Tim Eriksen

Farmers & Merchant Bank: A Solid Investment in Family Tradition

I'd recommend that you look into why Marcus Walker felt it necessary to sue the Board and run two rival directors. Some of the 4 fold increase in recent years was due to a depressed share price cause by mismanagement by the board, which only changed due to outside pressure.
In addition your quick comparison to BBNV is probably not a good one. Book value is only one factor to consider in valuation. I wouldn't use the same book value multiple unless both banks had similar ROE and growth rates, whih they do not. ROA or earnings are probably more important. Off the top of my head, Burke & Herbert might be a better comparison.