Great article Rob. 
An advantage of owning a Bank stock vs a Bank ETF is our top banks are 30% marginable meaning loan to value is 70% vs an ETF of 50% if marginable. Yes we know the risk of margin and is for another article. But lets say in 2008 you bought 1000 shares of $BMO at $24-$28 trading range on no margin  and was paying a yield 9-10% and held it today . Your dividend today would buy your initial $24-$28 purchase every 7.5 years and your $100,000K $BMO value today would give you access to $333,333K of margin.  Conclusion : I would rather own 3 Banks + 1 Insurance stock  eg. equal weight : Banks:  $BMO $BNS $RY , Insurance : $GWO