Largest Georgia Institutions
The following includes capital, earnings and asset-quality indicators for the 10 largest banks and thrifts with headquarters in Georgia.
Source: SNL Financial
Banking in the state is dominated by
, the main subsidiary of
(STI - Get Report)
, which had $170 billion in assets as of June 30. The bank's D-minus (weak) rating was driven by three consecutive quarterly losses, along with declining asset quality and an annualized charge-off ratio in excess of its ratio of loan-loss reserves to total loans.
(SNV - Get Report)
of Columbus is another big player in the state, with 15 of 31 subsidiary banks located in Georgia, including three among the 10 biggest:
Columbus Bank & Trust
Bank of North Georgia
of Alpharetta and
Synovus is set to report third-quarter earnings Oct. 22 and was recently profiled as part of
Is It Safe?
The second-largest bank in the state was
United Community Bank
of Blairsville, the main unit of
United Community Banks
(UCBI - Get Report)
. United Community's D rating reflected four consecutive quarterly net losses, a high net charge-off ratio and a continued increase in nonperforming loans. Still, regulators were confident enough in United Community to approve its acquisition of the failed Southern Community Bank of Fayetteville in June.
Wachovia Card Services
, now a subsidiary of
(WFC - Get Report)
, is also among the 10 biggest institutions headquartered in the state. With the high rate of loan charge-offs expected during this economic climate, along with a strong capital base and continued profits, the institution was assigned a C (fair) financial-strength rating.
Free Bank and S&L Ratings
An important factor in limiting the number of bank failures during the current crisis was the temporary increase of the FDIC's basic limit on individual deposit insurance coverage to $250,000 from $100,000. The increase has been extended through 2013.