Tuesday, October 20, 2009 1:16:55 PM
Added more to my STI puts... This article helped encourage me, Georgis is in deep doo-doo imo...
Georgia's Strongest and Weakest Banks
By Philip van Doorn 10/20/09 - 05:00 AM EDT
ATLANTA (TheStreet) -- Georgia, the state with the highest number of bank failures during the credit crisis, has about as many institutions with critically poor loan quality as it does those in strong shape.
With the Atlanta area as the eye of the storm for residential-building loans that have gone bust, Georgia has had 24 bank and thrift failures this year and last, the most for any state, followed by Illinois, with 15, California, with 14, and Florida, with eight. Georgia's 313 banks and savings and loan associations include 17 with critically poor loan quality and 18 in strong shape, according to a review by TheStreet.com Ratings using the most recent complete figures as of June 30.
Banking in the state is dominated by SunTrust Bank, the main subsidiary of SunTrust Banks(STI Quote), which had $170 billion in assets as of June 30. The bank's D-minus (weak) rating was driven by three consecutive quarterly losses, along with declining asset quality and an annualized charge-off ratio in excess of its ratio of loan-loss reserves to total loans.
http://www.thestreet.com/story/10612921/1/georgias-strongest-and-weakest-banks.html
Georgia's Strongest and Weakest Banks
By Philip van Doorn 10/20/09 - 05:00 AM EDT
ATLANTA (TheStreet) -- Georgia, the state with the highest number of bank failures during the credit crisis, has about as many institutions with critically poor loan quality as it does those in strong shape.
With the Atlanta area as the eye of the storm for residential-building loans that have gone bust, Georgia has had 24 bank and thrift failures this year and last, the most for any state, followed by Illinois, with 15, California, with 14, and Florida, with eight. Georgia's 313 banks and savings and loan associations include 17 with critically poor loan quality and 18 in strong shape, according to a review by TheStreet.com Ratings using the most recent complete figures as of June 30.
Banking in the state is dominated by SunTrust Bank, the main subsidiary of SunTrust Banks(STI Quote), which had $170 billion in assets as of June 30. The bank's D-minus (weak) rating was driven by three consecutive quarterly losses, along with declining asset quality and an annualized charge-off ratio in excess of its ratio of loan-loss reserves to total loans.
http://www.thestreet.com/story/10612921/1/georgias-strongest-and-weakest-banks.html
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