The North Carolina regional closed dozens of branches and cut jobs across the company, directing a chunk of the savings to digital banking initiatives.
Bank of America CEO Brian Moynihan and his fellow executives said they see nothing to suggest a slowdown is imminent. Their outlook was far more upbeat than that of JPMorgan chief Jamie Dimon.
Spirit Community Bank is the 15th bank to get the agency's approval this year. That list also includes Community Bank of the Carolinas, which was approved in early December.