13F-HR 1 scc13f123110.txt SCC DECEMBER 31, 2010 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F COVER PAGE Report for the Calendar Year of Quarter Ended: December 31, 2010 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: Second Curve Capital, LLC Address: 237 Park Ave 9th Floor New York, NY 10017 Form 13F File Number: 028-06413 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 submission. Person Signing this Report on Behalf of Reporting Manager: Name: Stephen Krug Title: Chief Operating Officer Phone: 646-563-7610 Signature, Place, and Date of Signing: Stephen Krug New York, NY February 14, 2011 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total:20 Form 13F Information Table Value Total: $ 255,140 (thousands) List of Other Included Managers: None FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED ALTISOURCE PORTFOLIO SOL COM 044540827 6,774 235941 SH SOLE 235941 BANCORP INC COM 05969A105 4,017 395000 SH SOLE 395000 BANNER CORPORATION COM 06652V109 22,123 9535707 SH SOLE 9535707 COBIZ FINANCIAL INC COM 190897108 20,479 3368266 SH SOLE 3368266 COMPUCREDIT CORP COM 20478T107 29,739 4260630 SH SOLE 4260630 ENTERPRISE FINANICAL SERVICES CORP COM 293712105 366 35000 SH SOLE 35000 FIRST MERCHANTS CORP COM 320817109 310 35000 SH SOLE 35000 HUDSON VALLEY HOLDING ORD COM 444172100 10,042 405554 SH SOLE 405554 MAINSOURCE FINANCIAL GROUP INC COM 56062Y102 729 70000 SH SOLE 70000 MERCANTILE BANK CORP COM 587376104 3,630 442707 SH SOLE 442707 NEWSTAR FINANCIAL INC COM 65251F105 15,359 1453060 SH SOLE 1453060 OCWEN FINANCIAL CORP COM 675746309 17,880 1874207 SH SOLE 1874207 PRIMUS GUARANTY LTD COM G72457107 32,748 6446485 SH SOLE 6446485 STERLING FINANCIAL CORP COM 859319105 9,258 488036 SH SOLE 488036 SUN BANCORP INC COM 86663B102 278 60000 SH SOLE 60000 SYNOVUS FINANCIAL CORP COM 87161C105 22,063 8357181 SH SOLE 8357181 TAYLOR CAPITAL GROUP INC COM 876851106 26,790 2037283 SH SOLE 2037283 TENNESSEE COMMERCE BANCORP COM 88043P108 6,205 1271456 SH SOLE 1271456 TREE COM INC COM 894675107 6,962 736675 SH SOLE 736675 WESTERN ALLIANCE BANCORP COM 957638109 19,388 2634283 SH SOLE 2634283