0001251109-15-000016.txt : 20151112 0001251109-15-000016.hdr.sgml : 20151112 20151112110530 ACCESSION NUMBER: 0001251109-15-000016 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151112 DATE AS OF CHANGE: 20151112 EFFECTIVENESS DATE: 20151112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Minerva Advisors LLC CENTRAL INDEX KEY: 0001541536 IRS NUMBER: 753088079 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-14665 FILM NUMBER: 151222507 BUSINESS ADDRESS: STREET 1: 50 MONUMENT ROAD STREET 2: SUITE 201 CITY: BALA CYNWYD STATE: PA ZIP: 19004 BUSINESS PHONE: (484) 434-2258 MAIL ADDRESS: STREET 1: 50 MONUMENT ROAD STREET 2: SUITE 201 CITY: BALA CYNWYD STATE: PA ZIP: 19004 13F-HR 1 primary_doc.xml 13F-HR LIVE false true false 0001541536 XXXXXXXX 09-30-2015 09-30-2015 Minerva Advisors LLC

50 MONUMENT ROAD SUITE 201 BALA CYNWYD PA 19004

13F HOLDINGS REPORT 028-14665 Y In the Information Table, shares reported as "SOLE" under Column 6 and Column 8 are held by Minerva Group, LP, a private fund managed by Minerva Advisors LLC. Shares reported as "OTR" under Column 6 and "SHARED" under Column 8 relate to managed accounts for which Minerva Advisors LLC is the investment advisor. Beth N. Lowson 914-220-1919 Beth N. Lowson White Plains NY 11-12-2015 0 140 140774 false INFORMATION TABLE 2 minerva13f2015live1.xml MINERVA 13F 3Q 2015 AEHR TEST SYSTEMS COM 00760J108 42 18100 SH OTR 0 18100 0 AEHR TEST SYSTEMS COM 00760J108 94 40602 SH SOLE 40602 0 0 AH BELO CORP COM CL A 001282102 1638 332304 SH OTR 0 332304 0 AH BELO CORP COM CL A 001282102 2344 475486 SH SOLE 475486 0 0 AMERISERV FINANC INC COM 03074A102 188 58700 SH OTR 0 58700 0 AMERISERV FINANC INC COM 03074A102 194 60300 SH SOLE 60300 0 0 AMPCO-PITTSBURGH CORP COM 032037103 386 35400 SH OTR 0 35400 0 AMPCO-PITTSBURGH CORP COM 032037103 268 24571 SH SOLE 24571 0 0 ASML HOLDING N V NY REG SHS N07059210 1451 16488 SH OTR 0 16488 0 ASML HOLDING N V NY REG SHS N07059210 103 1176 SH SOLE 1176 0 0 ASTRONICS CORP COM 046433108 546 13508 SH OTR 0 13508 0 ASTRONICS CORP COM 046433108 808 19981 SH SOLE 19981 0 0 ATRION CORP COM 049904105 445 1200 SH OTR 0 1200 0 ATRION CORP COM 049904105 1296 3498 SH SOLE 3498 0 0 BENEFICIAL BANCORP INC COM 08171T102 37 2826 SH OTR 0 2826 0 BENEFICIAL BANCORP INC COM 08171T102 363 27405 SH SOLE 27405 0 0 BREEZE EASTERN CORP COM 106764103 182 13000 SH OTR 0 13000 0 CAMDEN NATIONAL CORP COM 133034108 3056 75651 SH OTR 0 75651 0 CAMDEN NATIONAL CORP COM 133034108 1623 40185 SH SOLE 40185 0 0 CECO ENVIRONMENTAL CORP COM 125141101 750 91687 SH OTR 0 91687 0 CECO ENVIRONMENTAL CORP COM 125141101 978 119525 SH SOLE 119525 0 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 1078 26450 SH OTR 0 26450 0 CENTURY BANCORP INC MASS CL A NON VTG 156432106 394 9663 SH SOLE 9663 0 0 CHASE CORP COM 16150R104 9001 228505 SH OTR 0 228505 0 CHASE CORP COM 16150R104 7232 183591 SH SOLE 183591 0 0 CHARTER FINL CORP MD COM 16122W108 647 50989 SH OTR 0 50989 0 CHARTER FINL CORP MD COM 16122W108 1124 88669 SH SOLE 88669 0 0 CHEMICAL FINANCIAL COM 163731102 476 14730 SH OTR 0 14730 0 CHEMICAL FINANCIAL COM 163731102 873 27005 SH SOLE 27005 0 0 CITIZENS & NORTHERN CORP COM 172922106 320 16400 SH OTR 0 16400 0 CITIZENS & NORTHERN CORP COM 172922106 517 26500 SH SOLE 26500 0 0 COMMAND SECURITY CORP COM 20050L100 8 4100 SH OTR 0 4100 0 COMMAND SECURITY CORP COM 20050L100 49 26450 SH SOLE 26450 0 0 COMMUNITY BANK SYS INC COM 203607106 518 13938 SH OTR 0 13938 0 COMPUTER TASK GROUP INC COM 205477102 1392 224534 SH OTR 0 224534 0 COMPUTER TASK GROUP INC COM 205477102 2647 427014 SH SOLE 427014 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 523 137289 SH OTR 0 137289 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 729 191373 SH SOLE 191373 0 0 DELUXE CORP COM 248019101 1923 34500 SH OTR 0 34500 0 DELUXE CORP COM 248019101 491 8800 SH SOLE 8800 0 0 DONEGAL GROUP INC CL B 257701300 212 11450 SH OTR 0 11450 0 DONEGAL GROUP INC CL B 257701300 186 10056 SH SOLE 10056 0 0 DONEGAL GROUP INC CL A 257701201 349 24882 SH OTR 0 24882 0 DONEGAL GROUP INC CL A 257701201 46 3280 SH SOLE 3280 0 0 DORMAN PRODUCTS INC COM 258278100 1513 29760 SH OTR 0 29760 0 DORMAN PRODUCTS INC COM 258278100 807 15880 SH SOLE 15880 0 0 EAGLE BANCORP MONT INC COM 26942G100 95 8400 SH OTR 0 8400 0 EAGLE BANCORP MONT INC COM 26942G100 194 17198 SH SOLE 17198 0 0 EASTERN CO COM 276317104 2319 144929 SH OTR 0 144929 0 EASTERN CO COM 276317104 3558 222345 SH SOLE 222345 0 0 ECOLOGY & ENVRNMT INC CL A 278878103 319 27704 SH OTR 0 27704 0 ECOLOGY & ENVRNMT INC CL A 278878103 497 43170 SH SOLE 43170 0 0 EMCLAIRE FINANCIAL CORP COM 290828102 295 12824 SH OTR 0 12824 0 EMCLAIRE FINANCIAL CORP COM 290828102 58 2535 SH SOLE 2535 0 0 ESCALADE INC COM 296056104 2830 179252 SH OTR 0 179252 0 ESCALADE INC COM 296056104 2673 169270 SH SOLE 169270 0 0 FNB CORP COM 302520101 335 25881 SH OTR 0 25881 0 FNB CORP COM 302520101 915 70665 SH SOLE 70665 0 0 FIRST MERCHANTS CORP COM 320817109 148 5655 SH OTR 0 5655 0 FIRST MERCHANTS CORP COM 320817109 165 6305 SH SOLE 6305 0 0 FOSTER L B CO COM 350060109 1039 84643 SH OTR 0 84643 0 FOSTER L B CO COM 350060109 264 21489 SH SOLE 21489 0 0 GANNETT CO INC COM 36473H104 122 8300 SH OTR 0 8300 0 GANNETT CO INC COM 36473H104 246 16700 SH SOLE 16700 0 0 GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 635 173047 SH OTR 0 173047 0 GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 1064 289862 SH SOLE 289862 0 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 1588 315000 SH OTR 0 315000 0 GREAT LAKES DREDGE & DOCK CO COM 390607109 2286 453477 SH SOLE 453477 0 0 HORIZON BANCORP INDIANA COM 440407104 124 5218 SH OTR 0 5218 0 HORIZON BANCORP INDIANA COM 440407104 347 14661 SH SOLE 14661 0 0 IBERIABANK CORP COM 450828108 933 16035 SH OTR 0 16035 0 IBERIABANK CORP COM 450828108 575 9877 SH SOLE 9877 0 0 IMMUCELL CORP COM 452525306 33 5500 SH SOLE 0 5500 0 IMMUCELL CORP COM 452525306 54 9059 SH OTR 9059 0 0 INFUSYSTEM HLDGS INC COM 45685K102 2220 804352 SH OTR 0 804352 0 INFUSYSTEM HLDGS INC COM 45685K102 3540 1282712 SH SOLE 1282712 0 0 INVESTORS BANCORP INC NEW COM 46146L101 305 24711 SH OTR 0 24711 0 INVESTORS BANCORP INC NEW COM 46146L101 839 67990 SH SOLE 67990 0 0 JACKSONVILLE BANCORP INC MD COM 46924R106 278 11703 SH OTR 0 11703 0 JACKSONVILLE BANCORP INC MD COM 46924R106 462 19442 SH SOLE 19442 0 0 JOURNAL MEDIA GROUP INC CL A 48114A102 616 82082 SH OTR 0 82082 0 JOURNAL MEDIA GROUP INC CL A 48114A109 853 113686 SH SOLE 113686 0 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 3586 217199 SH OTR 0 217199 0 KAPSTONE PAPER & PACKAGING CORP COM 48562P103 5647 342050 SH SOLE 342050 0 0 KOSS CORP COM 500692108 82 38100 SH OTR 0 38100 0 KOSS CORP COM 500692108 148 68455 SH SOLE 68455 0 0 LAKE SHORE BANCORP INC COM 510700107 126 9400 SH OTR 0 9400 0 LAKE SHORE BANCORP INC COM 510700107 272 20269 SH SOLE 20269 0 0 MALVERN BANCORP INC COM 561409103 1878 120000 SH SOLE 120000 0 0 MAM SOFTWARE GROUP INC COM NEW 55277Q201 242 41113 SH SOLE 41113 0 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 45 36651 SH OTR 0 36651 0 MER TELEMANAGEMENT SOLUTIONS SHS M69676126 229 185974 SH SOLE 185974 0 0 MUTUALFIRST FINL INC COM 62845B104 584 25260 SH OTR 0 25260 0 MUTUALFIRST FINL INC COM 62845B104 131 5666 SH 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12872 SH SOLE 12872 0 0 PROASSURANCE CORP COM 74267C106 944 19244 SH OTR 0 19244 0 PROASSURANCE CORP COM 74267C106 447 9114 SH SOLE 9114 0 0 PROV & WOR RAILRD CO COM 743737108 395 25500 SH OTR 0 25500 0 PROV & WOR RAILRD CO COM 743737108 23 1500 SH SOLE 1500 0 0 PSB HOLDINGS INC COM 69360W108 95 10152 SH OTR 0 10152 0 PSB HOLDINGS INC COM 69360W108 148 15745 SH SOLE 15745 0 0 RAND LOGISTICS INC COM 752182105 1028 489613 SH OTR 0 489613 0 RAND LOGISTICS INC COM 752182105 1991 948331 SH SOLE 948331 0 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 702 20872 SH OTR 0 20872 0 SAGA COMMUNICATIONS INC CL A NEW 786598300 1416 42125 SH SOLE 42125 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 4523 255980 SH OTR 0 255980 0 SCRIPPS E W CO OHIO CL A NEW 811054402 6380 361051 SH SOLE 361051 0 0 SIFCO INDUSTRIES INC COM 826546103 125 11100 SH OTR 0 11100 0 SIFCO INDUSTRIES INC COM 826546103 261 23092 SH SOLE 23092 0 0 STATE AUTO FINANCIAL CORP COM 855707105 357 15630 SH OTR 0 15630 0 STATE AUTO FINANCIAL CORP COM 855707105 658 28828 SH SOLE 28828 0 0 TRANSCAT INC COM 893529107 1461 153794 SH OTR 0 153794 0 TRANSCAT INC COM 893529107 2470 259960 SH SOLE 259960 0 0 TREDEGAR CORP COM 894650100 94 7177 SH OTR 0 7177 0 TREDEGAR CORP COM 894650100 160 12200 SH SOLE 12200 0 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 462 44000 SH OTR 0 44000 0 UNIVERSAL STAINLESS & ALLOY COM 913837100 390 37190 SH SOLE 37190 0 0 US LIME & MINERAL COM 911922102 2707 59009 SH OTR 0 59009 0 US LIME & MINERAL COM 911922102 2854 62209 SH SOLE 62209 0 0 VILLAGE BANK & TRUST FIN CO COM 92705T200 433 21037 SH SOLE 21037 0 0 VIRCO MANUFACTURING CO COM 927651109 1303 440133 SH OTR 0 440133 0 VIRCO MANUFACTURING CO COM 927651109 1789 604315 SH SOLE 604315 0 0 WATERSTONE FINANCIAL INC MD COM 94188P101 173 12829 SH SOLE 12829 0 0 WPX ENERGY INC COM 98212B103 125 18900 SH OTR 0 18900 0 WPX ENERGY INC COM 98212B103 231 34900 SH SOLE 34900 0 0