Two independent rating agencies are out with the latest ratings of Florida banks, and the results are less than inspiring. Both Weiss Ratings and Bauer Financial say the state’s banks are among the weakest in the country.
Weiss Ratings, an independent rating agency that reviews the safety and financial strength of banks and insurance companies, put 196 Florida-based banks on its Weakest Banks and Thrifts in the U.S. list, including 16 in the Jacksonville area (one of which has already announced its intentions to merge with another local bank). Likewise, Bauer Financial awarded "zero" ratings – it’s lowest – to 51 Florida banks, including six in Northeast Florida.
Weiss, which bases ratings on capitalization, asset quality, profitibility, liquidity and stability, gave five local banks an "E" – "Very Weak" – rating, which is just above the firms "F" – "Failed" – rating. The following local banks received that "Very Weak" rating for the period ending March 31, 2010.
-
First Bank of Jacksonville, Jacksonville (Rated E-)
-
Florida Capital Bank, Jacksonville (Rated E+)
-
Haven Trust Bank, Ponte Vedra (Rated E-)
-
Prosperity Bank, St. Augustine (Rated E+)
-
Putnam State Bank, Patlatka (Rated E-)
Only four Florida banks made the cut for Weiss’ Strongest Banks and Thrifts in the U.S. list. Only one of those banks operates in the Jacksonville market, First Federal Bank of Florida, which has branches in Amelia Island and Macclenny.
Click here to read the full article …
