This paper investigates the determinants of the stock performance of small and medium banks across Asia-Pacific countries during the global financial crisis of 2007–2008. We find that small and medium banks with more Tier 1 capital, more deposits, more liquid assets, and less funding fragility performed better during the crisis. We also find differences in banking regulations across countries are generally uncorrelated with the performance of small and medium banks during the crisis. Furthermore, there is no systematic evidence that better bank governance is associated with better performance of small and medium banks during the crisis.