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Institutional Investment Manager
Minerva Advisors LLC
Minerva Advisors LLC (CIK: 0001541536), located at 50 Monument Road, Bala Cynwyd, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q4)
Portfolio Summary: 70 holdings with a total value of $176,135,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 OCONEE FED FINL CORP 22,902 492,000 0.28%
52 DONEGAL GROUP INC 28,162 491,000 0.28%
53 LAKE SHORE BANCORP INC 29,669 480,000 0.27%
54 Norwood Financial Corp 14,737 469,000 0.27%
55 AMERISERV FINL INC 128,000 467,000 0.27%
56 FIRST MERCHANTS CORP COM 11,960 450,000 0.26%
57 EMCLAIRE FINL CORP 15,359 414,000 0.24%
58 DONEGAL GROUP INC 21,506 349,000 0.20%
59 PB BANCORP INC 30,833 306,000 0.17%
60 KOSS CORP 123,272 278,000 0.16%
61 SIFCO INDS INC 35,318 271,000 0.15%
62 MER TELEMANAGEMENT SOLUTIONS 222,625 200,000 0.11%
63 COMPX INTERNATIONAL INC 11,900 192,000 0.11%
64 FSB BANCORP INC 10,934 153,000 0.09%
65 AEHR TEST SYSTEMS 50,613 122,000 0.07%
66 IMMUCELL CORP 14,559 85,000 0.05%
67 Sierra Oncology, Inc. 46,909 70,000 0.04%
68 MAM SOFTWARE GROUP INC 10,330 67,000 0.04%
69 COMMAND SEC CORP 19,995 55,000 0.03%
70 COMMUNITY BANK SYS INC 27 2,000 0.00%
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Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001251109-17-000014, filed 2017.02.09).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.