Story updated to include information regarding BankAtlantic.
JUPITER, Fla. ( TheStreet) -- The pace of Florida bank failures slowed during the fourth quarter as "only" five institutions were shuttered by regulators, and it was another difficult quarter overall, as 62% of banks and savings and loan associations in the Sunshine State reported quarterly losses.
Florida had 29 bank failures during 2010, by far the most for any state. So far this year there have been two failures in the state.
According to data provided by SNL Financial, 20 of Florida's 246 banks and thrifts were undercapitalized per ordinary regulatory guidelines as of December 31 - increasing from 17 the previous quarter, despite the bank closures. Florida was second only to Georgia, which had 37 institutions included on TheStreet's fourth-quarter Bank Watch List.Since the Watch List is based solely on capital ratios, we take a different approach on our quarterly coverage of banks in key states, by looking at overall credit quality to identify troubled institutions.
Florida Banks with Weakest Asset QualityThe following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets: