ATLANTA (TheStreet) -- Georgia, the state with the highest number of bank failures during the credit crisis, has about as many institutions with critically poor loan quality as it does those in strong shape.
With the Atlanta area as the eye of the storm for residential-building loans that have gone bust, Georgia has had 24 bank and thrift failures this year and last, the most for any state, followed by Illinois, with 15, California, with 14, and Florida, with eight.
Georgia's 313 banks and savings and loan associations include 17 with critically poor loan quality and 18 in strong shape, according to a review by TheStreet.com Ratings using the most recent complete figures as of June 30.
The most recent Georgia failure was Georgian Bank of Atlanta, which was shut down by state regulators Sept. 26, with deposits sold by the Federal Deposit Insurance Corp. to First Citizens Bancorp (FCBN) of Columbia, S.C.The largest failed Georgia bank in this credit cycle was Silverton Bank NA of Atlanta, which had $4.1 billion in total assets when it was closed by the Office of the Comptroller of the Currency in May. The FDIC was unable to line up a buyer for the failed bank's deposits. Large holding companies taking advantage of bank failures to expand market share in the state have included Regions Financial (RF), which assumed all the deposits of Integrity Bank of Alpharetta when it failed in August 2008, and BB&T (BBT), which took over the deposits of Haven Trust Co. of Duluth, when it was shuttered in December. (See TheStreet.com's enhanced interactive Bank Failure Map for a summary of failed banks and thrifts.)
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV