The Ohio company said low unemployment is keeping business clients from expanding, while higher asking prices are forcing it to avoid bank acquisitions.
Florida created headaches for the Georgia company during the financial crisis. Increased discipline, and wholesale changes to banking, make the $3 billion purchase of FCB Financial less risky, CEO Kessel Stelling says.
In a 2015 enforcement action, the San Francisco Fed said it had identified problems with the Pasadena, Calif., bank’s BSA and anti-money-laundering compliance programs.
The $2.9 billion deal is the Georgia company's first traditional whole-bank acquisition since 2006. It is also the year's second-biggest bank acquisition.
