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Florida banks: Thanks goodness for New York

By JEFF HARRINGTON, Times Staff Writer
© St. Petersburg Times
published March 31, 2003

Florida may be a profitable market for out-of-state banks but it's not that easy for the state's homegrown banks to make a buck.

Florida-based banks posted a measly 0.84 percent return on assets last year, second worst to New York among the 50 states.

The average return on assets for banks nationwide was 1.31 percent.

As industry trade publication American Banker pointed out recently, states such as Nevada, Delaware and South Dakota posted stellar returns because of their large credit card banks. Nevada, the No. 1 state, tipped the scales with a 5.11 percent return on assets.

Florida doesn't have the luxury of a large base of credit card banks. Nor, for that matter, a large base of banks, period.

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