ATLANTA ( TheStreet) -- The pace of bank failures in Georgia is bound to pick up at some point, considering that the Peach Street has by far the highest number of institutions in dire need of additional capital.
According to data provided by SNL Financial, 41 of Georgia's 271 banks and thrifts were undercapitalized per ordinary regulatory guidelines as of Sept. 30, far ahead of second-place Florida, which had 17 institutions included on TheStreet's second-quarter Bank Watchlist.
Meanwhile, the pace of bank failures in Georgia has slowed to 18 this year from 25 in 2009. So far during 2010, Florida leads all states with 28 bank failures.
Since the Watchlist is based solely on capital ratios, we have taken a different approach below, by looking overall credit quality to identify troubled institutions.
Georgia Banks with Weakest Asset QualityThe following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets as of asset quality. Please click the image to expand the table.
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