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Georgia Banks Bounce Back

Largest Georgia Banks

Here are the 10 largest banks headquartered in Georgia, along with key metrics as of March 31:

The largest Georgia bank is SunTrust Bank of Atlanta -- the main subsidiary of SunTrust Banks (STI - Get Report) -- which had $172.3 billion in total assets as of March 31. SunTrust Bank also has the leading deposit market share in the state, with 19% of Georgia deposits as of June 30, 2011, according to the most recent FDIC data.

SunTrust Bank's first-quarter return on average assets (ROA) was 0.61%, improving from 0.39% in the fourth quarter, and 0.24% in the first quarter of 2011.

The holding company's stock closed at $22.72 Tuesday, returning 29% year-to-date, following a 40% decline during 2011. The shares trade for 0.9 times their reported March 31 tangible book value of $25.49, and for 8.5 times the consensus 2013 earnings estimate of $2.68 a share, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is $1.91.

UBS analyst Greg Ketron rates SunTrust's stock a "Buy," with a $27 price target, saying on May 14 that he believes "environmental costs will continue to decline going into 2013 given better visibility on mortgage repurchase costs and the positive benefit from stabilized markets on problem asset-related costs."

Interested in more on SunTrust? See TheStreet Ratings' report card for this stock.

The second-largest Georgia bank is Synovus Bank of Columbus, with $26.8 billion in total assets as of March 31. The bank's holding company, Synovus Financial (SNV - Get Report), owes $967.9 million in federal bailout funds received through the Troubled Assets Relief Program, or TARP, in December 2008.

Synovus Bank's first-quarter ROA was a respectable 0.78%, improving from 0.77% the previous quarter and a negative 0.79% a year earlier.

On the holding company level, Synovus Financial reported first-quarter net income available to common shareholders of $21.4 million, or 2.4 cents a share, compared to earnings to common shareholders of $12.8 million, or 1.4 cents a share in the fourth quarter, and a net loss to common shareholders of $93.7 million, or 11.9 cents a share, during the first quarter of 2011.

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