The largest bank on the list that is held by a publicly traded holding company is Park Avenue Bank of Valdosta, which is the main subsidiary of PAB Bankshares ( PABK). In August, the holding company gave up on attempt to raise about $80 million in new capital through a public offering of common shares. The bank had $1 billion in assets as of September 30 and a nonperforming assets ratio of 20.84%, with a very weak total risk-based capital ratio of 5.92%.
Georgia's Largest Banks
Here are the 10 largest banks in the state, along with key metrics as of Sept. 30:
The largest bank in the state is, of course, SunTrust Bank of Atlanta, which is the main subsidiary of SunTrust Banks ( STI). The bank swung to a profit during the third quarter, earning $114.4 million, with nonperforming assets and loan charge-offs declining for the second-straight quarter. The holding company still owes the government $4.85 billion in bailout funds received in November 2008 through the Troubled Assets Relief Program, or TARP, and will need to provide the Federal Reserve a capital plan, including another round of stress tests, by January 7. Please see TheStreet's10 Banks with Real Earnings Improvement for a detailed discussion of SunTrust's third-quarter results. The second-largest Georgia bank is Synovus Bank of Columbus, which is held by Synovus Financial ( SNV). The bank's problem loans continued to increase during the third quarter and its nonperforming assets ratio was 4.92%. The holding company owes $967.9 million in TARP money and was also included among the 10 Banks with Real Earnings Improvement for the third quarter, as its repossessed real estate expenses declined significantly from a year earlier. United Community Bank of Blairsville had $7 billion in assets as of September 30 and posted a third-quarter net loss of $235.5 million, however, most of the loss was from a non-cash goodwill impairment charge of $210.6 million. The bank's nonperforming assets ratio was 5.01% as of September 30, and operating losses continued, since the quarterly provision for loan loss reserves totaled $50.5 million. The bank is held by United Community Banks ( UCBI), which owes $180 million in TARP money. The best-performing subsidiary of a publicly-traded holding company among the largest 10 Georgia banks during the third quarter of 2010 was BB&T Financial FSB, which is a relatively small subsidiary of BB&T Corp. ( UCBI), with $2.5 billion in total assets as of September 30, but earned $31.2 million during the third quarter, for an annualized return on average assets of 5.11%, with a nonperforming assets ratio of only 0.70%. The thrift subsidiary focuses on credit card lending and also has a subsidiary specializing in issuing retail gift certificates and a wholesale mortgage unit.