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10 More Bank Stocks for Bottom-Fishing Investors


NEW YORK ( TheStreet) -- The continued uncertainty in financial markets means that long-term investors are staring at a large number of bargain-priced bank stocks, and TheStreet is here to help.

Following an overwhelming response to our 10 Bank Stock Picks for Bottom-Fishing Investors and an outcry for more, TheStreet has identified another 10 actively traded bank stocks trading below book value, and this time we've been even more selective.

The first list featured some of the most familiar banking names trading below tangible book value, which excludes intangible balance sheet items such as goodwill. The most familiar name on that list was Citigroup (C), which has continued to slide, to $26.06 as of Monday's close, or just 0.5 times its tangible book value of $49.64 a share, according to SNL Financial.

It's also worth noting that JPMorgan Chase (JPM) remains a fantastic bargain, trading just above tangible book value at Monday's closing price of $33.41. This means the market places no premium above liquidation value, for a bank holding company that has remained profitable through the credit crisis while improving its competitive position.

In coming up with our new list of 10 bank stocks trading below tangible book value, we have been even more selective than last time. Beginning with 584 publicly traded U.S. bank and thrift holding companies -- excluding those traded on the Pink Sheets -- trading below tangible book as of Monday's market close according to SNL Financial, we pared down the list by removing the 10 included on the previous list, and then paring the new list down to the 10 cheapest names that also had three-month average daily trading volume above 100,000 shares, and "buy" ratings from at least three analysts.

Once again, the list runs the gamut, including some very familiar names, a few still owing federal bailout funds received through the Troubled Assets Relief Program, or TARP, two still losing money and one company posting solid earnings for the past four quarters.

Zions Bancorporation of Salt Lake City just missed the cut, simply because the shares were trading for 0.8 times tangible book value according to SNL Financial, when they closed at $15.04 Monday.

The following are the newly selected 10 more bank stocks for bottom-fishing investors, in ascending order by price-to-tangible-book:

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