Global Banks Potentially Undervalued Small Caps

Flekkefjord Sparebank

Market Cap: NOK 175.5m

A savings bank, provides banking services for retail and corporate markets in Flekkefjord, Egersund, Farsund, Hægebostad, Kristiansand, Kvinesdal, Lindesnes, Lund, Lyngdal, and Sirdal and Sokndal.

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.

Elmer Bancorp

Market Cap: US$31.3m

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.

BayFirst Financial

Market Cap: US$25.1m

Operates as the bank holding company for BayFirst National Bank that provides community banking services for small and medium sized businesses and individuals.

Oconomowoc Bancshares

Market Cap: US$10.7m

Operates as the bank holding company for Bank Five Nine that provides banking products and services.

CNB

Market Cap: US$32.7m

Operates as the bank holding company for Citizens National Bank that provides various banking services to individuals, agricultural businesses, commercial businesses, and light industries in the United States.

Crazy Woman Creek Bancorp

Market Cap: US$17.5m

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.

Southern Banc Company

Market Cap: US$12.6m

Operates as the holding company for The Southern Bank company that provides various banking products and services in Alabama.

JSB Financial

Market Cap: US$31.9m

Operates as the bank holding company for Jefferson Security Bank that provides various banking products and services in West Virginia.

Hvidbjerg Bank

Market Cap: DKK 308.3m

Provides various banking products and services to private and business customers in Denmark.

Keweenaw Financial

Market Cap: US$55.1m

Through its subsidiary, Superior National Bank, provides various financial and trust services to individual and corporate customers.

Kraft Bank

Market Cap: NOK 594.3m

Provides refinancing of loans with mortgages on housing and loans without collateral to individuals in Norway.

Sparebank 68° Nord

Market Cap: NOK 599.1m

A savings bank, provides various banking services to the personal and corporate market in Norway.

Farmers Bank of Appomattox

Market Cap: US$32.9m

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

Woodlands Financial Services

Market Cap: US$45.9m

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.

Oak View Bankshares

Market Cap: US$55.0m

Operates as the bank holding company for Oak View National Bank that provides banking services for individual and corporate customers in the counties of Marshall, Warrenton, Culpeper, and Rappahannock, and Virginia.

Denali Bancorporation

Market Cap: US$52.1m

Operates as a bank holding company for Denali State Bank that provides various banking products and services in the United States.

Community Bancorp of Santa Maria

Market Cap: US$42.6m

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

Pinnacle Bancshares

Market Cap: US$36.0m

Through its subsidiary Pinnacle Bank provides various banking products and services.

CNB Financial Services

Market Cap: US$31.2m

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

Farmers and Merchants Bancshares

Market Cap: US$62.0m

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

Paragon Financial Solutions

Market Cap: US$64.4m

Through its subsidiary, Paragon Bank, provides various banking products and services to individuals, and small and mid-sized businesses in the United States.

Home Loan Financial

Market Cap: US$60.6m

A unitary thrift holding company, provides various banking products and services in the United States.

Community Bancshares (McArthur OH)

Market Cap: US$52.3m

Community Bancshares, Inc. provides various financial services in Ohio.

MBT Bancshares

Market Cap: US$56.6m

Operates as a bank holding company for the Metairie Bank and Trust Company that provides various banking products and services in the United States.

Great American Bancorp

Market Cap: US$25.7m

Operates as a thrift holding company for First Federal Savings Bank of Champaign-Urbana that provides various banking and financial services to individual and corporate customers primarily in Champaign County, Illinois.

Andover Bancorp

Market Cap: US$40.4m

Operates as the bank holding company for Andover Bank that provides commercial and retail banking products and services.

Lifestore Financial Group

Market Cap: US$60.0m

LifeStore Financial Group, Inc. operates as a federally chartered thrift holding company for LifeStore Bank that provides banking, investment, and insurance services in North Carolina.

AMB Financial

Market Cap: US$30.9m

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

Northeast Indiana Bancorp

Market Cap: US$55.9m

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

Sturgis Bancorp

Market Cap: US$62.6m

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

FCN Banc

Market Cap: US$62.6m

Operates as the bank holding company for FCN Bank, NA that provides personal and commercial banking services in southeast Indiana and southwest Ohio.

Minami-Nippon BankLtd

Market Cap: JP¥10.6b

Provides various banking products and services to individual and corporate customers in Japan.

Commercial National Financial

Market Cap: US$61.0m

Operates as the holding company for Commercial Bank that provides various banking products and services to individuals, agricultural and commercial businesses, and light industries in Michigan.

Grand Bank

Market Cap: US$51.2m

Operates as a bank holding company for National Grand Bank of Marblehead that provides various banking products and services.

Hocking Valley Bancshares

Market Cap: US$37.7m

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.