market folly

Thomas Brown's hedge fund firm Second Curve Capital has filed a 13G with the SEC regarding shares of Citizens Republic Bancorp (CRBC). Per trading on June 17th, 2011, Second Curve has disclosed a 5.34% ownership stake in CRBC with 21,236,157 shares.

They've increased their position size by a whopping 312% since the end of the first quarter when they owned only 5,150,000 shares. Since the end of March, shares are down almost 20% and Second Curve has stepped in to buy.

In other activity from the hedge fund, we last covered their sale of CompuCredit shares (CCRT). Before founding Second Curve, Tom Brown headed the financial services group at Julian Robertson's Tiger Management. As such, it should come as no surprise that his fund largely focuses on financials.

Per Google Finance, Citizens Republic Bancorp is "a diversified banking and financial services company that is a bank holding company. Citizens provides a range of banking and financial services to individuals and businesses through its subsidiaries Citizens Bank and F&M Bank, Iowa (F&M)."

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