The recent struggles in the banking industry have brought down the valuations of most bank stocks. That has created a lot of bargains in the sector, particularly among the larger players. But not all of these discounted banks are good buys. To be a bargain, there has to be some upside value.

Among the larger banks, there is one stock in particular that might not be the bargain it seems to be (at least not right now): Capital One Financial (NYSE: COF). While there could be some long-term value here, given the current environment, it might not be the best time to jump in. Here's why.

Capital One Financial is the ninth-largest bank in the country with $472 billion in assets as of March 31. It is most familiar as one of the largest issuers of credit cards in the U.S. About 44%, or $137 billion, of its $309 billion in total loans last quarter was for credit cards.

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Source Fool.com