This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Florida's Weakest Banks Vanish

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 - Get Report). 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 - Get Report). 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 - Get Report). 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.
3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $13.96 -0.64%
BKU $32.94 -0.84%
NTRS $68.70 -0.42%
PRK $89.53 0.24%
RJF $50.42 -1.20%


Chart of I:DJI
DOW 17,652.50 -8.21 -0.05%
S&P 500 2,046.39 -4.24 -0.21%
NASDAQ 4,700.2180 -16.8760 -0.36%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs