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TheStreet Open House

Florida's Weakest Banks Vanish

Stock quotes in this article: BAC, WFC, STI, NTRS, BKU, RJF, PRK

The second-largest Florida institution is EverBank of Jacksonville, which had $12.5 billion in total assets as of June 30. The institution's holding company EverBank Financial filed for a $200 million initial public offering in October, but the IPO hasn't taken place yet. Everbank and the holding company on April 13 entered into two consent orders with the Office of Thrift Supervision, agreeing to improve its foreclosure practices. The thrift services a total of $58 billion in residential mortgage loans, according to the OTS.

The third-largest bank in the state is BankUnited, which is held by BankUnited, Inc. (BKU). The "new" BankUnited which was formed by an investor group led by John Kanas to acquire the old BankUnited FSB from the FDIC after the thrift failed in May 2009.

The investor group took the thrift public in January. The holding company on Thursday announced an agreement to acquire Herald National Bank (HNB) of New York for roughly $71 million in cash and stock.

BankUnited continued to post strong earnings, with second-quarter net income of $49.7 million, for an ROA of 1.85%, as a loss-sharing agreement with the FDIC made up for any drag on earnings from problem assets inherited from the old BankUnited. The thrift remained very strongly capitalized and primed for further acquisitions, with a total risk-based capital ratio of 41.50% as of June 30.

The fourth-largest Florida institution is Raymond James Bank, FSB which is a subsidiary of Raymond James Financial (RJF). The thrift posted strong earnings of $26.7 million for the second quarter, for an ROA of 1.38%.

Capital Bank, NA of Miami jumped up to become the sixth-largest institution headquartered in Florida, with $4.5 billion in total assets as of June 30. The bank was chartered on July 16, 2010, as NAFH National Bank, held by North American Financial Holdings, which was organized by a group of investors led by R. Eugene (Gene) Taylor, a former vice chairman of Bank of America (BAC). The new bank immediately acquired two failed banks in Florida and one in South Carolina, from the FDIC.

After acquiring Capital Bank of Raleigh, N.C. on June 30, NAFH changed its name to Capital Bank, NA.

Florida Community Bank, NA of Miami was the tenth-largest institution in the state as of June 30, with $3.1 billion in total assets. The bank began operations in January 2010, after its parent, Bond Street Partners, had been granted a "shelf charter" by the OCC, to allow the investor group to purchase failed banks. The bank was originally named Premier American Bank, NA, when it purchased the failed Premier American Bank from the FDIC on January 22, 2010.

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