News

Bank Mergers, Acquisitions Likely to Stay Sluggish into 2013

Ivan Garces Quoted
Daily Business Review

12.26.2012

The pace of bank mergers and acquisitions may remain slow next year, extending a gradual decline in the number of banks based in South Florida.

Bank consolidation this year "was not as active as everyone had thought it might be, a little quiet," said Ivan Garces, a principal in the Miami office of accounting firm Kaufman, Rossin & Co. and a specialist in forensic accounting and regulatory compliance.

But "some of the smaller banks and even the mid-sized banks are going to have to start combining because of the regulatory pressures on them," Garces said, citing pending increases in compliance costs and capital requirements under the Dodd-Frank Act.