NEW YORK ( TheStreet) -- The "Land of Lincoln" has more banks than any other state, except for Texas, and TheStreet's analysis of fourth quarter data highlights a large group of smaller institutions that are in excellent shape. However, most of the largest banks in the state still haven't returned to solid profitability.
Illinois has had two bank failures so far this year, including Valley Community Bank of St. Charles last Friday and Community First Bank-Chicago , which was shuttered by state regulators in February and sold by the Federal Deposit Insurance Corp. to Northbrook Bank & Trust Co., which is a subsidiary of Wintrust Financial (WTFC - Get Report).
According to data provided by SNL Financial, nine of the 605 banks and thrifts headquartered in Illinois - excluding the two that have failed this quarter - were undercapitalized per ordinary regulatory guidelines as of December 31 and were 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.
Illinois Banks with Weakest Asset QualityThe following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets:
Largest Illinois BanksHere are the 10 largest Illinois banks, along with key metrics as of December 31:
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