No we wouldn't. As someone who works in a bank, we only look for suspicious merchants that may be out of pattern and therefore maybe suspicious, we have no way of knowing what you bought. So a $10 purchase at Wal Mart for a frozen pizza looks the exact same to your bank as $10 worth of veggies and soy milk. However, if you have never shopped at a Whole Foods before in a state you're not a resident of, we might flag that as suspicious, or maybe you normally shop at Wal-Mart, but then we see three transactions in a row from them, that looks suspicious.

[edit]: Changed some wording due to /u/xllPuppetllx's post. The merchants aren't suspicious per say, but certain types of activity that he pointed out could be suspicious compared to normal activity on the account. Thanks man.