Investopedia: Popular An Interesting Risk-Reward Trade

With signs of life in lending and ongoing improvements in credit, a lot of the big discounts in well-known banks have shrunk significantly. There's still a leading banking franchise that trades at a major discount - Puerto Rico's Popular (Nasdaq:BPOP). While this bank still needs to pay off its TARP funds and recent results are hardly extraordinary, the discount to value here looks large enough to be worth a longer look.

Strong at Home  
Popular has long been the largest retail bank in Puerto Rico and the credit problems of recent years have only increased that lead. Popular has as many branches open in PR as the next four competitors combined, and holds more than 40% of deposits in Puerto Rico.

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