These Banks Are Winning in the Deep Southhttp://www.fool.com/investing/general/2013/07/21/banking-the-us-by-region-atlanta-district.aspx Abbie Redmon
July 21, 2013
The southeastern part of the U.S., specifically Florida and Alabama, was especially hard-hit by the 2008 recession, and as a result, many banks saw loans sour as home prices fell and unemployment rose. Almost five years later, the region has begun to recover; let's look at what this means for the major banks in the area.
Eight times a year, the Federal Reserve releases data summarizing the most recent economic trends in the U.S. by district (there are 12). The Fed's take on employment, the housing market, and consumer spending in the region can give us insight into which banks are benefiting from economic activity there. Since I'm from the southeast, I took a look at the most recent data for the sixth district (link opens PDF), the Atlanta District, which includes my home state of Alabama.
Housing and mortgages
Bank of America, which has deposit market share of roughly 20% and 12% in Florida and Georgia, respectively, had good news about its mortgage underwriting business when it reported earnings on Wednesday. However, even with large market share in Florida, Georgia, and Alabama, Wells Fargo's numbers suffered a bit; it underwrote