ATLANTA ( TheStreet) -- SunTrust (STI) and Synovus Financial (SNV) 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.
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 TheStreet.com 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), 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 TheStreet.com's interactive bank failure map:
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 Plus 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