Ten years ago, Frank W. Anderson of Stephens Inc., Little Rock, had plenty of southwestern bank stocks to track. But a decade of upheaval in the region has forced the Dallas-based financial services analyst to expand his universe of stocks beyond the commercial banking industry and into such companies as the Federal National Mortgage Association and Resource Mortgage Capital.

While Stephens' new bank advisory group will again make banks his focus in the near future, his depth of coverage has given Mr. Anderson a perspective on the relative valuations of banks and other finance companies.

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