When I last reviewed Access National Corp. (NASDAQ:ANCX), its shares were still down after the announcement of management's decision to close a mortgage branch in Denver that accounted for roughly 20% of the bank's net income. This was more than a significant amount of the business and the market was right to be fearful but prior to the drop I would argue that shares were already trading below fair value making the pull-back a perfect buying opportunity. Since then, shares are up ~20% and I still think they are a solid regional bank buy.
As you can see below, shares of Access National have recovered but significantly pail in comparison to both the KBW Bank Index and the...
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