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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Florida's Weak Banks Get Even Weaker

TALLAHASSEE, Fla. ( TheStreet) -- Of 293 Florida banks and thrifts rated by Ratings based on complete second-quarter regulatory filings, only seven were assigned "recommended" ratings.

Florida, usually at the forefront of real-estate peaks and valleys, has had eight bank or thrift failures this year and last, far behind Georgia, which has had 24, and Illinois, with 17, and California, with 14. But Florida has far fewer banks than Georgia or Illinois, and had the second-highest number of institutions with nonperforming assets comprising more than 10% of total assets as of June 30. The seven recommended Florida banks were rated B-plus ("good") or higher.

The most recent Florida bank failures were Community National Bank of Sarasota County and First State Bank of Sarasota on Aug. 7, with deposits and branches acquired by Stearns Bank NA of St. Cloud, Minn.

The largest Florida bank or thrift failure during the current cycle has been BankUnited of Coral Gables, which failed on May 21, with a group of investors led by John Kanas purchasing the bank from the Federal Deposit Insurance Corp. with a generous loss-sharing guarantee from the agency.

Large holding companies expanding their footprints in Florida by acquiring deposits of failed banks have included SunTrust (STI - Get Report) and FifthThird (FITB - Get Report).

Strongest Florida Banks and Thrifts

The number of Florida institutions rated B-plus or above is down from 11 in the first quarter.

Florida Banks and S&Ls Rated B+ or Higher (Millions of Dollars)
Source: Regulator filings via SNL Financial. Ratings takes a conservative approach with bank ratings, placing the greatest weight on capital strength, credit quality and earnings stability.

1 of 3

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
FITB $19.14 -1.80%
NTRS $69.34 -1.20%
STI $40.68 -1.80%
AAPL $128.16 -0.93%
FB $81.49 2.40%


DOW 18,118.12 +21.22 0.12%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

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