Story updated to include information regarding BankAtlantic.JUPITER, Fla. ( TheStreet) -- The pace of Florida bank failures slowed during the fourth quarter as "only" five institutions were shuttered by regulators, and it was another difficult quarter overall, as 62% of banks and savings and loan associations in the Sunshine State reported quarterly losses. Florida had 29 bank failures during 2010, by far the most for any state. So far this year there have been two failures in the state. According to data provided by SNL Financial, 20 of Florida's 246 banks and thrifts were undercapitalized per ordinary regulatory guidelines as of December 31 - increasing from 17 the previous quarter, despite the bank closures. Florida was second only to Georgia, which had 37 institutions included on TheStreet's fourth-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.
Florida Banks with Weakest Asset QualityThe following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets:
Florida's Largest BanksHere are the 10 largest Florida banks, along with key metrics as of December 31:
Florida Bank FailuresThere have been two bank failures in Florida so far this year, while Georgia leads all states with six failures in 2011. During 2010, Florida lead all states with 29 bank and thrift failures, followed by Georgia with 21 and Illinois with 16 bank failures. Please click here for a summary of last week's bank failures. All previous bank and thrift failures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map: The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2010 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.
Philip van Doorn. >To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. >To submit a news tip, send an email to: email@example.com.