keep your head and calm is times like this. Hold your bank assets tight. This period will be looked back 3-4 years from now as the greatest bank buying opportunity in the last 20 years.
Just 2 small reminder from the history of ING.
1)March2003. ING was on sale first for $16, later at $12, fell even below $10. ING Market cap was cca. $18-$20B, and they made $4B earnings. This is PE=5, clearly great buying opportunity. No matter. Nobody wanted ING shares, as if Holland was under water. And all banks looked like terrible investment.
After 3 years, in 2006, ING Market Cap was cca. $100B, their earnings was $7.7B. They almost doubled their earnings, while the price more than quadrupled. Everybody wanted ING. Those who hold their shares tight and sold here, got $40-$45 for them. Nice return for 3 years of holding.
2)1996. ING shares are on market for $13-$14. Nobody was interested. The volume was 1/1000 of what is today. ING's market cap was $9-$10B. They made $1.6B earnings. The PE=5-6, great buying opportunity.