long Only Fund, LP
7/6/2015
-451
16.89
Basswood Financial Fund, Inc.
7/6/2015
-363
16.89
Basswood Financial Fund, Inc.
7/6/2015
-2,688
16.89
Basswood Financial Long Only Fund, LP
7/6/2015
-52
16.89
Basswood Financial Fund, LP
7/7/2015
-7,081
16.79
Basswood Financial Long Only Fund, LP
7/7/2015
-742
16.79
Basswood Financial Fund, Inc.
7/7/2015
-357
16.79
Basswood Financial Fund, Inc.
7/7/2015
-2,642
16.79
Basswood Financial Long Only Fund, LP
7/7/2015
-52
16.80
Basswood Financial Fund, LP
7/8/2015
-6,032
16.67
Basswood Financial Fund, LP
7/8/2015
-1,870
16.67
Basswood Financial Long Only Fund, LP
7/8/2015
-829
16.67
Basswood Financial Fund, Inc.
7/8/2015
-398
16.67
Basswood Financial Fund, Inc.
7/8/2015
-2,950
16.67
Basswood Financial Long Only Fund, LP
7/8/2015
-58
16.67
Basswood Financial Fund, LP
7/10/2015
-2,359
16.87
Basswood Financial Long Only Fund, LP
7/10/2015
-249
16.87
Basswood Financial Fund, Inc.
7/10/2015
-120
16.87
Basswood Financial Fund, Inc.
7/10/2015
-882
16.87
Basswood Financial Long Only Fund, LP
7/10/2015
-18
16.87
Basswood Financial Fund, LP
7/22/2015
-157
17.73
Basswood Financial Long Only Fund, LP
7/22/2015
-30
17.73
Basswood Financial Fund, Inc.
7/22/2015
-24
17.73
Basswood Financial Fund, Inc.
7/22/2015
48
17.73
Basswood Financial Long Only Fund, LP
7/22/2015
-2
17.73
Managed Account
7/22/2015
-1,564
17.73
Basswood Financial Fund, LP
7/23/2015
-353
17.25
Basswood Financial Long Only Fund, LP
7/23/2015
-68
17.25
Basswood Financial Fund, Inc.
7/23/2015
-54
17.25
Basswood Financial Fund, Inc.
7/23/2015
-108
17.25
Basswood Financial Long Only Fund, LP
7/23/2015
-5
17.25
Managed Account 1
7/23/2015
-3,519
17.25
Basswood Financial Fund, LP
7/24/2015
-284
16.96
Basswood Financial Long Only Fund, LP
7/24/2015
-54
16.96
Basswood Financial Fund, Inc.
7/24/2015
43
16.96
Basswood Financial Fund, Inc.
7/24/2015
-87
16.96
Basswood Financial Long Only Fund, LP
7/24/2015
-4
16.96
Managed Account
7/24/2015
-2,828
16.96
Basswood Financial Fund, LP
7/27/2015
-664
16.68
Basswood Financial Long Only Fund, LP
7/27/2015
-128
16.68
Basswood Financial Fund, Inc.
7/27/2015
-102
16.68
Basswood Financial Fund, Inc.
7/27/2015
-204
16.68
Basswood Financial Long Only Fund, LP
7/27/2015
-10
16.68
Managed Account
7/27/2015
-6,618
16.68
Basswood Financial Fund, LP
7/28/2015
-863
16.47
Basswood Financial Long Only Fund, LP
7/28/2015
-167
16.47
Basswood Financial Fund, Inc.
7/28/2015
-133
16.47
Basswood Financial Fund, Inc.
7/28/2015
-265
16.47
Basswood Financial Long Only Fund, LP
7/28/2015
-14
16.47
Managed Account
7/28/2015
-8,591
16.47
Basswood Financial Fund, LP
7/29/2015
-1,025*
16.40
Basswood Financial Long Only Fund, LP
7/29/2015
-198
16.40
Managed Account
7/29/2015
-10,208
16.40
Basswood Financial Long Only Fund, LP
7/29/2015
-16
16.40
Basswood Financial Fund, Inc.
7/29/2015
-315
16.40
Basswood Financial Fund, Inc.
7/29/2015
-159
16.40

* Short sale
 
 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Item 6 of the Schedule 13D is amended to reflect the following:
Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13D as Exhibit 99.2, with respect to the joint filing of this Schedule 13D and any amendment or amendments thereto.
In addition to the 53,202 shares of Common Stock reported herein as beneficially owned by it, Basswood Financial Fund, LP has a short position in the Common Stock which it established by borrowing and selling 11,217 shares of Common Stock in market transactions.  Accordingly, Basswood Financial Fund, LP will be required to return 11,217 shares of Common Stock to the lender of such shares.
Other than as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any other person with respect to the securities of the Issuer.

 
Item 7. Material to be filed as Exhibits.
    Item 7 of the Schedule 13D is amended to reflect the following:

1.
Exhibit 99.2 - Joint Filing Agreement, dated as of July 28, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

SIGNATURES

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned, severally and not jointly, certifies that the information set forth in this statement is true, complete and correct.


Dated: July 28, 2015
BASSWOOD CAPITAL MANAGEMENT, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum            
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
Dated: July 28, 2015
BASSWOOD PARTNERS, L.L.C.
   
   
   
 
   By:  /s/ Matthew Lindenbaum            
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
Dated: July 28, 2015
BASSWOOD ENHANCED LONG SHORT GP, LLC
   
   
   
 
   By:  /s/ Matthew Lindenbaum              
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
Dated: July 28, 2015
BASSWOOD ENHANCED LONG SHORT FUND, LP
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum            
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
Dated: July 28, 2015
BASSWOOD FINANCIAL FUND, LP
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum          
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
 
 

Dated: July 28, 2015
BASSWOOD FINANCIAL LONG ONLY FUND, LP
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum        
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
Dated: July 28, 2015
BASSWOOD FINANCIAL FUND, INC.
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum         
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
Dated: July 28, 2015
MAIN STREET MASTER, LTD.
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum       
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
Dated: July 28, 2015
/s/ Matthew Lindenbaum                 
 
Matthew Lindenbaum
   
   
Dated: July 28, 2015
/s/ Bennett Lindenbaum                  
 
Bennett Lindenbaum


EX-99.2 2 s14912859b.htm JOINT FILING AGREEMENT
Exhibit 99.2

JOINT FILING AGREEMENT

PURSUANT TO RULE 13d-1(k)

           The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D may be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements.  The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein or therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.


Dated: July 28, 2015
BASSWOOD CAPITAL MANAGEMENT, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum              
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
Dated: July 28, 2015
BASSWOOD PARTNERS, L.L.C.
   
   
   
 
   By:  /s/ Matthew Lindenbaum              
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
Dated: July 28, 2015
BASSWOOD ENHANCED LONG SHORT GP, LLC
   
   
   
 
   By:  /s/ Matthew Lindenbaum            
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
Dated: July 28, 2015
BASSWOOD ENHANCED LONG SHORT FUND, LP
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum              
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
 
 

Dated: July 28, 2015
BASSWOOD FINANCIAL FUND, LP
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum               
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
Dated: July 28, 2015
BASSWOOD FINANCIAL LONG ONLY FUND, LP
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum              
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
Dated: July 28, 2015
BASSWOOD FINANCIAL FUND, INC.
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum             
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
   
Dated: July 28, 2015
MAIN STREET MASTER, LTD.
 
   By: Basswood Capital Management, L.L.C.
   
   
 
   By:  /s/ Matthew Lindenbaum              
   
Name: Matthew Lindenbaum
   
Title: Managing Member
   
   
Dated: July 28, 2015
/s/ Matthew Lindenbaum                 
 
Matthew Lindenbaum
   
   
Dated: July 28, 2015
/s/ Bennett Lindenbaum                  
 
Bennett Lindenbaum