Petiole USA ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 20, 2026), Petiole USA ltd reported 33 stock positions worth $154.3 million. Its top holding was First Citizens Bcshs Class A (FCNCA) at 8.6% of the portfolio, followed by Colony Bankcorp (CBAN, 5.3%) and First National (FXNC, 5.1%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 1 and reduced 2. The biggest buy was a new position in Commercial Bancgroup (CBK) and the biggest sale an exit from Valley National Bancorp (VLY).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001600202
Portfolio Value
$154.3M (Q4 2025)
SEC Filing
0001172661-26-001320 ↗ filed Feb 20, 2026

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 Q4 2024 Q1 2025: $141.5M Q1 2025 Q2 2025: $141.4M Q2 2025 Q3 2025: $144.8M Q3 2025 Q4 2025: $154.3M $154.3M Q4 2025 Q1 2026: $143.0M Q1 2026 Q2 2026: $139.1M Q2 2026

Holdings 33 stocks · $154.3M
FCNCA First Citizens Bcshs Class A 8.59% 6,175 $13.3M Add +39.9%
CBAN Colony Bankcorp 5.35% 462,763 $8.2M No change
FXNC First National Corp. 5.10% 311,440 $7.9M No change
CBK Commercial Bancgroup Inc. 4.98% 312,500 $7.7M New
BANC Banc of California Inc. 4.97% 397,167 $7.7M Reduce 0.0%
CARE Carter Bankshares Inc. 4.93% 386,873 $7.6M No change
RNST Renasant Corp. 4.49% 196,845 $6.9M No change
WAL Western Alliance Bancorp 4.42% 81,103 $6.8M No change
WBS Webster Financial Corp. 4.16% 101,875 $6.4M No change
ORRF Orrstown Finl Services Inc. 4.06% 176,966 $6.3M No change
MPB Mid Penn Bancorp Inc. 3.96% 197,111 $6.1M No change
HWC Hancock Whitney Corp. 3.56% 86,218 $5.5M No change
CCNE CNB Financial Corp. 3.21% 189,241 $5.0M No change
WTFC Wintrust Financial Corp. 2.70% 29,750 $4.2M No change
SBFG SB Financial Group Inc. filed as SB FINL GROUP INC 2.44% 168,818 $3.8M Reduce -4.1%
BCAL California Bancorp 2.37% 195,604 $3.7M No change
CFG Citizens Financial Group 2.34% 61,754 $3.6M No change
FRME First Merchants Corp. 2.28% 94,047 $3.5M No change
SNV Synovus Financial Corp. 2.27% 70,063 $3.5M No change
PNFP Pinnacle Financial Partners 2.09% 33,814 $3.2M No change
FRST Primis Financial Corp. 2.08% 230,222 $3.2M No change
HBAN Huntington Bancshares Inc. 2.03% 180,840 $3.1M No change
ZION Zions Bancorp NA 1.90% 50,000 $2.9M No change
UMBF Umb Financial Corp. 1.80% 24,122 $2.8M No change
FNB FNB Corp. 1.79% 161,151 $2.8M No change
SHBI Shore Bancshares Inc. 1.69% 147,487 $2.6M No change
EQBK Equity Bancshares Inc. Class A 1.66% 57,364 $2.6M No change
FRBA First Bank/Hamilton NJ 1.65% 154,660 $2.5M No change
FNWB First Northwest Bancorp 1.60% 262,697 $2.5M No change
COLB Columbia Banking System Inc. 1.50% 82,890 $2.3M No change
SSB Southstate Bank Corp. 1.44% 23,625 $2.2M No change
BANR Banner Corporation 1.35% 33,285 $2.1M No change
HAFC Hanmi Financial Corporation 1.26% 71,651 $1.9M No change

Portfolio Sells Q3 2025 → Q4 2025
VLY Valley National Bancorp Sold out 0.00% −2.43
CMA Comerica Inc. Sold out 0.00% −2.13
ISTR Investar Holding Corp. Sold out 0.00% −1.90
EBMT Eagle Bancorp Montana Inc. Sold out 0.00% −0.62
SBFG SB Financial Group Inc. Reduce -4.1% 2.44% +0.09
BANC Banc of California Inc. Reduce 0.0% 4.97% +0.43

Portfolio Buys Q3 2025 → Q4 2025
CBK Commercial Bancgroup Inc. New 4.98% +4.98
FCNCA First Citizens Bcshs Class A Add +39.9% 8.59% +3.13

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