HAVE AND HAVE NOTS: "We're seeing separation between good and bad banks," says Anton Schutz at Mendon Capital Advisors. "It's going to help M&A, as more banks have currency that is attractively priced."

Profit Replacing Book Value as Bank Investor Gauge

The industry is slowly turning to valuations based on earnings rather than tangible book value, raising concerns that banks might feel pressure to make short-term decisions and ill-fated acquisitions.

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