The states that have had the most bank failures during 2008 and 2009 continue to dominate the undercapitalized list. Georgia, Florida and Illinois each have 15 undercapitalized banks or thrifts on the list, followed by California with 11.
Georgia continues to lead all states with 23 bank or thrift failures during 2008 and 2009, followed by Illinois with 14 failures, California with 13, Florida with eight and Nevada with five failures.
Large bank holding companies that have acquired failed institutions during 2008 and 2009 include JPMorgan Chase (JPM), which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S.; SunTrust Banks (STI); Regions Financial (RF); Fifth Third Bancorp (FITB); U.S. Bancorp (USB); Zions Bancorp (ZION); PNC Financial (PNC); and BB&T (BBT).
Free Financial Strength Ratings
TheStreet.com Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. They are available at no charge on the Banks & Thrifts Screener.-- Reported by Philip van Doorn in Jupiter Fla. The writer owns shares in Riverside Banking Co., the holding company for Riverside National Bank of Florida, a former employer.
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