# EDGAR Filing Document

**Accession Number:** 0001029311
**File Stem:** 0001029311-25-000009
**Filing Date:** 2025-8
**Character Count:** 16019
**Document Hash:** 880baec40e689442145306ade234addb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001029311-25-000009.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001029311-25-000009

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANC FUNDS CO LLC
- **CENTRAL INDEX KEY:** 0001029311

**ORGANIZATION NAME:**
- **EIN:** 364134318
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06701
- **FILM NUMBER:** 251213691

**BUSINESS ADDRESS:**
- **STREET 1:** 150 S. WACKER DRIVE
- **STREET 2:** SUITE 2725
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3128554067

**MAIL ADDRESS:**
- **STREET 1:** 150 S. WACKER DRIVE
- **STREET 2:** SUITE 2725
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANC FUND IV L P
- **DATE OF NAME CHANGE:** 19961218

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** BANC FUNDS CO LLC<br>**Address:** 150 S. WACKER DRIVE<br>SUITE 2725<br>CHICAGO, IL 60606

**Form 13F File Number:** 028-06701

**SEC File Number (if applicable):** 028-06701

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:** John M. Baker<br>**Title:** Member<br>**Phone:** 312-855-4067

**Signature, Place, and Date of Signing:**

John M. Baker  Chicago, IL  08-13-2025<br>[Signature]  [City, State]  [Date]

**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 are reported 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 Included Managers:** 0

**Form 13F Information Table Entry Total:** 115

**Form 13F Information Table Value Total:** $661604962

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 1st Colonial Bancorp | Common | 319716106 |  | 477203 | 29457 | SH |  | SOLE |  | 29457 | 0 | 0 |
| Alerus Financial Corporation | Common | 01446U103 |  | 8624362 | 398538 | SH |  | SOLE |  | 398538 | 0 | 0 |
| Alpine Banks of Colorado | Common | 020810107 |  | 8507819 | 315338 | SH |  | SOLE |  | 315338 | 0 | 0 |
| Amerant Bancorp Inc. | Common | 023576101 |  | 3099100 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| American Business Bank | Common | 02475L105 |  | 14815140 | 347447 | SH |  | SOLE |  | 347447 | 0 | 0 |
| American Riviera Bancorp | Common | 02933K103 |  | 2836332 | 147189 | SH |  | SOLE |  | 147189 | 0 | 0 |
| Avidbank Holdings Inc. | Common | 05368J103 |  | 13688897 | 670039 | SH |  | SOLE |  | 670039 | 0 | 0 |
| Banc of California Inc. | Common | 05990K106 |  | 10418707 | 741545 | SH |  | SOLE |  | 741545 | 0 | 0 |
| Bancorp 34 Inc. | Common | 05970V106 |  | 1986855 | 162857 | SH |  | SOLE |  | 162857 | 0 | 0 |
| Bank of Botetourt | Common | 063907208 |  | 580941 | 16504 | SH |  | SOLE |  | 16504 | 0 | 0 |
| Bank7 Corp | Common | 06652N107 |  | 5375950 | 128519 | SH |  | SOLE |  | 128519 | 0 | 0 |
| Bankwell Financial Group Inc. | Common | 06654A103 |  | 4553363 | 126377 | SH |  | SOLE |  | 126377 | 0 | 0 |
| BayFirst Financial Corp. | Common | 07279B104 |  | 1753808 | 125272 | SH |  | SOLE |  | 125272 | 0 | 0 |
| Berkshire Hills Bancorp | Common | 084680107 |  | 2158598 | 86206 | SH |  | SOLE |  | 86206 | 0 | 0 |
| Blue Ridge Bankshares Inc. | Common | 095825105 |  | 8407428 | 2341902 | SH |  | SOLE |  | 2341902 | 0 | 0 |
| Blueharbor Bank | Common | 095613105 |  | 2605356 | 96602 | SH |  | SOLE |  | 96602 | 0 | 0 |
| Bridgewater Bancshares Inc. | Common | 108621103 |  | 1614531 | 101479 | SH |  | SOLE |  | 101479 | 0 | 0 |
| Business First Bancshares Inc. | Common | 12326C105 |  | 8556409 | 347116 | SH |  | SOLE |  | 347116 | 0 | 0 |
| Byline Bancorp Inc. | Common | 124411109 |  | 2876469 | 107612 | SH |  | SOLE |  | 107612 | 0 | 0 |
| California BanCorp. | Common | 84252A106 |  | 15655984 | 993400 | SH |  | SOLE |  | 993400 | 0 | 0 |
| Capital Bancorp Inc. | Common | 139737100 |  | 483552 | 14400 | SH |  | SOLE |  | 14400 | 0 | 0 |
| ChoiceOne Financial Services Inc. | Common | 170386106 |  | 3886985 | 135435 | SH |  | SOLE |  | 135435 | 0 | 0 |
| Citizens Community Bancorp Inc. | Common | 174903104 |  | 5685545 | 411996 | SH |  | SOLE |  | 411996 | 0 | 0 |
| CNB Corporation | Common | 12612R105 |  | 839358 | 14348 | SH |  | SOLE |  | 14348 | 0 | 0 |
| CNB Financial Corporation | Common | 126128107 |  | 9298899 | 406776 | SH |  | SOLE |  | 406776 | 0 | 0 |
| Coastal Carolina Bancshares Inc. | Common | 190435107 |  | 3641193 | 324238 | SH |  | SOLE |  | 324238 | 0 | 0 |
| CoastalSouth Bancshares Inc. | Common | 19058X207 |  | 5271510 | 247605 | SH |  | SOLE |  | 247605 | 0 | 0 |
| Colony Bankcorp Inc. | Common | 19623P101 |  | 10230489 | 621159 | SH |  | SOLE |  | 621159 | 0 | 0 |
| Commencement Bancorp Inc. | Common | 20051D107 |  | 1959716 | 161960 | SH |  | SOLE |  | 161960 | 0 | 0 |
| Community Heritage Financial Inc. | Common | 20370L103 |  | 3653079 | 143258 | SH |  | SOLE |  | 143258 | 0 | 0 |
| ConnectOne Bancorp Inc. | Common | 20786W107 |  | 7925028 | 342186 | SH |  | SOLE |  | 342186 | 0 | 0 |
| Dime Community Bancshares Inc. | Common | 25432X102 |  | 2638719 | 97948 | SH |  | SOLE |  | 97948 | 0 | 0 |
| Dogwood State Bank | Common | 25660B103 |  | 1211759 | 79721 | SH |  | SOLE |  | 79721 | 0 | 0 |
| Eagle Financial Services Inc. | Common | 26951R104 |  | 1990300 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| Endeavor Bancorp | Common | 29260B109 |  | 1484748 | 101072 | SH |  | SOLE |  | 101072 | 0 | 0 |
| Enterprise Bancorp Inc. | Common | 293668109 |  | 4097785 | 103375 | SH |  | SOLE |  | 103375 | 0 | 0 |
| Financial Institutions Inc. | Common | 317585404 |  | 2670720 | 104000 | SH |  | SOLE |  | 104000 | 0 | 0 |
| FineMark Holdings Inc. | Common | 31788B108 |  | 22079681 | 535265 | SH |  | SOLE |  | 535265 | 0 | 0 |
| First Bank | Common | 31931U102 |  | 15334622 | 991249 | SH |  | SOLE |  | 991249 | 0 | 0 |
| First Busey Corporation | Common | 319383204 |  | 9289685 | 405929 | SH |  | SOLE |  | 405929 | 0 | 0 |
| First Business Financial Services Inc. | Common | 319390100 |  | 13398405 | 264477 | SH |  | SOLE |  | 264477 | 0 | 0 |
| First Capital Bancshares Inc. | Common | 31941G101 |  | 3834170 | 368316 | SH |  | SOLE |  | 368316 | 0 | 0 |
| First Community Corporation | Common | 319835104 |  | 1007308 | 41317 | SH |  | SOLE |  | 41317 | 0 | 0 |
| First Farmers and Merchants Corporation | Common | 320148109 |  | 256131 | 6129 | SH |  | SOLE |  | 6129 | 0 | 0 |
| First Foundation Inc. | Common | 32026V104 |  | 5829575 | 1143054 | SH |  | SOLE |  | 1143054 | 0 | 0 |
| First Internet Bancorp | Common | 320557101 |  | 9422962 | 350296 | SH |  | SOLE |  | 350296 | 0 | 0 |
| First National Corporation | Common | 32106V107 |  | 1282684 | 65880 | SH |  | SOLE |  | 65880 | 0 | 0 |
| First Northern Community Bancorp | Common | 335925103 |  | 6969827 | 715588 | SH |  | SOLE |  | 715588 | 0 | 0 |
| First Reliance Bancshares Inc. | Common | 33615Q100 |  | 4735526 | 493284 | SH |  | SOLE |  | 493284 | 0 | 0 |
| First Western Financial Inc. | Common | 33751L105 |  | 11066154 | 490521 | SH |  | SOLE |  | 490521 | 0 | 0 |
| FirstSun Capital Bancorp | Common | 33767U107 |  | 5688749 | 163705 | SH |  | SOLE |  | 163705 | 0 | 0 |
| Five Star Bancorp | Common | 33830T103 |  | 2737528 | 95919 | SH |  | SOLE |  | 95919 | 0 | 0 |
| Foresight Financial Group Inc. | Common | 345526107 |  | 4048691 | 131068 | SH |  | SOLE |  | 131068 | 0 | 0 |
| FSBH Corp (was First Southern Bank) | Common | 30325F101 |  | 1944275 | 234250 | SH |  | SOLE |  | 234250 | 0 | 0 |
| FVCBankcorp Inc. | Common | 36120Q101 |  | 2526238 | 214088 | SH |  | SOLE |  | 214088 | 0 | 0 |
| Grand River Commerce Inc. | Common | 386441109 |  | 2531303 | 675014 | SH |  | SOLE |  | 675014 | 0 | 0 |
| Hanover Bancorp Inc. | Common | 410709109 |  | 3134305 | 136929 | SH |  | SOLE |  | 136929 | 0 | 0 |
| HBT Financial Inc. | Common | 404111106 |  | 463940 | 18403 | SH |  | SOLE |  | 18403 | 0 | 0 |
| Heritage Commerce Corp | Common | 426927109 |  | 1206882 | 121539 | SH |  | SOLE |  | 121539 | 0 | 0 |
| Investar Holding Corporation | Common | 46134L105 |  | 9291104 | 480906 | SH |  | SOLE |  | 480906 | 0 | 0 |
| LinkBancorp | Common | 53578P105 |  | 4558026 | 623533 | SH |  | SOLE |  | 623533 | 0 | 0 |
| Live Oak Bancshares | Common | 53803X105 |  | 308430 | 10350 | SH |  | SOLE |  | 10350 | 0 | 0 |
| MainStreet Bancshares Inc. | Common | 56064Y100 |  | 12304165 | 651014 | SH |  | SOLE |  | 651014 | 0 | 0 |
| Malaga Financial Corporation | Common | 561046103 |  | 830332 | 41269 | SH |  | SOLE |  | 41269 | 0 | 0 |
| Mercantile Bank Corporation | Common | 587376104 |  | 9057004 | 195152 | SH |  | SOLE |  | 195152 | 0 | 0 |
| Merchants Bancorp | Common | 58844R108 |  | 12758075 | 385790 | SH |  | SOLE |  | 385790 | 0 | 0 |
| Merchants Financial Group Inc. | Common | 588538108 |  | 2411533 | 96077 | SH |  | SOLE |  | 96077 | 0 | 0 |
| Meridian Bank | Common | 58958P104 |  | 7739349 | 600415 | SH |  | SOLE |  | 600415 | 0 | 0 |
| Metropolitan Bank Holding Corp. | Common | 591774104 |  | 11133780 | 159054 | SH |  | SOLE |  | 159054 | 0 | 0 |
| Mid Penn Bank | Common | 59540G107 |  | 10597165 | 375786 | SH |  | SOLE |  | 375786 | 0 | 0 |
| Mission Valley Bancorp | Common | 60520E104 |  | 1618802 | 105117 | SH |  | SOLE |  | 105117 | 0 | 0 |
| Mountain Commerce Bancorp | Common | 624004107 |  | 9249182 | 464783 | SH |  | SOLE |  | 464783 | 0 | 0 |
| MVB Financial Corp. | Common | 553810102 |  | 1414636 | 62789 | SH |  | SOLE |  | 62789 | 0 | 0 |
| Northpointe Bancshares | Common | 66661N886 |  | 822600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| Old National Bancorp | Common | 680033107 |  | 2331416 | 109251 | SH |  | SOLE |  | 109251 | 0 | 0 |
| Old Second Bancorp Inc. | Common | 680277100 |  | 20531886 | 1157378 | SH |  | SOLE |  | 1157378 | 0 | 0 |
| Orange County Bancorp Inc. | Common | 68417L107 |  | 8526063 | 329956 | SH |  | SOLE |  | 329956 | 0 | 0 |
| Oregon Pacific Bancorp | Common | 686040205 |  | 4979269 | 631086 | SH |  | SOLE |  | 631086 | 0 | 0 |
| Pacific West Bancorp | Common | 69506J102 |  | 1425008 | 135715 | SH |  | SOLE |  | 135715 | 0 | 0 |
| Peapack-Gladstone Financial Corporation | Common | 704699107 |  | 13062772 | 462399 | SH |  | SOLE |  | 462399 | 0 | 0 |
| Pinnacle Bank | Common | 72346K107 |  | 1270280 | 63514 | SH |  | SOLE |  | 63514 | 0 | 0 |
| Pinnacle Bankshares Corporation | Common | 72345E102 |  | 1597090 | 48382 | SH |  | SOLE |  | 48382 | 0 | 0 |
| Potomac Bancshares Inc. | Common | 737643106 |  | 482469 | 27792 | SH |  | SOLE |  | 27792 | 0 | 0 |
| Prime Meridian Holding Company | Common | 74164R107 |  | 3744482 | 76418 | SH |  | SOLE |  | 76418 | 0 | 0 |
| Primis Financial Corporation | Common | 74167B109 |  | 14854605 | 1369088 | SH |  | SOLE |  | 1369088 | 0 | 0 |
| Princeton Bancorp Inc. | Common | 74179A107 |  | 4700900 | 153926 | SH |  | SOLE |  | 153926 | 0 | 0 |
| Private Bancorp of America Inc. | Common | 74274F100 |  | 18029831 | 332531 | SH |  | SOLE |  | 332531 | 0 | 0 |
| PSB Holdings Inc. | Common | 69360N108 |  | 2821266 | 118094 | SH |  | SOLE |  | 118094 | 0 | 0 |
| Renasant Corporation | Common | 75970E107 |  | 1504569 | 41875 | SH |  | SOLE |  | 41875 | 0 | 0 |
| River City Bank | Common | 76803X106 |  | 4623503 | 13720 | SH |  | SOLE |  | 13720 | 0 | 0 |
| Shore Bancshares Inc. | Common | 825107105 |  | 4775877 | 303809 | SH |  | SOLE |  | 303809 | 0 | 0 |
| Sierra Bancorp | Common | 82620P102 |  | 3605079 | 121424 | SH |  | SOLE |  | 121424 | 0 | 0 |
| SmartFinancial Inc. | Common | 83190L208 |  | 6775829 | 200587 | SH |  | SOLE |  | 200587 | 0 | 0 |
| Somerset Trust Holding Company | Common | 835126103 |  | 624593 | 11787 | SH |  | SOLE |  | 11787 | 0 | 0 |
| South Atlantic Bancshares Inc. | Common | 83636T104 |  | 2870141 | 179496 | SH |  | SOLE |  | 179496 | 0 | 0 |
| Southern BancShares (N.C.) Inc. | Common | 842243107 |  | 1041600 | 124 | SH |  | SOLE |  | 124 | 0 | 0 |
| Southern First Bancshares Inc. | Common | 842873101 |  | 10903353 | 286704 | SH |  | SOLE |  | 286704 | 0 | 0 |
| Southern States Bancshares Inc. | Common | 843878307 |  | 13907161 | 382380 | SH |  | SOLE |  | 382380 | 0 | 0 |
| SouthPoint Bancshares Inc. | Common | 844647107 |  | 2393035 | 113414 | SH |  | SOLE |  | 113414 | 0 | 0 |
| Studio Bank | Common | 864001102 |  | 4259560 | 425956 | SH |  | SOLE |  | 425956 | 0 | 0 |
| Summit Bank Group Inc. | Common | 86603R100 |  | 2695589 | 190501 | SH |  | SOLE |  | 190501 | 0 | 0 |
| Summit State Bank | Common | 866264203 |  | 4174788 | 385128 | SH |  | SOLE |  | 385128 | 0 | 0 |
| Texas Capital Bancshares Inc. | Common | 88224Q107 |  | 11846877 | 149205 | SH |  | SOLE |  | 149205 | 0 | 0 |
| The Bancorp Inc. | Common | 05969A105 |  | 1344036 | 23592 | SH |  | SOLE |  | 23592 | 0 | 0 |
| Third Coast Bancshares | Common | 88422P109 |  | 7036563 | 215383 | SH |  | SOLE |  | 215383 | 0 | 0 |
| Tri City Bankshares Corporation | Common | 895364107 |  | 1355240 | 94772 | SH |  | SOLE |  | 94772 | 0 | 0 |
| Triumph Bancorp Inc. | Common | 89679E300 |  | 10437503 | 189394 | SH |  | SOLE |  | 189394 | 0 | 0 |
| United Bancorporation of Alabama Inc. | Common | 90944R100 |  | 2294123 | 43474 | SH |  | SOLE |  | 43474 | 0 | 0 |
| United Security Bankshares | Common | 911460103 |  | 4639133 | 536316 | SH |  | SOLE |  | 536316 | 0 | 0 |
| Unity Bancorp Inc. | Common | 913290102 |  | 24680183 | 524218 | SH |  | SOLE |  | 524218 | 0 | 0 |
| USCB Financial Holdings Inc. | Common | 90355N101 |  | 2468264 | 149230 | SH |  | SOLE |  | 149230 | 0 | 0 |
| Veritex Holdings Inc. | Common | 923451108 |  | 4695260 | 179895 | SH |  | SOLE |  | 179895 | 0 | 0 |
| West Coast Community Bancorp | Common | 952170108 |  | 14239915 | 363820 | SH |  | SOLE |  | 363820 | 0 | 0 |
| WEX Inc. | Common | 96208T104 |  | 1462290 | 9955 | SH |  | SOLE |  | 9955 | 0 | 0 |
| White River Bancshares Company | Common | 96445A108 |  | 4148100 | 99000 | SH |  | SOLE |  | 99000 | 0 | 0 |

---