CHICAGO ( TheStreet) -- Illinois has had 12 banks fail so far this year, the most of any state except Georgia, with 16.

Still, an analysis of Illinois banks and thrifts by TheStreet.com Ratings identified 76 institutions that were in good shape as of March 31. The state has had so many failures, as well as successes, because there are so many banks and thrifts -- 645 -- as regulators allowed branch banking later than most other states. So the Land of Lincoln is lagging behind in the consolidation of its small banks. (See TheStreet.com's interactive Bank Failure Map for a summary of all failed banks and thrifts for 2008 and 2009.)

Strongest Illinois Banks and Thrifts

Based on March 31 financial reports, 76 Illinois institutions were rated B-plus (good) or higher, down from 80 the previous quarter.

Illinois Banks and S&Ls Rated B+ or Higher
Source: SNL Financial

The ratings encompass a large number of data, with the greatest weight on capital strength, credit quality and earnings stability. To be considered well-capitalized, most banks, and saving and loans need to maintain a total risk-based capital ratio of at least 10%.

Largest Illinois Institutions

The following table includes capital, earnings and asset-quality ratios for the 10 largest Illinois banks and thrifts.

10 Largest Illinois Banks and S&Ls
Source: SNL Financial

The highest-rated and largest bank among the 10 largest institutions in the state is Northern Trust Co. of Chicago, the main subsidiary of Northern Trust Corp. ( NTRS), which was assigned a B-minus (good) financial-strength rating.

The second-biggest is Harris NA, a subsidiary of Bank of Montreal ( BMO), which was rated C-minus (fair).

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