This Day On The Street
Continue to site
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

Florida Banks' Loans Veer From Bad to Worse

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 - Get Report); Freedom Bank of Bradenton, with deposits and branches purchased by FifthThird Bancorp (FITB - Get Report); and First Priority Bank of Bradenton. First Priority's insured deposits and branches were bought by SunTrust (STI - Get Report), 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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BBX $15.42 0.00%
CSFL $16.29 0.00%
FITB $18.31 0.00%
NTRS $71.08 0.00%
RJF $52.17 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs