The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERIS BANCORP COM 03076K108 8,867 253,703 SH   SOLE   253,703 0 0
BNC BANCORP COM 05566T101 5,629 231,436 SH   SOLE   231,436 0 0
CASCADE BANCORP COM NEW 147154207 922 152,141 SH   SOLE   152,141 0 0
CITIZENS FINL GROUP INC COM 174610105 2,803 113,449 SH   SOLE   113,449 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 2,836 200,000 SH   SOLE   200,000 0 0
COMERICA INC *W EXP 11/14/201 200340115 4,400 239,800 SH   SOLE   239,800 0 0
COMERICA INC COM 200340107 5,421 114,562 SH   SOLE   114,562 0 0
COMMUNITY BANKERS TR CORP COM 203612106 9,593 1,770,339 SH   SOLE   1,770,339 0 0
ENTEGRA FINL CORP COM 29363J108 1,900 103,388 SH   SOLE   103,388 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 2,479 95,583 SH   SOLE   95,583 0 0
EVANS BANCORP INC COM NEW 29911Q208 4,705 172,018 SH   SOLE   172,018 0 0
FARMERS CAP BK CORP COM 309562106 4,724 159,363 SH   SOLE   159,363 0 0
FB FINL CORP COM 30257X104 2,018 100,000 SH   SOLE   100,000 0 0
FIRST BANCORP P R COM NEW 318672706 7,982 1,535,000 SH   SOLE   1,535,000 0 0
FIRST FNDTN INC COM 32026V104 3,914 158,666 SH   SOLE   158,666 0 0
FIRST MERCHANTS CORP COM 320817109 7,730 288,965 SH   SOLE   288,965 0 0
GLEN BURNIE BANCORP COM 377407101 894 87,256 SH   SOLE   87,256 0 0
GREAT WESTN BANCORP INC COM 391416104 7,502 225,136 SH   SOLE   225,136 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 2,511 140,687 SH   SOLE   140,687 0 0
INDEPENDENT BK GROUP INC COM 45384B106 5,600 126,787 SH   SOLE   126,787 0 0
KEYCORP NEW COM 493267108 8,087 664,486 SH   SOLE   664,486 0 0
MERCANTILE BANK CORP COM 587376104 4,616 171,907 SH   SOLE   171,907 0 0
MERCHANTS BANCSHARES COM 588448100 12,427 383,655 SH   SOLE   383,655 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 3,366 110,830 SH   SOLE   110,830 0 0
NATIONAL COMM CORP COM 63546L102 3,617 133,664 SH   SOLE   133,664 0 0
PACWEST BANCORP DEL COM 695263103 8,610 200,664 SH   SOLE   200,664 0 0
PNC FINL SVCS GROUP INC COM 693475105 5,592 62,067 SH   SOLE   62,067 0 0
PROVIDENT BANCORP INC COM 74383X109 3,434 220,141 SH   SOLE   220,141 0 0
QCR HOLDINGS INC COM 74727A104 16,080 506,619 SH   SOLE   506,619 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 7,758 482,136 SH   SOLE   482,136 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 3,136 113,719 SH   SOLE   113,719 0 0
TRISTATE CAP HLDGS INC COM 89678F100 6,937 429,566 SH   SOLE   429,566 0 0
UNITED FINL BANCORP INC NEW COM 910304104 4,844 350,000 SH   SOLE   350,000 0 0
VERITEX HLDGS INC COM 923451108 3,128 179,863 SH   SOLE   179,863 0 0
WESTERN ALLIANCE BANCORP COM 957638109 3,468 92,380 SH   SOLE   92,380 0 0
YADKIN FINL CORP COM 984305102 10,203 388,080 SH   SOLE   388,080 0 0
ZIONS BANCORPORATION COM 989701107 3,519 113,449 SH   SOLE   113,449 0 0