NEW YORK ( TheStreet) -- Nearly 85% of Illinois banks and thrifts were profitable during the first quarter, but with 575 banks in the state there's plenty of pressure for the 87 institutions still losing money to consolidate with stronger rivals.
Illinois trails only Georgia and Florida for the largest number of bank failures since the current closure wave began during 2008, but there have only been three bank failures in the Land of Lincoln during 2011, with none so far during the second quarter.
According to data provided by Thomson Reuters Bank Insight, there were 16 undercapitalized Illinois banks and thrifts as of March 31. These are included on TheStreet's first-quarter Bank Watch List.
Since the 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.
Illinois Banks with Weakest Asset QualityThe following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets as of March 31:
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