Meeks: This beaten-down regional bank is about to come back to life

Paul Meeks

Investor Paul Meeks is selling Amazon in favor of a regional bank he believes could put him at the top of the CNBC "Squawk Box" Platinum Portfolio competition.

So far this year, Meek's picks for his model portfolio are up 9 percent compared with a return of 7 percent for the .

"AMZN is up 47 percent since I bought it. It's going higher but I think that it's savvy to redeploy some money in a cheaper stock," Meeks wrote in an email to CNBC PRO.

Here's what he's buying and why: