U.S. Banks Undervalued over 20% based on DCF

Redwood Capital Bancorp

Market Cap: US$59.0m

Operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California.

Northeast Indiana Bancorp

Market Cap: US$56.0m

Operates as the bank holding company for First Federal Savings Bank, which provides various banking and financial advisory services in the United States.

FFW

Market Cap: US$55.6m

Operates as the bank holding company for Crossroads Bank that provides various banking products and services.

Sturgis Bancorp

Market Cap: US$55.5m

Operates as the bank holding company for Sturgis Bank & Trust Company that provides banking products and services in Michigan, the United States.

Farmers and Merchants Bancshares

Market Cap: US$55.0m

Operates as the bank holding company for Farmers and Merchants Bank that provides commercial and retail banking services to individuals and businesses in Maryland.

Oconee Financial

Market Cap: US$54.5m

Operates as the bank holding company for Oconee State Bank that provides a range of commercial and consumer banking products and services to consumers, businesses, and communities.

Citizens Holding

Market Cap: US$53.1m

Operates as the bank holding company for The Citizens Bank of Philadelphia that provides various banking products and services.

Pacific Valley Bancorp

Market Cap: US$50.6m

Operates as the bank holding company for Pacific Valley Bank that provides various banking products and services in the United States.

Golden Valley Bancshares

Market Cap: US$49.9m

Operates as a bank holding company for Golden Valley Bank that provides various commercial banking products and services to small to middle-market businesses, professionals, and not-for-profit organizations.

Woodlands Financial Services

Market Cap: US$45.8m

Operates as the financial services holding company for Woodlands Bank and Woodlands Stock Corporation that provides commercial and consumer banking, and trust services in Lycoming and Clinton counties in Pennsylvania.

Community Capital Bancshares

Market Cap: US$42.7m

Operates as the holding company for AB&T that provides various banking products and services to individual and corporate customers.

Community Bancorp of Santa Maria

Market Cap: US$42.7m

Operates as the bank holding company for Community Bank of Santa Maria that provides various banking products and services for businesses and individuals.

Touchmark Bancshares

Market Cap: US$41.6m

Operates as the bank holding company for Touchmark National Bank that provides various banking products and services to individuals and businesses in Georgia.

Hocking Valley Bancshares

Market Cap: US$36.1m

Operates as the bank holding company for The Hocking Valley Bank that provides personal and commercial banking products and services for individuals, families, and small businesses in Ohio.

Farmers Bank of Appomattox

Market Cap: US$33.1m

Together with its subsidiary Farmers Bank Financial Services, Inc., provides various personal and business banking products and services.

Huron Valley Bancorp

Market Cap: US$31.7m

Operates as the bank holding company for Huron Valley State Bank that provides various banking products and services to individuals and businesses in Michigan.

AMB Financial

Market Cap: US$30.6m

Operates as the bank holding company for American Community Bank of Indiana that provides financial services to customers in Indiana.

Elmer Bancorp

Market Cap: US$28.6m

Operates as the bank holding company for The First National Bank of Elmer that provides business and personal banking products and services in New Jersey.

United Tennessee Bankshares

Market Cap: US$19.8m

Operates as the holding company for Newport Federal Bank that provides various financial services to individuals and corporate customers.

CNB Financial Services

Market Cap: US$19.5m

Operates as the bank holding company for CNB Bank, Inc.

Crazy Woman Creek Bancorp

Market Cap: US$18.0m

Operates as the holding company for Buffalo Federal Bank that provides a range of banking products and services to individuals, families, and businesses in North-Central Wyoming.