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More Banks Fall Short of Capital Mandates

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 - Get Report), which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S.; SunTrust Banks (STI - Get Report); Regions Financial (RF - Get Report); Fifth Third Bancorp (FITB - Get Report); U.S. Bancorp (USB - Get Report); 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.

Philip W. van Doorn joined TheStreet.com Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a Bachelor of Science in business administration from Long Island University.
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SYM TRADE IT LAST %CHG
FITB $18.85 -1.10%
JPM $60.58 -0.62%
RF $9.45 1.18%
STI $41.09 -0.10%
USB $43.67 -0.27%

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