This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Florida Going Bust -- Half of Its Banks Are Unprofitable

Stocks in this article: BAC WFC STI BKU PRK HOMB CSFL

Wells Fargo Bank, NA -- held by Wells Fargo (WFC) -- is in second place for Florida Deposits, with a 16% share as of June 30, 2011, declining slightly from a year earlier. Wells Fargo's extensive Florida operations were acquired when the company doubled in size through the purchase of the troubled Wachovia of Charlotte, North Carolina, when that company was pressured by regulators to sell amidst the worst of the credit crisis in 2008.

Since the Wachovia acquisition, Wells Fargo's deposit market share in Florida has fallen from Wachovia's #1 ranking in June of 2008, with a 19% share.

SunTrust Bank -- the main subsidiary of SunTrust Banks (STI) -- ranks third in Florida, with a 10% market share as of June 30. Although it's headquartered in Atlanta, SunTrust has been a major presence in Florida for generations, and counts the state as "our largest banking state in terms of loans and deposits." As of Dec. 30, 20% of SunTrust's commercial loans were in Florida, while 27% of its residential real estate loans were secured by properties in the Sunshine State.

Here are the 10 largest banks headquartered in Florida along with key metrics as of Dec. 30:

The largest Florida bank is Everbank of Jacksonville, which had $13 billion in total assets as of Dec. 30, and operates mainly over the Internet. In October 2010, Everbank Financial Corp. -- Everbank's privately owned holding company -- announced that it would go public through an offering of common shares.

The public offering still hasn't taken place, however, in an updated public filing on Feb. 3, Everbank Financial Corp. said it would go ahead with a public offering "as soon as practicable," and listed Bank of America Merrill Lynch, Goldman Sachs, and Credit Suisse as joint book-running managers.

While Everbank's nonperforming assets ratio was a high 16.29% as of Dec. 30, the holding company said in the Feb. 3 public filing that it had achieved "positive earnings in every full year since 1995, consistently achieved double-digit returns on equity in every year since 2000."

The Everbank subsidiary earned $55.5 million during 2011.

3 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs