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Florida's Weak Banks Get Even Weaker

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 - Get Report) 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.
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