0001251109-12-000046.txt : 20120730 0001251109-12-000046.hdr.sgml : 20120730 20120730145305 ACCESSION NUMBER: 0001251109-12-000046 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120730 DATE AS OF CHANGE: 20120730 EFFECTIVENESS DATE: 20120730 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: 12993273 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 minerva13fhr63012.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F COVER PAGE REPORT FOR THE CALENDAR QUARTER ENDED June 30, 2012 Check here if Amendment [ ] This Amendment (check only one) [ ] is a restatement [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Minerva Advisors LLC Address: 50 Monument Rd., Suite 201, Bala Cynwyd, PA 19004 Form 13F File Number: 28-14665 =============================================================================== The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Beth N. Lowson Title: Attorney-In-Fact for David P. Cohen, President of Minerva Advisors LLC Phone: (914) 220-1919 for Beth N. Lowson or (484) 434-2258 for David P. Cohen Signature, Place, and Date of Signing: Minerva Advisors LLC By: Mr. David P. Cohen, President By: /s/ Beth N. Lowson Beth N. Lowson White Plains, New York July 30, 2012 Report Type (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Managers: 0 Form 13F Information Table Entry Total: 147 Form 13F Information Table Value Total: 115,742 (thousands) List of Other Included Managers: No. Name Form 13F File Number ----------------------------------------------------------------------------------------------------------------------------------- FORM 13F INFORMATION TABLE
COLUMN: 1 2 3 4 5 6 7 8 ----------------------- --------- ---------- -------- --------------------- ------------- ---------- ----------------------- TITLE OF VALUE SHARES OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRTN MANAGERS SOLE SHARED NONE ----------------------- --------- ---------- -------- --------- ---- ---- -------------- ---------- ------- ------- ----- AEHR TEST SYSTEMS COM 00760J108 22 18100 SH SHARED-OTHER N/A 18100 AEHR TEST SYSTEMS COM 00760J108 50 40602 SH SOLE N/A 40602 AEROSONIC CORP DEL COM PAR 008015307 415 115600 SH SHARED-OTHER N/A 115600 $0.40 AEROSONIC CORP DEL COM PAR 008015307 606 168948 SH SOLE N/A 168948 $0.40 AH BELO CORP COM CL A 001282102 1278 317788 SH SHARED-OTHER N/A 317788 AH BELO CORP COM CL A 001282102 1810 450180 SH SOLE N/A 450180 ALLIANCE FIBER OPTIC COM NEW 018680306 262 29760 SH SHARED-OTHER N/A 29760 PRODS I ALLIANCE FIBER OPTIC COM NEW 018680306 58 6600 SH SOLE N/A 6600 PRODS I AMERISERV FINANC INC COM 03074A102 101 38000 SH SHARED-OTHER N/A 38000 AMERISERV FINANC INC COM 03074A102 38 14200 SH SOLE N/A 14200 AMPCO PITTSBURGH CORP COM 032037103 649 35400 SH SHARED-OTHER N/A 35400 AMPCO PITTSBURGH CORP COM 032037103 431 23500 SH SOLE N/A 23500 APCO OIL & GAS INTL SHS G0471F109 557 30834 SH SHARED-OTHER N/A 30834 APCO OIL & GAS INTL SHS G0471F109 707 39178 SH SOLE N/A 39178 ARGAN INC COM 04010E109 251 17943 SH SHARED-OTHER N/A 17943 ARGAN INC COM 04010E109 364 26018 SH SOLE N/A 26018 ASML HOLDINGS NY REG SHS N07059186 1177 22890 SH SHARED-OTHER N/A 22890 ASML HOLDINGS NY REG SHS N07059186 79 1528 SH SOLE N/A 1528 ASTRONICS CORP COM 046433108 1771 62749 SH SHARED-OTHER N/A 62749 ASTRONICS CORP COM 046433108 2437 86331 SH SOLE N/A 86331 ATRION CORP COM 049904105 376 1850 SH SHARED-OTHER N/A 1850 ATRION CORP COM 049904105 1318 6492 SH SOLE N/A 6492 BARCLAYS BK PLC IPTH S&P 06740C261 304 20000 SH SOLE N/A 20000 VIX NEW BCSB BANCORP INC COM 055367106 49 3710 SH SHARED-OTHER N/A 3710 BCSB BANCORP INC COM 055367106 165 12396 SH SOLE N/A 12396 BELO CORP COM SER A 080555105 1311 203600 SH SHARED-OTHER N/A 203600 BELO CORP COM SER A 080555105 1803 279900 SH SOLE N/A 279900 BENEFICIAL MUTUAL COM 08173R104 215 24916 SH SOLE N/A 24916 BANCORP IN BREEZE EASTERN CORP COM 106764103 84 13000 SH SHARED-OTHER N/A 13000 CAMDEN NATIONAL CORP COM 133034108 2753 75851 SH SHARED-OTHER N/A 75851 CAMDEN NATIONAL CORP COM 133034108 1459 40185 SH SOLE N/A 40185 CAPITAL SR LIVING CORP COM 140475104 371 34994 SH SHARED-OTHER N/A 34994 CAPITAL SR LIVING CORP COM 140475104 568 53598 SH SOLE N/A 53598 CENTURY BANCORP INC CL A 156432106 794 26450 SH SHARED-OTHER N/A 26450 MASS NON VTG CENTURY BANCORP INC CL A 156432106 290 9663 SH SOLE N/A 9663 MASS NON VTG CFS BANCORP INC COM 12525D102 41 8700 SH SHARED-OTHER N/A 8700 CFS BANCORP INC COM 12525D102 45 9700 SH SOLE N/A 9700 CHASE CORP COM 16150R104 3300 249988 SH SHARED-OTHER N/A 249988 CHASE CORP COM 16150R104 2512 190274 SH SOLE N/A 190274 CHARTER FINL CORP WEST COM 16122M100 406 42000 SH SHARED-OTHER N/A 42000 PT GA CHARTER FINL CORP WEST COM 16122M100 706 73000 SH SOLE N/A 73000 PT GA CIMATRON LTD ORD M23798107 182 43596 SH SHARED-OTHER N/A 43596 CIMATRON LTD ORD M23798107 535 128071 SH SOLE N/A 128071 CITIZENS & NORTHERN COM 172922106 312 16400 SH SHARED-OTHER N/A 16400 CORP CITIZENS & NORTHERN COM 172922106 505 26500 SH SOLE N/A 26500 CORP CMS BANCORP INC COM 12600U102 59 7800 SH SHARED-OTHER N/A 7800 CMS BANCORP INC COM 12600U102 90 11975 SH SOLE N/A 11975 COMMUNITY BANK SYS INC COM 203607106 378 13938 SH SHARED-OTHER N/A 13938 DAWSON GEOPHYSICAL CO COM 239359102 768 32271 SH SHARED-OTHER N/A 32271 DAWSON GEOPHYSICAL CO COM 239359102 652 27387 SH SOLE N/A 27387 DELUXE CORP COM 248019101 898 36000 SH SHARED-OTHER N/A 36000 DELUXE CORP COM 248019101 219 8800 SH SOLE N/A 8800 DONEGAL GROUP INC CL B 257701300 197 11940 SH SHARED-OTHER N/A 11940 DONEGAL GROUP INC CL B 257701300 173 10487 SH SOLE N/A 10487 DONEGAL GROUP INC CL A 257701201 316 23882 SH SHARED-OTHER N/A 23882 DONEGAL GROUP INC CL A 257701201 17 1261 SH SOLE N/A 1261 DORMAN PRODUCTS INC COM 258278100 3074 122652 SH SHARED-OTHER N/A 122652 DORMAN PRODUCTS INC COM 258278100 1404 56010 SH SOLE N/A 56010 EAGLE BANCORP MONT INC COM 26942G100 83 8400 SH SHARED-OTHER N/A 8400 EAGLE BANCORP MONT INC COM 26942G100 168 17018 SH SOLE N/A 17018 EASTERN CO COM 276317104 978 60564 SH SHARED-OTHER N/A 60564 EASTERN CO COM 276317104 874 54112 SH SOLE N/A 54112 ECOLOGY & ENVRNMT INC CL A 278878103 319 27704 SH SHARED-OTHER N/A 27704 ECOLOGY & ENVRNMT INC CL A 278878103 482 41891 SH SOLE N/A 41891 EDAC TECHNOLOGIES CORP COM 279285100 634 56196 SH SHARED-OTHER N/A 56196 EDAC TECHNOLOGIES CORP COM 279285100 1620 143596 SH SOLE N/A 143596 EMCLAIRE FINANCIAL COM 290828102 256 12824 SH SHARED-OTHER N/A 12824 EMCLAIRE FINANCIAL COM 290828102 51 2535 SH SOLE N/A 2535 ESCALADE INC COM 296056104 1079 193079 SH SHARED-OTHER N/A 193079 ESCALADE INC COM 296056104 640 114492 SH SOLE N/A 114492 FOSTER LB CO COM 350060109 2422 84643 SH SHARED-OTHER N/A 84643 FOSTER LB CO COM 350060109 615 21489 SH SOLE N/A 21489 FOX CHASE BANCORP COM 35137T108 154 10692 SH SOLE N/A 10692 INC NEW GIGA TRONICS INC COM 375175106 16 13069 SH SOLE N/A 13069 GLOBAL POWER EQUIP GP I COM PAR 37941P306 3779 173043 SH SHARED-OTHER N/A 173043 $0.01 GLOBAL POWER EQUIP GP I COM PAR 37941P306 6336 290099 SH SOLE N/A 290099 $0.01 GLOBECOMM SYSTEMS INC COM 37956X103 2123 209600 SH SHARED-OTHER N/A 209600 GLOBECOMM SYSTEMS INC COM 37956X103 1975 194998 SH SOLE N/A 194998 GREAT LAKES DREDGE COM 390607109 1438 201900 SH SHARED-OTHER N/A 201900 & DOCK CO GREAT LAKES DREDGE COM 390607109 1579 221707 SH SOLE N/A 221707 & DOCK CO INFUSYSTEM HLDGS INC COM 45685K102 1384 732200 SH SHARED-OTHER N/A 732200 INFUSYSTEM HLDGS INC COM 45685K102 2148 1136762 SH SOLE N/A 1136762 INVESTORS BANCORP INC COM 46146P102 181 12000 SH SOLE N/A 12000 JACKSONVILLE BANCORP COM 46924R106 192 11700 SH SHARED-OTHER N/A 11700 INC MD JACKSONVILLE BANCORP COM 46924R106 318 19442 SH SOLE N/A 19442 INC MD JOURNAL COMMUNIC INC CL A 481130102 1238 239840 SH SHARED-OTHER N/A 239840 JOURNAL COMMUNIC INC CL A 481130102 1534 297237 SH SOLE N/A 297237 KAPSTONE PAPER COM 48562P103 4421 278914 SH SHARED-OTHER N/A 278914 & PACKAGING CORP KAPSTONE PAPER COM 48562P103 6841 431626 SH SOLE N/A 431626 & PACKAGING CORP KIMCO RLTY CORP COM 49446R109 428 22500 SH SHARED-OTHER N/A 22500 KOSS CORP COM 500692108 122 22800 SH SHARED-OTHER N/A 22800 KOSS CORP COM 500692108 88 16575 SH SOLE N/A 16575 LIN TV CORP CL A 532774106 16 5407 SH SHARED-OTHER N/A 5407 LIN TV CORP CL A 532774106 297 98770 SH SOLE N/A 98770 MER TELEMANAGEMENT SHS M69676126 51 33750 SH SHARED-OTHER N/A 33750 SOLUTIONS MER TELEMANAGEMENT SHS M69676126 34 22100 SH SOLE N/A 22100 SOLUTIONS MOD-PAC CORP COM 607495108 317 61353 SH SHARED-OTHER N/A 61353 MOD-PAC CORP COM 607495108 466 90225 SH SOLE N/A 90225 MOLYCORP INC DEL COM 608753109 336 15593 SH SHARED-OTHER N/A 15593 MOLYCORP INC DEL COM 608753109 335 15541 SH SOLE N/A 15541 MUTUALFIRST FINL INC COM 62845B104 265 25260 SH SHARED-OTHER N/A 25260 MUTUALFIRST FINL INC COM 62845B104 59 5666 SH SOLE N/A 5666 NORTHWEST BANCSHARES COM 667340103 527 45000 SH SHARED-OTHER N/A 45000 NORTHWEST BANCSHARES COM 667340103 335 28625 SH SOLE N/A 28625 NORWOOD FINANCIAL CORP COM 669549107 155 5431 SH SHARED-OTHER N/A 5431 NORWOOD FINANCIAL CORP COM 669549107 227 7968 SH SOLE N/A 7968 OBA FINANCIAL SVCS INC COM 67424G101 151 10200 SH SHARED-OTHER N/A 10200 OBA FINANCIAL SVCS INC COM 67424G101 374 25200 SH SOLE N/A 25200 OCONEE FED FINL CORP COM 675607105 149 11451 SH SHARED-OTHER N/A 11451 OCONEE FED FINL CORP COM 675607105 149 11451 SH SOLE N/A 11451 ONVIA INC COM NEW 68338T403 545 137200 SH SHARED-OTHER N/A 137200 ONVIA INC COM NEW 68338T403 1053 265353 SH SOLE N/A 265353 PATHFINDER BANCORP INC COM 70320A103 270 30815 SH SHARED-OTHER N/A 30815 PATHFINDER BANCORP INC COM 70320A103 540 61679 SH SOLE N/A 61679 PEOPLES UNITED COM 712704105 169 14518 SH SOLE N/A 14518 PMFG INC COM 69345P103 2344 300896 SH SHARED-OTHER N/A 300896 PMFG INC COM 69345P103 2598 333531 SH SOLE N/A 333531 PROASSURANCE CORP COM 74267C106 857 9622 SH SHARED-OTHER N/A 9622 PROASSURANCE CORP COM 74267C106 406 4557 SH SOLE N/A 4557 PROV & WOR RAILRD CO COM 743737108 344 25500 SH SHARED-OTHER N/A 25500 PROV & WOR RAILRD CO COM 743737108 20 1500 SH SOLE N/A 1500 ROMA FINANCIAL CORP COM 77581P109 95 11200 SH SHARED-OTHER N/A 11200 ROMA FINANCIAL CORP COM 77581P109 152 17869 SH SOLE N/A 17869 SCRIPPS EW CO OHIO CL A NEW 811054402 1150 119633 SH SHARED-OTHER N/A 119633 SCRIPPS EW CO OHIO CL A NEW 811054402 1736 180631 SH SOLE N/A 180631 SEARCHMEDIA HLDGS LTD SHS G8005Y106 45 25100 SH SHARED-OTHER N/A 25100 SEARCHMEDIA HLDGS LTD SHS G8005Y106 27 15000 SH SOLE N/A 15000 SEARCHMEDIA HLDGS LTD W EXP G8005Y114 3 25000 SH SHARED-OTHER N/A 25000 11/19/11 SUPERIOR UNIF GRP INC COM 868358102 170 14500 SH SHARED-OTHER N/A 14500 SUPERIOR UNIF GRP INC COM 868358102 12 1000 SH SOLE N/A 1000 SUSQUEHANNA BANCSHARES COM 869099101 122 11808 SH SHARED-OTHER N/A 11808 INC P TECHE HOLDING CO COM 878330109 540 13800 SH SHARED-OTHER N/A 13800 TECHE HOLDING CO COM 878330109 332 8500 SH SOLE N/A 8500 TF FINANCIAL CORP COM 872391107 909 36855 SH SHARED-OTHER N/A 36855 TF FINANCIAL CORP COM 872391107 446 18082 SH SOLE N/A 18082 UNITED ONLINE INC COM 911268100 72 17000 SH SHARED-OTHER N/A 17000 UNITED ONLINE INC COM 911268100 74 17500 SH SOLE N/A 17500 UNIVERSAL STAINLESS COM 913837100 1147 27900 SH SHARED-OTHER N/A 27900 & ALLOY UNIVERSAL STAINLESS COM 913837100 74 1800 SH SOLE N/A 1800 & ALLOY US LIME & MINERAL COM 911922102 2693 57709 SH SHARED-OTHER N/A 57709 US LIME & MINERAL COM 911922102 1982 42464 SH SOLE N/A 42464 VIRCO MANUFACTURING CO COM 927651109 600 361248 SH SHARED-OTHER N/A 361248 VIRCO MANUFACTURING CO COM 927651109 787 474391 SH SOLE N/A 474391 WPX ENERGY INC COM 98212B103 329 20300 SH SHARED-OTHER N/A 20300 WPX ENERGY INC COM 98212B103 607 37500 SH SOLE N/A 37500 YADKIN VLLY FNCL CORP COM 984314104 13 5064 SH SHARED-OTHER N/A 5064 YADKIN VLLY FNCL CORP COM 984314104 14 5160 SH SOLE N/A 5160 Shares reported as "Sole" under Column 6 "Investment Discretion" and Column 8 "Voting Authority" are held by Minerva Group, LP, a private fund managed by Minerva Advisors LLC. Shares reported as "Shared-Other" under Column 6 and "Shared" under Column 8 relate to managed accounts for which Minerva Advisors LLC is the investment advisor.
============================================================================== POWER OF ATTORNEY The undersigned does hereby constitute and appoint Stephen J. Nelson, Mary Anne Mayo, Scott M. Dubowsky, Sean W. McDowell, Beth N. Lowson and Anne Mulcahy, each of The Nelson Law Firm, LLC, One North Broadway, Suite 712, White Plains, NY 10601, signing singly, with full power of substitution, as the true and lawful attorney of the undersigned, and authorizes and designates each of them to sign on behalf of the undersigned, and to file filings and any amendments thereto made by or on behalf of the undersigned in respect of the beneficial ownership of equity securities held by the undersigned, directly, indirectly or beneficially, pursuant to Sections 13(d), 13(f), 13(g) and 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming any of the undersigned's responsibilities to comply with Sections 13(d), 13(f), 13(g) or 16 of the Exchange Act. This Power of Attorney shall remain in full force and effect until withdrawn by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact. IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 9th day of February, 2012. By: /s/ David P. Cohen David P. Cohen