Bank of America, Wachovia Bank, SunTrust and Regions — the biggest banks operating in Florida — have all made a new list of large banks considered "vulnerable to financial difficulties or even possible failure."
The new ratings released by Jupiter, Fla.-based Weiss Ratings indicate that almost half of the country’s banks are still in a precarious position some 20 months after the $700 billion federal bailout. It rates banks based on such measures as capital, asset quality and earnings.
Overall, Weiss Ratings gave 2,259 banks and savings institutions controlling $5.8 trillion (or 44 percent of all assets nationwide) a rating of D+ ("weak") or worse. Only 962 institutions — accounting to less than a combined 4 percent of all assets — were recommended to consumers with a rating of B+ ("good") or higher.
"Major U.S. banks continue to be plagued by toxic assets and an inability to raise capital," said Martin Weiss, chairman of Weiss Ratings and longtime harbinger of problem loans in banks.
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