This Day On The Street
Continue to site
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

Georgia's Strongest and Weakest Banks

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 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 - Get Report), which assumed all the deposits of Integrity Bank of Alpharetta when it failed in August 2008, and BB&T (BBT - Get Report), which took over the deposits of Haven Trust Co. of Duluth, when it was shuttered in December. (See's enhanced interactive Bank Failure Map for a summary of failed banks and thrifts.)
1 of 4

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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FCBN $922.25 0.46%
UCBI $20.22 0.00%
BBT $35.41 0.00%
RF $9.45 0.00%
SNV $31.31 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs