0001251109-12-000048.txt : 20121113 0001251109-12-000048.hdr.sgml : 20121112 20121113120531 ACCESSION NUMBER: 0001251109-12-000048 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 EFFECTIVENESS DATE: 20121113 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: 121197216 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 minerva13fhr93012.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F COVER PAGE REPORT FOR THE CALENDAR QUARTER ENDED September 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 November 12, 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: 127,181 (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 20 18100 SH SHARED-OTHER N/A 18100 AEHR TEST SYSTEMS COM 00760J108 44 40602 SH SOLE N/A 40602 AEROSONIC CORP DEL COM PAR 008015307 362 115600 SH SHARED-OTHER N/A 115600 $0.40 AEROSONIC CORP DEL COM PAR 008015307 558 178178 SH SOLE N/A 178178 $0.40 AH BELO CORP COM CL A 001282102 1535 317788 SH SHARED-OTHER N/A 317788 AH BELO CORP COM CL A 001282102 2174 450180 SH SOLE N/A 450180 ALLIANCE FIBER OPTIC COM NEW 018680306 268 29760 SH SHARED-OTHER N/A 29760 PRODS I ALLIANCE FIBER OPTIC COM NEW 018680306 59 6600 SH SOLE N/A 6600 PRODS I AMERISERV FINANC INC COM 03074A102 113 38000 SH SHARED-OTHER N/A 38000 AMERISERV FINANC INC COM 03074A102 42 14200 SH SOLE N/A 14200 AMPCO PITTSBURGH CORP COM 032037103 653 35400 SH SHARED-OTHER N/A 35400 AMPCO PITTSBURGH CORP COM 032037103 434 23500 SH SOLE N/A 23500 APCO OIL & GAS INTL SHS G0471F109 583 36234 SH SHARED-OTHER N/A 36234 APCO OIL & GAS INTL SHS G0471F109 733 45560 SH SOLE N/A 45560 ARGAN INC COM 04010E109 313 17943 SH SHARED-OTHER N/A 17943 ARGAN INC COM 04010E109 454 26018 SH SOLE N/A 26018 ASML HOLDINGS NY REG SHS N07059186 1169 21770 SH SHARED-OTHER N/A 21770 ASML HOLDINGS NY REG SHS N07059186 82 1528 SH SOLE N/A 1528 ASTRONICS CORP COM 046433108 1738 56422 SH SHARED-OTHER N/A 56422 ASTRONICS CORP COM 046433108 2659 86331 SH SOLE N/A 86331 ATRION CORP COM 049904105 410 1850 SH SHARED-OTHER N/A 1850 ATRION CORP COM 049904105 1438 6492 SH SOLE N/A 6492 BARCLAYS BK PLC IPTH S&P 06740C261 180 20000 SH SOLE N/A 20000 VIX NEW BCSB BANCORP INC COM 055367106 51 3710 SH SHARED-OTHER N/A 3710 BCSB BANCORP INC COM 055367106 170 12396 SH SOLE N/A 12396 BELO CORP COM SER A 080555105 1594 203600 SH SHARED-OTHER N/A 203600 BELO CORP COM SER A 080555105 2192 279900 SH SOLE N/A 279900 BENEFICIAL MUTUAL COM 08173R104 238 24916 SH SOLE N/A 24916 BANCORP IN BREEZE EASTERN CORP COM 106764103 96 13000 SH SHARED-OTHER N/A 13000 CAMDEN NATIONAL CORP COM 133034108 2810 75851 SH SHARED-OTHER N/A 75851 CAMDEN NATIONAL CORP COM 133034108 1488 40185 SH SOLE N/A 40185 CAPITAL SR LIVING CORP COM 140475104 506 34994 SH SHARED-OTHER N/A 34994 CAPITAL SR LIVING CORP COM 140475104 776 53598 SH SOLE N/A 53598 CENTURY BANCORP INC CL A 156432106 844 26450 SH SHARED-OTHER N/A 26450 MASS NON VTG CENTURY BANCORP INC CL A 156432106 308 9663 SH SOLE N/A 9663 MASS NON VTG CFS BANCORP INC COM 12525D102 48 8700 SH SHARED-OTHER N/A 8700 CFS BANCORP INC COM 12525D102 53 9700 SH SOLE N/A 9700 CHASE CORP COM 16150R104 4592 249988 SH SHARED-OTHER N/A 249988 CHASE CORP COM 16150R104 3495 190274 SH SOLE N/A 190274 CHARTER FINL CORP WEST COM 16122M100 410 42000 SH SHARED-OTHER N/A 42000 PT GA CHARTER FINL CORP WEST COM 16122M100 712 73000 SH SOLE N/A 73000 PT GA CIMATRON LTD ORD M23798107 205 54418 SH SHARED-OTHER N/A 54418 CIMATRON LTD ORD M23798107 536 142256 SH SOLE N/A 142256 CITIZENS & NORTHERN COM 172922106 322 16400 SH SHARED-OTHER N/A 16400 CORP CITIZENS & NORTHERN COM 172922106 520 26500 SH SOLE N/A 26500 CORP CMS BANCORP INC COM 12600U102 62 7800 SH SHARED-OTHER N/A 7800 CMS BANCORP INC COM 12600U102 96 11975 SH SOLE N/A 11975 COMMUNITY BANK SYS INC COM 203607106 393 13938 SH SHARED-OTHER N/A 13938 DAWSON GEOPHYSICAL CO COM 239359102 810 32071 SH SHARED-OTHER N/A 32071 DAWSON GEOPHYSICAL CO COM 239359102 692 27387 SH SOLE N/A 27387 DELUXE CORP COM 248019101 1100 36000 SH SHARED-OTHER N/A 36000 DELUXE CORP COM 248019101 269 8800 SH SOLE N/A 8800 DONEGAL GROUP INC CL B 257701300 215 11940 SH SHARED-OTHER N/A 11940 DONEGAL GROUP INC CL B 257701300 189 10487 SH SOLE N/A 10487 DONEGAL GROUP INC CL A 257701201 335 23882 SH SHARED-OTHER N/A 23882 DONEGAL GROUP INC CL A 257701201 18 1261 SH SOLE N/A 1261 DORMAN PRODUCTS INC COM 258278100 3252 103210 SH SHARED-OTHER N/A 103210 DORMAN PRODUCTS INC COM 258278100 1503 47710 SH SOLE N/A 47710 EAGLE BANCORP MONT INC COM 26942G100 91 8400 SH SHARED-OTHER N/A 8400 EAGLE BANCORP MONT INC COM 26942G100 185 17018 SH SOLE N/A 17018 EASTERN CO COM 276317104 1135 60564 SH SHARED-OTHER N/A 60564 EASTERN CO COM 276317104 1027 54809 SH SOLE N/A 54809 ECOLOGY & ENVRNMT INC CL A 278878103 343 27704 SH SHARED-OTHER N/A 27704 ECOLOGY & ENVRNMT INC CL A 278878103 519 41891 SH SOLE N/A 41891 EDAC TECHNOLOGIES CORP COM 279285100 746 52818 SH SHARED-OTHER N/A 52818 EDAC TECHNOLOGIES CORP COM 279285100 1925 136232 SH SOLE N/A 136232 EMCLAIRE FINANCIAL COM 290828102 288 12824 SH SHARED-OTHER N/A 12824 EMCLAIRE FINANCIAL COM 290828102 57 2535 SH SOLE N/A 2535 ESCALADE INC COM 296056104 1039 194979 SH SHARED-OTHER N/A 194979 ESCALADE INC COM 296056104 652 122292 SH SOLE N/A 122292 FOSTER LB CO COM 350060109 2737 84643 SH SHARED-OTHER N/A 84643 FOSTER LB CO COM 350060109 695 21489 SH SOLE N/A 21489 FOX CHASE BANCORP COM 35137T108 167 10692 SH SOLE N/A 10692 INC NEW GIGA TRONICS INC COM 375175106 22 13069 SH SOLE N/A 13069 GLOBAL POWER EQUIP GP I COM PAR 37941P306 3200 173047 SH SHARED-OTHER N/A 173047 $0.01 GLOBAL POWER EQUIP GP I COM PAR 37941P306 5364 290099 SH SOLE N/A 290099 $0.01 GLOBECOMM SYSTEMS INC COM 37956X103 2357 211400 SH SHARED-OTHER N/A 211400 GLOBECOMM SYSTEMS INC COM 37956X103 2216 198703 SH SOLE N/A 198703 GREAT LAKES DREDGE COM 390607109 1555 201900 SH SHARED-OTHER N/A 201900 & DOCK CO GREAT LAKES DREDGE COM 390607109 1707 221707 SH SOLE N/A 221707 & DOCK CO INFUSYSTEM HLDGS INC COM 45685K102 1289 732200 SH SHARED-OTHER N/A 732200 INFUSYSTEM HLDGS INC COM 45685K102 2001 1136762 SH SOLE N/A 1136762 INVESTORS BANCORP INC COM 46146P102 219 12000 SH SOLE N/A 12000 JACKSONVILLE BANCORP COM 46924R106 193 11703 SH SHARED-OTHER N/A 11703 INC MD JACKSONVILLE BANCORP COM 46924R106 321 19442 SH SOLE N/A 19442 INC MD JOURNAL COMMUNIC INC CL A 481130102 1247 239840 SH SHARED-OTHER N/A 239840 JOURNAL COMMUNIC INC CL A 481130102 1546 297237 SH SOLE N/A 297237 KAPSTONE PAPER COM 48562P103 6245 278914 SH SHARED-OTHER N/A 278914 & PACKAGING CORP KAPSTONE PAPER COM 48562P103 9664 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 114 22800 SH SHARED-OTHER N/A 22800 KOSS CORP COM 500692108 83 16575 SH SOLE N/A 16575 LIN TV CORP CL A 532774106 24 5406 SH SHARED-OTHER N/A 5406 LIN TV CORP CL A 532774106 435 98770 SH SOLE N/A 98770 MER TELEMANAGEMENT SHS M69676126 86 33751 SH SHARED-OTHER N/A 33751 SOLUTIONS MER TELEMANAGEMENT SHS M69676126 56 22100 SH SOLE N/A 22100 SOLUTIONS MOD-PAC CORP COM 607495108 304 67926 SH SHARED-OTHER N/A 67926 MOD-PAC CORP COM 607495108 418 93240 SH SOLE N/A 93240 MOLYCORP INC DEL COM 608753109 179 15593 SH SHARED-OTHER N/A 15593 MOLYCORP INC DEL COM 608753109 179 15541 SH SOLE N/A 15541 MUTUALFIRST FINL INC COM 62845B104 289 25260 SH SHARED-OTHER N/A 25260 MUTUALFIRST FINL INC COM 62845B104 65 5666 SH SOLE N/A 5666 NORTHWEST BANCSHARES COM 667340103 550 45000 SH SHARED-OTHER N/A 45000 NORTHWEST BANCSHARES COM 667340103 350 28625 SH SOLE N/A 28625 NORWOOD FINANCIAL CORP COM 669549107 164 5431 SH SHARED-OTHER N/A 5431 NORWOOD FINANCIAL CORP COM 669549107 241 7968 SH SOLE N/A 7968 OBA FINANCIAL SVCS INC COM 67424G101 155 10200 SH SHARED-OTHER N/A 10200 OBA FINANCIAL SVCS INC COM 67424G101 382 25200 SH SOLE N/A 25200 OCONEE FED FINL CORP COM 675607105 180 11451 SH SHARED-OTHER N/A 11451 OCONEE FED FINL CORP COM 675607105 180 11451 SH SOLE N/A 11451 ONVIA INC COM NEW 68338T403 516 137200 SH SHARED-OTHER N/A 137200 ONVIA INC COM NEW 68338T403 998 265353 SH SOLE N/A 265353 PATHFINDER BANCORP INC COM 70320A103 328 30815 SH SHARED-OTHER N/A 30815 PATHFINDER BANCORP INC COM 70320A103 657 61679 SH SOLE N/A 61679 PEOPLES UNITED COM 712704105 176 14518 SH SOLE N/A 14518 PMFG INC COM 69345P103 2491 307873 SH SHARED-OTHER N/A 307873 PMFG INC COM 69345P103 2813 347734 SH SOLE N/A 347734 PROASSURANCE CORP COM 74267C106 870 9622 SH SHARED-OTHER N/A 9622 PROASSURANCE CORP COM 74267C106 412 4557 SH SOLE N/A 4557 PROV & WOR RAILRD CO COM 743737108 341 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 100 11200 SH SHARED-OTHER N/A 11200 ROMA FINANCIAL CORP COM 77581P109 159 17869 SH SOLE N/A 17869 SCRIPPS EW CO OHIO CL A NEW 811054402 1274 119633 SH SHARED-OTHER N/A 119633 SCRIPPS EW CO OHIO CL A NEW 811054402 1924 180631 SH SOLE N/A 180631 SEARCHMEDIA HLDGS LTD SHS G8005Y106 38 24600 SH SHARED-OTHER N/A 24600 SEARCHMEDIA HLDGS LTD SHS G8005Y106 8 5200 SH SOLE N/A 5200 SEARCHMEDIA HLDGS LTD W EXP G8005Y114 1 25000 SH SHARED-OTHER N/A 25000 11/19/11 SUPERIOR UNIF GRP INC COM 868358102 174 14500 SH SHARED-OTHER N/A 14500 SUPERIOR UNIF GRP INC COM 868358102 12 1000 SH SOLE N/A 1000 SUSQUEHANNA BANCSHARES COM 869099101 123 11808 SH SHARED-OTHER N/A 11808 INC P TECHE HOLDING CO COM 878330109 559 13800 SH SHARED-OTHER N/A 13800 TECHE HOLDING CO COM 878330109 344 8500 SH SOLE N/A 8500 TF FINANCIAL CORP COM 872391107 877 36855 SH SHARED-OTHER N/A 36855 TF FINANCIAL CORP COM 872391107 430 18082 SH SOLE N/A 18082 UNITED ONLINE INC COM 911268100 28 5000 SH SHARED-OTHER N/A 5000 UNITED ONLINE INC COM 911268100 72 13000 SH SOLE N/A 13000 UNIVERSAL STAINLESS COM 913837100 1036 27900 SH SHARED-OTHER N/A 27900 & ALLOY UNIVERSAL STAINLESS COM 913837100 67 1800 SH SOLE N/A 1800 & ALLOY US LIME & MINERAL COM 911922102 2782 57709 SH SHARED-OTHER N/A 57709 US LIME & MINERAL COM 911922102 2047 42464 SH SOLE N/A 42464 VIRCO MANUFACTURING CO COM 927651109 856 361248 SH SHARED-OTHER N/A 361248 VIRCO MANUFACTURING CO COM 927651109 1124 474391 SH SOLE N/A 474391 WPX ENERGY INC COM 98212B103 337 20300 SH SHARED-OTHER N/A 20300 WPX ENERGY INC COM 98212B103 622 37500 SH SOLE N/A 37500 YADKIN VLLY FNCL CORP COM 984314104 17 5064 SH SHARED-OTHER N/A 5064 YADKIN VLLY FNCL CORP COM 984314104 17 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