The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
FCB Financial Holdings Inc CL A common 30255G103 3,816 80,000 SH   SOLE   0 0 0
Bank of Commerce Holdings common 06424J103 1,764 185,716 SH   SOLE   0 0 0
Bank of Marin Bancorp common 063425102 558 8,000 SH   SOLE   0 0 0
Bank of the Ozarks Inc common 063904106 2,892 55,000 SH   SOLE   0 0 0
BOFI Hldg Inc common 05566U108 2,855 100,000 SH   SOLE   0 0 0
California Bank of Commerce CA common 13005C101 393 25,461 SH   SOLE   0 0 0
Carolina Bk Hldgs Greensboro common 143785103 6,096 236,005 SH   SOLE   0 0 0
Columbia Bkg Sys Inc common 197236102 1,117 25,000 SH   SOLE   0 0 0
CU Bancorp Calif common 126534106 7,160 200,000 SH   SOLE   0 0 0
Cullen Frost Bankers Inc common 229899109 4,412 50,000 SH   SOLE   0 0 0
Direxion SHS ETF Tr Dly S&P 500 Bear common 25459Y371 11 1,000 SH   SOLE   0 0 0
Evans Bancorp Inc common 29911Q208 5,641 178,786 SH   SOLE   0 0 0
First Bancshares Inc MS common 318916103 9,445 343,457 SH   SOLE   0 0 0
First Busey Corp common 319383204 5,233 170,000 SH   SOLE   0 0 0
First Mid Ill Bancshares, Inc. common 320866106 2,312 68,000 SH   SOLE   0 0 0
Franklin Financial Network common 35352P104 7,952 190,000 SH   SOLE   0 0 0
Grandsouth Bancorporation common 386627301 1,678 125,000 SH   SOLE   0 0 0
Green Bancorp Inc common 39260X100 2,950 194,053 SH   SOLE   0 0 0
Heritage Commerce Corp common 426927109 5,325 369,000 SH   SOLE   0 0 0
Hope Bancorp Inc common 43940T109 1,187 54,238 SH   SOLE   0 0 0
MB Financial Inc New common 55264U108 1,086 23,000 SH   SOLE   0 0 0
Northern States Financial Corp common 665751103 3,109 4,347,685 SH   SOLE   0 0 0
Northwest Bancorporation common 667337109 3,675 356,821 SH   SOLE   0 0 0
Old Natl Bancorp IND common 680033107 5,445 300,000 SH   SOLE   0 0 0
Pacific Premier Bancorp common 69478X105 10,605 300,000 SH   SOLE   0 0 0
Pacific Premier Bancorp Jan 20 2017 35.00 put 69478X955 32 301 PRN Put SOLE   0 0 0
Servisfirst Bancshares Inc common 81768T108 3,744 100,000 SH   SOLE   0 0 0
Servisfirst Bancshares Inc Jan 20 2017 37.50 put 81768T958 60 500 PRN Put SOLE   0 0 0
SPDR RGNL BKG Jan 27 2017 55.00 put 78464A958 59 500 PRN Put SOLE   0 0 0
Stonegate Bank FT Lauderdale FLA common 861811107 2,798 67,059 SH   SOLE   0 0 0
Sunshine Bancorp Inc common 86777J108 1,550 90,440 SH   SOLE   0 0 0
Triumph Bancorp Inc common 89679E300 4,707 180,000 SH   SOLE   0 0 0
Webster Financial Corp Conn common 947890109 1,357 25,000 SH   SOLE   0 0 0
ZIONS Bancorporation common 989701107 1,722 40,000 SH   SOLE   0 0 0
ZIONS Bancorporation Jan 20 2017 20.00 call 989701907 1,489 650 PRN Call SOLE   0 0 0