SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE EXCHANGE ACT OF 1934
CALIFORNIA COASTAL COMMUNITIES INC.
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(Name of Issuer)
Common Stock, $0.05 par value per share
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(Title of Class of Securities)
129915203
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(CUSIP Number)
OCTOBER 28, 2009
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* 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 ("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).
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CUSIP NUMBER 129915203
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1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
Hovde Capital Advisors LLC / 03-0430205
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP (a)[ ]
(b)[ ]
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3. SEC Use Only
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized: State of Delaware
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NUMBER OF 5. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 0
EACH ----------------------------------------------
REPORTING 6. SHARED VOTING POWER
PERSON WITH:
1,244,243 shares
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7. SOLE DISPOSITIVE POWER
0
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8. SHARED DISPOSITIVE POWER
1,244,243 shares
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,244,243 shares (FN1)
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES (see Instructions).[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (9)
11.32%
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12. TYPE OF REPORTING PERSON
IA
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CUSIP NUMBER 129915203
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1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
Financial Institution Partners Master Fund LP / 98-0605530
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP (a)[ ]
(b)[ ]
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3. SEC Use Only
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized: Cayman Islands
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NUMBER OF 5. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 0
EACH ----------------------------------------------
REPORTING 6. SHARED VOTING POWER
PERSON WITH:
1,040,902 shares
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7. SOLE DISPOSITIVE POWER
0
----------------------------------------------
8. SHARED DISPOSITIVE POWER
1,040,902 shares
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,040,902 shares (FN1)
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES (see Instructions).[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (9)
9.47%
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12. TYPE OF REPORTING PERSON
PN
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CUSIP NUMBER 129915203
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1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
Financial Institution Partners III, LP / 52-2199979
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP (a)[ ]
(b)[ ]
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3. SEC Use Only
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized: Delaware
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NUMBER OF 5. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 0
EACH ----------------------------------------------
REPORTING 6. SHARED VOTING POWER
PERSON WITH:
167,662 shares
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7. SOLE DISPOSITIVE POWER
0
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8. SHARED DISPOSITIVE POWER
167,662 shares
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
167,662 shares (FN1)
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES (see Instructions).[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (9)
1.52%
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12. TYPE OF REPORTING PERSON
PN
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CUSIP NUMBER 129915203
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1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
Financial Institution Partners IV, LP / 54-2075038
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP (a)[ ]
(b)[ ]
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3. SEC Use Only
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized: Delaware
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NUMBER OF 5. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 0
EACH ----------------------------------------------
REPORTING 6. SHARED VOTING POWER
PERSON WITH:
35,679 shares
----------------------------------------------
7. SOLE DISPOSITIVE POWER
0
----------------------------------------------
8. SHARED DISPOSITIVE POWER
35,679 shares
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
35,679 shares (FN1)
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES (see Instructions).[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (9)
0.32%
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12. TYPE OF REPORTING PERSON
PN
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CUSIP NUMBER 129915203
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1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
Eric D. Hovde
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP (a)[ ]
(b)[ ]
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3. SEC Use Only
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 0
EACH ----------------------------------------------
REPORTING 6. SHARED VOTING POWER
PERSON WITH:
1,244,243 shares
----------------------------------------------
7. SOLE DISPOSITIVE POWER
0
----------------------------------------------
8. SHARED DISPOSITIVE POWER
1,244,243 shares
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,244,243 shares (FN1)
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES (see Instructions).[ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (9)
11.32%
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12. TYPE OF REPORTING PERSON
IN
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FN 1. This Schedule 13G is being filed by the Reporting Persons (as defined
below) with respect to 1,244,243 shares (the "Reported Shares") of common stock
of California Coastal Communities, Inc., par value $0.05 (the "Shares"), which
constitutes approximately 11.32% of the issued and outstanding Shares. For
purposes hereof, the term "Reporting Persons" means Eric D. Hovde, a citizen of
the United States ("EDH"), Hovde Capital Advisors LLC, a Delaware limited
liability company (the "Investment Manager"), Financial Institution Partners
Master Fund, L.P., a Cayman Islands exempted limited partnership ("FIP Master
Fund"), Financial Institution Partners III, L.P., a Delaware limited partnership
("FIP III"), and Financial Institution Partners IV, L.P., a Delaware limited
partnership ("FIP IV"). Hovde Capital I, LLC, a Delaware limited liability
company ("HC1") is the general partner of FIP Master Fund. Hovde Capital, Ltd.,
a Nevada limited liability company ("HCLTD") is the general partner of FIP III.
Hovde Capital Limited IV, LLC, a Delaware limited liability company ("HCLTDIV")
is the general partner of FIP IV. EDH is a managing member of the Investment
Manager and each of the general partners of FIP Master Fund, FIP III, and FIP IV
(collectively, the "General Partners"). The General Partners have delegated
voting and dispositive power over the Shares to the Investment Manager. The
Investment Manager provides investment management services to FIP Master Fund,
FIP III and FIP IV.
Item 1(a). Name of Issuer:
California Coastal Communities, Inc. (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices:
6 Executive Circle, Suite 250,
Irvine, California 92614.
Item 2
(a). Name of Person Filing
Hovde Capital Advisors LLC
Financial Institution Partners Master Fund, L.P
Financial Institution Partners III, L.P.
Financial Institution Partners IV, L.P.
Eric D. Hovde
The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosures herein with respect to
persons other than the Reporting Persons are made on information and belief
after making inquiry to the appropriate party.
(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of Reporting
Persons listed above is:
1826 Jefferson Place, N.W.,
Washington, D.C. 20036.
(c). Citizenship:
Hovde Capital Advisors LLC, Delaware
Financial Institution Partners Master Fund, L.P., Cayman Islands
Financial Institution Partners III, L.P., Delaware
Financial Institution Partners IV, L.P., Delaware
Eric D. Hovde, United States
(d). Title of Class of Securities:
Common stock, par value $0.05 per share (the "Common Stock").
(e). CUSIP Number:
The CUSIP number of the Common Stock is 129915203.
Item 3: If this statement is filed pursuant to sections 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a)[ ] Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b)[ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)[ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d)[ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C.80a-8).
(e)[ ] An investment adviser in accordance with Section 240.13d-
1(b)(1)(ii)(E);
(f)[ ] An employee benefit plan or endowment fund in accordance with
section 240.13d-1(b)(1)(ii)(F);
(g)[ ] A parent holding company or control person in accordance with
section 240.13d-1(b)(1)(ii)(G);
(h)[ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i)[ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3);
(j)[ ] Group, in accordance with section 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership:
This Schedule 13G is being filed by Financial Institution Partners Master Fund,
L.P., a Cayman Islands exempted limited partnership (hereinafter referred to the
"FIP Master Fund"), Financial Institution Partners III, L.P., a Delaware limited
partnership (hereinafter referred to as "FIP III"), Financial Institution
Partners IV, L.P., a Delaware limited partnership (hereinafter referred to as
"FIP IV", and together with the FIP Master Fund and FIP III, the "Funds"), Hovde
Capital Advisors LLC, a Delaware limited liability company (hereinafter referred
to as "Investment Manager"), and Eric D. Hovde (hereinafter referred to as
"EDH"). HC1 is the general partner to the FIP Master Fund, and as such may be
deemed to be the beneficial owner of all shares held by the FIP Master Fund.
HCLTD is the general partner to FIP III, and as such may be deemed to be the
beneficial owner of all shares held by FIP III. HCLTDIV is the general partner
to FIP IV, and as such may be deemed to be the beneficial owner of all shares
held by FIP IV. The Investment Manager is the investment manager of each of the
FIP Master Fund, FIP III, and FIP IV, and as such may be deemed to be the
beneficial owner of all shares held by the Funds. EDH is a managing member of
the Investment Manager and the General Partners, and as such may be deemed to be
the beneficial owner of all shares held by the Funds.
As a result, the beneficial ownership of Common Stock by the
Reporting Persons, as of the date of this Schedule 13G, is as follows:
Hovde Capital Advisors LLC
(a) Amount beneficially owned: 1,244,243.
(b) Percent of class: 11.32%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0.
(ii) Shared power to vote or direct the vote: 1,244,243.
(iii) Sole power to dispose or to direct the disposition
of: 0.
(iv) Shared power to dispose or to direct the
disposition of: 1,244,243.
Financial Institution Partners Master Fund, L.P.
(a) Amount beneficially owned: 1,040,902.
(b) Percent of class: 9.47%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0.
(ii) Shared power to vote or direct the vote: 1,040,902.
(iii) Sole power to dispose or to direct the disposition
of: 0.
(iv) Shared power to dispose or to direct the
disposition of: 1,040,902.
Financial Institution Partners III, L.P.
(a) Amount beneficially owned: 167,662
(b) Percent of class: 1.52%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0.
(ii) Shared power to vote or direct the vote: 167,662.
(iii) Sole power to dispose or to direct the disposition
of: 0.
(iv) Shared power to dispose or to direct the
disposition of: 167,662.
Financial Institution Partners IV, L.P.
(a) Amount beneficially owned: 35,679.
(b) Percent of class: 0.32%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0.
(ii) Shared power to vote or direct the vote: 35,679.
(iii) Sole power to dispose or to direct the disposition
of: 0.
(iv) Shared power to dispose or to direct the
disposition of: 35,679.
Eric D. Hovde
(a) Amount beneficially owned: 1,244,243.
(b) Percent of class: 11.32%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0.
(ii) Shared power to vote or direct the vote: 1,244,243.
(iii) Sole power to dispose or to direct the disposition
of: 0.
(iv) Shared power to dispose or to direct the
disposition of: 1,244,243.
Each of the Reporting Persons disclaims beneficial ownership of the
Shares except to the extent of its pecuniary interest therein.
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date
hereof the Reporting Persons have ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company
Not Applicable
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
By signing below the undersigned certifies that, to the best of its or his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Exhibits
Exhibit A - Joint Filing Agreement dated November 6, 2009.
SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, the undersigned certify that the information set forth in this statement
is true, complete and correct.
11/06/2009
----------------------------
Date
HOVDE CAPITAL ADVISORS LLC
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
FINANCIAL INSTITUTION PARTNERS
MASTER FUND, L.P.
By: Hovde Capital I, LLC, its
general partner
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
FINANCIAL INSTITUTION PARTNERS
III, L.P.
By: Hovde Capital, Ltd, its
general partner
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
FINANCIAL INSTITUTION PARTNERS
IV, L.P.
By: Hovde Capital Limited IV, LLC,
its general partner
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
ERIC D. HOVDE
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Exhibit A
JOINT FILING AGREEMENT
PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement on Schedule
13G is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13G shall be filed on behalf of each of
the undersigned without the necessity of filing additional joint filing
agreements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning it contained therein, but shall not be responsible for
the completeness and accuracy of the information concerning the others, except
to the extent that it knows or has reason to believe that such information is
inaccurate. This Agreement may be executed in any number of counterparts and all
of such counterparts taken together shall constitute one and the same
instrument.
Date: November 6, 2009
HOVDE CAPITAL ADVISORS LLC
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
FINANCIAL INSTITUTION PARTNERS
MASTER FUND, L.P.
By: Hovde Capital I, LLC, its
general partner
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
FINANCIAL INSTITUTION PARTNERS
III, L.P.
By: Hovde Capital, Ltd, its
general partner
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
FINANCIAL INSTITUTION PARTNERS
IV, L.P.
By: Hovde Capital Limited IV, LLC,
its general partner
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde
Its: Managing Member
ERIC D. HOVDE
BY: /s/ Eric D. Hovde
----------------------------
Eric D. Hovde