Florida’s Weakest Banks Vanish
By Philip van Doorn
JUPITER, Fla. (TheStreet) — The pace of Florida bank failures has picked up during the third quarter, as weaker players are shaken out, and eight of the ten largest banks and thrifts in the state were profitable during the second quarter.
While several of the large Florida banks have been posting strong earnings, the picture remains bleak for many community banks. Economic activity has yet to perk up, although there’s always hope, since many of the economic factors leading to a great migration from northern states during the real estate boom — including the absence of a state income tax, lower property taxes, lower property prices, and a lower cost of living in general — are still present.