We'll group these three stocks -- JPMorgan ( JPM), Goldman Sachs ( GS) and Bank of America ( BAC) -- together because they are all fairly inexpensive for some of the same reasons. Investors have been shunning bank stocks on fears that the European crisis will destabilize the global financial system. And many still remember how the financial contagion spread across the globe in 2008. >>10 Bank Stock Value Picks Still, it's fair to wonder if such fears are warranted. After all, banks have managed to shore up their balance sheets and reduce exposure to Europe, so the odds of another major meltdown for these banks are exceedingly remote. Moreover, signs are emerging that European policy makers, led by Germany, are finally willing to loosen up a bit to avoid forcing countries like Greece and Spain into some sort of major defualt. Meanwhile, U.S. operations for these banks appear quite stable, and they are managing to deliver quarterly results that are well ahead of analysts' projections. All three of these banks topped second-quarter forecasts by at least 35%. In addition, JPMorgan trades for right around book value while Goldman Sachs and Bank of America trade at deep discounts to book value. Historically speaking, these banks are typically valued at around 1.5 times book value. So whether it's a re-valuation of their very low P/E ratios, or their very low price/book ratios , these bank stocks look set to deliver solid gains if you have a multi-year time frame.