Back in September, I wrote that First National Bank of Virginia (FXNC) was possibly the best bank in the state. At the time, it was selling for $18.25 and I valued the stock between $20-24. I did emphasize it was not a home run but I thought it was on a slow and steady pace to incremental gains. Now, less than a year later, the bank is trading at $13.60 and carrying a 24% loss (according to Seeking Alpha). It is, next to Parke Bank (-28.55%), the worst investment in my portfolio. To somewhat ease the pain, I will note that the Benchmark, QABA, is at -26.33% since that period so we are still about even with that. Obviously the pandemic is behind most of this, but let's try to figure out if this bank might be a good investment at this price.
Philadelphia
