Though most bank stocks have been battered by recent market gyrations, over-the-counter stocks have been largely unaffected, according to a new study by SNL Securities.

An index of about 200 bank stocks that trade over the counter posted a 15.46% price increase from Jan. 1 through Sept. 17, while an index of exchange-traded bank stocks fell 9.75%. And since bank stocks hit their peak July 20, SNL's Pink Bank Index has dropped only 3.83%, while exchange- traded banks have lost nearly one-quarter of their value.

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