Petiole USA ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Petiole USA ltd reported 39 stock positions worth $158.9 million. Its top holding was First Citizens Bcshs Class A (FCNCA) at 5.9% of the portfolio, followed by Colony Bankcorp (CBAN, 4.7%) and First National (FXNC, 4.5%). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 3 and reduced 10. The biggest buy was Western Alliance Bancorp (WAL, shares +101%) and the biggest sale an exit from Mechanics Bancorp Class A (MCHB).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001600202
Portfolio Value
$158.9M (Q4 2024)
SEC Filing
0001172661-25-000737 ↗ filed Feb 13, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $127.8M Q1 2024 Q2 2024: $119.2M Q2 2024 Q3 2024: $152.9M Q3 2024 Q4 2024: $158.9M $158.9M Q4 2024 Q1 2025: $141.5M Q1 2025 Q2 2025: $141.4M Q2 2025 Q3 2025: $144.8M Q3 2025 Q4 2025: $154.3M Q4 2025 Q1 2026: $143.0M Q1 2026 Q2 2026: $139.1M Q2 2026

Holdings 39 stocks · $158.9M

FCNCA First Citizens Bcshs Class A 5.87% 4,415 $9.3M Reduce -16.9%
CBAN Colony Bankcorp 4.70% 462,763 $7.5M Reduce -2.4%
FXNC First National Corp. 4.51% 311,440 $7.2M No change
WAL Western Alliance Bancorp 4.46% 84,773 $7.1M Add +100.5%
FBMS First Bancshares Inc. 4.34% 196,845 $6.9M Reduce -2.6%
CARE Carter Bankshares Inc. 4.28% 386,873 $6.8M Reduce -2.5%
ORRF Orrstown Finl Services Inc. 4.08% 176,966 $6.5M Reduce -2.8%
CBFV CB Financial Services Inc. filed as CB FINL SVCS INC 3.87% 215,198 $6.2M No change
BANC Banc of California Inc. 3.86% 397,167 $6.1M No change
MPB Mid Penn Bancorp Inc. 3.58% 197,111 $5.7M No change
WBS Webster Financial Corp. 3.54% 101,875 $5.6M Add +47.9%
HWC Hancock Whitney Corp. 2.97% 86,218 $4.7M No change
CCNE CNB Financial Corp. 2.96% 189,241 $4.7M No change
PNFP Pinnacle Financial Partners 2.65% 36,804 $4.2M No change
SNV Synovus Financial Corp. 2.46% 76,253 $3.9M No change
SBFG SB Financial Group Inc. filed as SB FINL GROUP INC 2.45% 186,087 $3.9M Reduce -30.0%
FRME First Merchants Corp. 2.36% 94,047 $3.8M No change
WTFC Wintrust Financial Corp. 2.33% 29,750 $3.7M No change
CMA Comerica Inc. 2.25% 57,855 $3.6M No change
EBMT Eagle Bancorp Montana Inc. 2.23% 231,480 $3.5M No change
HBAN Huntington Bancshares Inc. 2.05% 200,000 $3.3M Reduce -14.9%
BCAL California Bancorp 2.04% 195,604 $3.2M No change
ISTR Investar Holding Corp. 2.02% 146,069 $3.2M Reduce -15.1%
VLY Valley National Bancorp 1.89% 332,000 $3.0M New
CFG Citizens Financial Group 1.86% 67,454 $3.0M No change
ZION Zions Bancorp NA 1.71% 50,000 $2.7M New
HTLF Heartland Financial USA Inc. 1.69% 43,859 $2.7M New
FRST Primis Financial Corp. 1.69% 230,222 $2.7M Add +111.6%
FNWB First Northwest Bancorp 1.69% 262,697 $2.7M No change
HTB Hometrust Bancshares Inc. 1.64% 77,495 $2.6M No change
FNB FNB Corp. 1.63% 175,421 $2.6M No change
SSB Southstate Bank Corp. 1.61% 25,715 $2.6M No change
BANR Banner Corporation 1.54% 36,765 $2.5M Reduce -14.3%
EQBK Equity Bancshares Inc. Class A 1.53% 57,364 $2.4M No change
COLB Columbia Banking System Inc. 1.53% 89,780 $2.4M No change
SHBI Shore Bancshares Inc. 1.47% 147,487 $2.3M No change
FRBA First Bank/Hamilton NJ 1.37% 154,660 $2.2M No change
HAFC Hanmi Financial Corporation 1.07% 71,651 $1.7M No change
BRBS Blue Ridge Bankshares Inc. 0.22% 110,131 $355K Reduce -59.9%

Portfolio Sells Q3 2024 → Q4 2024

MCHB Mechanics Bancorp Class A Sold out 0.00% −4.93
KRE SS SPDR S&P Regional Bank Sold out 0.00% −2.17
SBFG SB Financial Group Inc. Reduce -30.0% 2.45% −1.12
FBNC First Bancorp Sold out 0.00% −1.07
FCNCA First Citizens Bcshs Class A Reduce -16.9% 5.87% −0.53
BRBS Blue Ridge Bankshares Inc. Reduce -59.9% 0.22% −0.28
CARE Carter Bankshares Inc. Reduce -2.5% 4.28% −0.23
HBAN Huntington Bancshares Inc. Reduce -14.9% 2.05% −0.21
ORRF Orrstown Finl Services Inc. Reduce -2.8% 4.08% −0.20
ISTR Investar Holding Corp. Reduce -15.1% 2.02% −0.16
BANR Banner Corporation Reduce -14.3% 1.54% −0.13
CBAN Colony Bankcorp Reduce -2.4% 4.70% −0.11
FBMS First Bancshares Inc. Reduce -2.6% 4.34% +0.09

Portfolio Buys Q3 2024 → Q4 2024

WAL Western Alliance Bancorp Add +100.5% 4.46% +2.07
VLY Valley National Bancorp New 1.89% +1.89
ZION Zions Bancorp NA New 1.71% +1.71
HTLF Heartland Financial USA Inc. New 1.69% +1.69
WBS Webster Financial Corp. Add +47.9% 3.54% +1.44
FRST Primis Financial Corp. Add +111.6% 1.69% +0.82

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 31$139.1MCBK, FXNC, CBAN, RNST, BANC
Q1 2026 32$143.0MCBAN, CARE, FXNC, CBK, WBS
Q4 2025Amended 33$154.3MFCNCA, CBAN, FXNC, CBK, BANC
Q3 2025 36$144.8MFCNCA, CBAN, CARE, RNST, FXNC
Q2 2025 37$141.4MFCNCA, CBAN, RNST, CARE, WAL
Q1 2025 38$141.5MFCNCA, CBAN, FXNC, FBMS, WAL
Q4 2024 39$158.9MFCNCA, CBAN, FXNC, WAL, FBMS
Q3 2024 39$152.9MFCNCA, MCHB, CBAN, CARE, ORRF
Q2 2024 38$119.2MFCNCA, CARE, CBAN, MCHB, FBMS
Q1 2024 38$127.8MFCNCA, MCHB, BANC, HWC, CBAN