UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

 

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934 

(Amendment No.  4)*

 

 

 

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC. 

 

(Name of Issuer)

 

Common Stock 

 

(Title of Class of Securities)

 

843395104 

 

(CUSIP Number)

 

Castle Creek Capital Partners IV, LP 

6051 El Tordo 

P.O. Box 1329 

Rancho Santa Fe, CA 92067 

858-756-8300

 

Copy to:

 

John M. Eggemeyer 

6051 El Tordo 

P.O. Box 1329 

Rancho Santa Fe, CA 92067 

858-756-8300 

 

(Name, Address and Telephone Number of Person Authorized 

to Receive Notices and Communications)

 

February 19, 2021 

 

(Date of Event which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1 (e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

 

 

 

1

NAME OF REPORTING PERSONS

Castle Creek Capital Partners VII, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(See Instructions) 

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS (See Instructions)

WC

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

¨ 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES
BENEFICIALLY OWNED
BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

1,887,364 (1)

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,887,364 (1)

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,887,364 (1)

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

¨

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.7% (1)

14

TYPE OF REPORTING PERSON (See Instructions)

PN (Limited Partnership)

 

(1)            See Item 5 hereto.

 

 

 

 

1

NAME OF REPORTING PERSONS

Castle Creek Capital VII LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(See Instructions) 

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS (See Instructions)

WC/AF

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

¨ 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES
BENEFICIALLY OWNED
BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

1,887,364 (1)

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,887,364 (1)

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,887,364 (1)

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

¨

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.7% (1)

14

TYPE OF REPORTING PERSON (See Instructions)

OO (Limited Liability Company), HC (Control Person)

 

(1)            See Item 5 hereto.

 

 

 

 

1

NAME OF REPORTING PERSONS

Castle Creek Capital Partners IV, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(See Instructions) 

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS (See Instructions)

WC/AF

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

¨ 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES
BENEFICIALLY OWNED
BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

0

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

0

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

¨

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0.0%

14

TYPE OF REPORTING PERSON (See Instructions)

PN (Limited Partnership)

 

 

 

 

1

NAME OF REPORTING PERSONS

Castle Creek Capital IV LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(See Instructions) 

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS (See Instructions)

WC/AF

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

¨ 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES
BENEFICIALLY OWNED
BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

0

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

0

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

¨

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0.0%

14

TYPE OF REPORTING PERSON (See Instructions)

OO (Limited Liability Company), HC (Control Person)

 

 

 

 

Item 1. Security and Issuer

 

This Amendment No. 4 to Schedule 13D (this “Amendment No. 4”) amends and supplements the Schedule 13D filed on June 27, 2017 (as amended, the “Schedule 13D”) with the U.S. Securities and Exchange Commission (the “SEC”), relating to the shares of common stock, par value $0.01 per share (“Common Stock”), of Southern National Bancorp of Virginia, Inc. (the “Issuer” or the “Company”). Unless specifically amended hereby, the disclosures set forth in the Schedule 13D remain unchanged. Capitalized terms used in this Amendment No. 4 that are not otherwise defined herein have the meanings attributed to them in the Schedule 13D.

 

Item 2. Identity and Background

 

Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows:

 

This statement on Schedule 13D is being jointly filed by the parties identified below. All of the filers of this Schedule 13D are collectively referred to as the “Reporting Persons.” The Joint Filing Agreement among the Reporting Persons is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

(a)-(c) The following are the Reporting Persons: (i) Castle Creek Capital Partners VII, LP, a Delaware limited partnership (“Fund VII”) and a private equity fund focused on investing in community banks throughout the United States of America; (ii) Castle Creek Capital VII LLC, a Delaware limited liability company (“CCC VII”), whose principal business is to serve as the sole general partner of, and manage, Fund VII; (iii) Castle Creek Capital Partners IV, LP, a Delaware limited partnership (“Fund IV”) and a private equity fund focused on investing in community banks throughout the United States of America; and (iv) Castle Creek Capital IV LLC, a Delaware limited liability company (“CCC IV”), whose principal business is to serve as the sole general partner of, and manage, Fund IV. The business address for each of the Reporting Persons is 6051 El Tordo, P.O. Box 1329, Rancho Santa Fe, CA 92067.

 

(d) During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors).

 

(e) During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

(f)            N/A.

 

Item 3. Source and Amount of Funds or Other Consideration

 

Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following:

 

On February 19, 2021, Fund VII acquired all of the 1,877,364 shares of Common Stock owned by Fund IV for a per share purchase price of $12.99, resulting in an aggregate purchase price of $24,516,858.36 (the “Shares”).

 

Item 4. Purpose of Transaction

 

Item 4 of the Schedule 13D is hereby amended and restated in its entirety as follows:

 

Fund VII acquired the Shares in the ordinary course of business because of its belief that the Shares represented an attractive investment in accordance with its investment strategy. Subject to the limitations imposed by applicable federal and state securities laws, Fund VII may dispose of the Shares from time to time, subject to market conditions and other investment considerations, and may cause the Shares to be distributed in kind to investors. To the extent permitted by applicable bank regulatory limitations, Fund VII may directly or indirectly acquire additional shares of Common Stock or associated rights or securities exercisable for or convertible into Common Stock, depending upon an ongoing evaluation of its investment in the Common Stock and securities exercisable for or convertible into Common Stock, applicable legal restrictions, prevailing market conditions, liquidity requirements of such Reporting Person and/or investment considerations.

 

To the extent permitted under applicable laws, the Reporting Persons may engage in discussions with management, the Company’s board of directors (the “Board”), other stockholders of the Company and other relevant parties concerning the business, operations, composition of the Board, management, strategy and future plans of the Company.

 

 

 

 

Other than as described in this Item 4, each of the Reporting Persons has no present plans or proposals that relate to or would result in any of the events set forth in Items 4(a) through (j) of Schedule 13D. However, each of the Reporting Persons reserves the right to change its plans at any time, as it deems appropriate, in light of its ongoing evaluation of (i) its business and liquidity objectives; (ii) the Company's financial condition, business, operations, competitive position, prospects and/or share price; (iii) industry, economic and/or securities markets conditions; (iv) alternative investment opportunities; and (v) other relevant factors.

 

Item 5. Interest in Securities of the Issuer

 

The information contained on the cover pages to this Schedule 13D and the information set forth or incorporated in Items 2, 3, 4 and 6 is incorporated herein by reference.

 

(a) and (b)

 

Reporting Person  

Amount

Beneficially
Owned

   

 

Percent of

Class (2)

   

Sole Power to

Vote or Direct

the Vote

   

Shared Power

to Vote or

Direct the Vote

   

Sole Power to
Dispose or to

Direct the
Disposition

   

Shared Power to

Dispose or

Direct the

Disposition

 
Castle Creek Capital Partners VII, LP     1,887,364       7.7 %     0       1,887,364       0       1,887,364  
Castle Creek Capital VII LLC (1)     1,887,364       7.7 %     0       1,887,364       0       1,887,364  
Castle Creek Capital Partners IV, LP     0       0.0 %     0       0       0       0  
Castle Creek Capital IV LLC     0       0.0 %     0       0       0       0  

 

(1)    CCC VII disclaims beneficial ownership of the Common Stock owned by Fund VII, except to the extent of its pecuniary interest therein.

 

(2)    This calculation is based on 24,368,612 shares of Common Stock outstanding as of November 2, 2020, as reported in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 9, 2020.

 

(c)

 

The information set forth in Item 3 and Item 5 is incorporated herein by reference. Except as set forth herein, none of the Reporting Persons had any transactions in the Common Stock (or securities convertible into the Common Stock) during the past 60 days.

 

(d)

 

Other than as described herein, no other persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported in the Schedule 13D.

 

(e)

 

Each of Fund IV and CCC IV ceased to be the beneficial owners of more than five percent of the outstanding shares of Common Stock on February 19, 2021.

 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

 

Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following:

 

Pursuant to a securities purchase agreement, dated as of February 19, 2021, between Fund IV and Fund VII, Fund VII assumed all of Fund IV’s surviving contractual rights and obligations right respect to the Shares (including those rights previously described in the Schedule 13D).

 

Item 7. Material to Be Filed as Exhibits

 

Exhibit   Description
Exhibit 99.1  

Joint Filing Agreement, dated as of February 23, 2021, by and among Castle Creek Capital Partners VII, LP, Castle Creek Capital VII LLC, Castle Creek Capital Partners IV, LP and Castle Creek Capital IV LLC. 

 

 

 

 

SIGNATURES

 

After reasonable inquiry and to the best of the knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: February 23, 2021

 

  CASTLE CREEK CAPITAL PARTNERS IV, LP
     
   By: /s/ John M. Eggemeyer
   Name: John M. Eggemeyer
   Title: Managing Principal

 

  CASTLE CREEK CAPITAL IV, LLC
     
   By: /s/ John M. Eggemeyer
   Name: John M. Eggemeyer
   Title: Managing Principal

 

  CASTLE CREEK CAPITAL PARTNERS VII, LP
     
   By: /s/ John M. Eggemeyer
   Name: John M. Eggemeyer
   Title: Managing Principal

 

  CASTLE CREEK CAPITAL VII LLC
     
   By: /s/ John M. Eggemeyer
   Name: John M. Eggemeyer
   Title: Managing Principal

 

SIGNATURE PAGE TO SCHEDULE 13D/A NO.4 (SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.)