ATLANTA ( TheStreet) -- Georgia's banking industry continues its shakeout, as the state continues to lead with the highest number of bank failures and undercapitalized institutions. Meanwhile, most of the largest players in the state are turning a profit.
According to data provided by SNL Financial, 38 of Georgia's 255 banks and thrifts were undercapitalized per ordinary regulatory guidelines as of March 31, far ahead of second-place Florida, which had 20 institutions included on TheStreet's first-quarter Bank Watch List.
Regulators have shuttered 12 Georgia banks so far in 2011.
Since the TheStreet's first-quarter 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.
Georgia Banks with Weakest Asset QualityThe following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets. Please click the image to expand the table.
Georgia's Largest BanksHere are the 10 largest banks in the state, along with key metrics as of March 31:
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