Nearly three quarters of Florida's banks and thrifts were profitable during the first quarter, which was quite an improvement, while the weakest players continued to be snapped up by stronger institutions.
The investor group took the thrift public in January 2011. The holding company on Feb. 29 completed its $71 million acquisition of Herald National Bank of New York, which will continue to operate as an independent unit, until being merged into BankUnited at the end of August BankAtlantic Bancorp ( BBX) has a deal in place to sell BankAtlantic of Fort Lauderdale to BB&T ( BBT) for what BB&T said was "an estimated premium of $301 million above the net asset value of BankAtlantic at closing," representing "a 9% deposit premium based on September 30, 2011 balances," or an estimated $301 million.
Strongest Florida Banks and Thrifts
Based on fourth-quarter financial reports, only two Florida institutions were assigned "recommended" ratings of B-plus or above by Weiss Ratings:
Thorough Bank Failure Coverage
There have been only three bank failures in Florida this year, following 13 closures in 2011, 29 in 2010, and 14 in 2009. Since the current wave of bank and thrift closures began in 2008, Florida has had 61 institutions shuttered by regulators, trailing only Georgia, which has seen 78 institutions fail, and leading Illinois, with 50 failures, and California, which has had 39 bank and thrift failures since the beginning of 2008. There were two bank failures on Friday. All previous U.S. bank and thrift closures 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 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure. -- Written by Philip van Doorn in Jupiter, Fla. To contact the writer, click here: Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.