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's Weak Banks Get Even Weaker

Stocks in this article: STI FITB NTRS

All of the highest-rated Florida institutions had total risk-based capital ratios greatly exceeding the 10% required for most institutions to be considered well-capitalized under regulatory guidelines.

The biggest bank among the highest-rated in the state was City National Bank of Florida of Miami, which had $4.2 billion in total assets and was rated B-plus, a downgrade from A-minus the previous quarter.

Largest Florida Institutions

The following includes capital, earnings and asset-quality indicators.

10 Largest Florida Banks and S&Ls (Millions of Dollars)
Source: Regulator filings via SNL Financial.

The largest bank chartered in Florida, based on June 30 total assets, was Northern Trust NA of Miami, a subsidiary of Northern Trust (NTRS) of Chicago. Unlike the parent company, loans comprise most of Northern Trust NA's balance sheet. The bank, which has remained profitable through the crisis, was assigned a financial-strength rating of B ("good").

The second-biggest Florida institution was the new BankUnited, which was rated C ("fair") despite the new thrift's short track record. The FDIC agreed to share in losses on the loans acquired from the old failed BankUnited, and this guarantee was reflected in the institution's total risk-based capital ratio, which was a rather high 40.30% as of June 30.

Riverside National Bank of Florida, of Fort Pierce, had the lowest total risk-based capital ratio among the 10 largest banks in the state. It was included in's list of undercapitalized banks and thrifts as of June 30.

After posting a net loss of $52.8 million for the second quarter, Riverside was left with a tier 1 leverage ratio of 3.81% and a total risk-based capital ratio of 6.04%, falling short of the 4% and 8% required for most banks to be considered adequately capitalized.

2 of 3

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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