This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Florida Banks' Loans Veer From Bad to Worse

Stocks in this article: TIBB FITB STI

TALLAHASSEE, Fla. ( TheStreet) -- Florida, ground zero for the real-estate crash, had the highest number of banks, and savings and loans with poor-asset quality after Georgia.

While Florida was at the forefront of states that went through the boom-and-bust cycle for residential and commercial property, there have been relatively few bank failures so far. Five Florida institutions have been closed by regulators this year and last, compared with 21 for Georgia and 13 each for California and Illinois. Florida has 301 banks.

The most recent Florida failure was BankUnited of Coral Gables on May 21, with the Federal Deposit Insurance Corp. arranging for the failed thrift's retail deposits and branches to be taken over by an investor group led by former bank executive John Kanas.

Other Florida failures included Riverside Bank of the Gulf Coast of Cape Coral, which was shuttered in February, with deposits and branches acquired by TIB Financial Corp. (TIBB); Ocala National Bank, which had its deposits and branches taken over by CenterState Banks of Florida (CSFL); Freedom Bank of Bradenton, with deposits and branches purchased by FifthThird Bancorp (FITB); and First Priority Bank of Bradenton. First Priority's insured deposits and branches were bought by SunTrust (STI), causing losses of $2.1 million in uninsured deposits.

Please see's interactive Bank Failure Map for a summary of all failed banks and thrifts dating to January 2008.

Strongest Florida Banks and Thrifts

Based on March 31 financial reports, 13 Florida institutions were rated B-plus (good) or higher, which down from 15 the previous quarter.

The ratings encompass a large number of data, placing the greatest weight on capital strength, credit quality and earnings stability. To be considered well-capitalized, most banks and S&Ls need to maintain a total risk-based capital ratio of at least 10%.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,075.00 +44.79 0.25%
S&P 500 2,089.83 +7.95 0.38%
NASDAQ 4,802.1270 +28.6550 0.60%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs