M&A

The acquisition will provide South State with more than $3 billion in assets and a larger operation in North Carolina.

The biggest bank M&A agreement of the year might not have happened if the buyer, Sterling Financial, had refused to prove to Astoria Financial that it had thoroughly vetted the deal with regulators.

The Tulsa, Okla., company also benefited from higher interest and fee revenue while keeping expenses under control.

The Georgia company invested in HCSB Financial's recapitalization a year before agreeing to buy the coastal South Carolina bank. Doing so allowed United to stay to close to HCSB and its board, which helped when the time came to discuss a deal.

Sierra will pay $36 million for the parent of the $257 million-asset Ojai Community Bank in a deal that should close by the end of this year.