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

Bank-Stock Winners in Unlikely State: Georgia

ATLANTA ( TheStreet) -- SunTrust (STI - Get Report) and Synovus Financial (SNV - Get Report) stand out as winners among Georgia's 301 banks and savings and loans even as the state is known for producing the highest number of failures since the beginning of 2008.

Big banks with subsidiaries in Georgia also include Wells Fargo (WFC - Get Report) and BB&T (BBT - Get Report).

Shares of SunTrust, which dominates Georgia banking, have risen 41% this year, compared with the S&P 500 Financials Index's 15% increase. The broader S&P 500 Index has climbed 7%. Synovus, which is consolidating its 30 bank charters by mid-year, has soared 68%.

Wells Fargo's Georgia subsidiary is Wachovia Card Services, which is very strongly capitalized and has fared better through the crisis than many other credit card banks. Its net charge-off ratio (actual loan losses) was 8.56% for 2009, compared with an aggregated 9.5% for the U.S. industry, according to the FDIC. Wells Fargo's shares have climbed 20% this year.

Here's a list of the 10 largest Georgia-based banks, along with key 2009 metrics and financial-strength ratings.

Georgia banks continue shakeout

The fourth-quarter banks and thrifts analysis by Ratings, the most recently available data, highlights 24 undercapitalized institutions, most with critically poor loan quality. Half of them received "recommended" ratings of B-plus or better.

Banking consolidation in Georgia has stretched into 2010, with seven failures so far this year and a total of 37 since the beginning of 2008, the most for any state. Illinois follows with 25, California with 24 and Florida with 22.

Large banks that have taken advantage of failures to gain market share in the state include Regions Financial (RF - Get Report), which assumed all the deposits of Integrity Bank of Alpharetta when it failed in August 2008, and BB&T, which took over the deposits of Haven Trust Co. of Duluth when it was shuttered in December.

Previous bank-and-thrift failures are detailed in's interactive bank failure map:


The bank-failure map is color-coded, with states having the greatest number of failures highlighted in red, and states with no failures in gray. Hover your mouse over a state enables you to see the combined 2008-2009 totals for each state. Click on the state to open a detailed map pinpointing the locations with additional information for each bank failure.
1 of 3

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
BCS $10.06 0.00%
BBT $32.06 0.00%
IVZ $27.08 0.00%
RF $7.80 0.00%
SNV $28.53 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs