Compass Acquires Hill Country Bank in Austin, Texas.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Aug. 3, 1998--Compass Bancshares, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBSS CBSS Council of Baltic Sea States CBSS Craft and Boat Support System CBSS Coastal Border Surveillance System (MSSC) CBSS Closed-Breach Scavenging System (compressed air system for removing smoke from tank gun tubes) ) today announced that it has acquired Hill Country Bank with four locations in Austin, Texas. Compass now operates 12 full-service banking offices in Austin with two additional locations under construction. Texas' capital city, Austin also is home to the University of Texas and is a high technology manufacturing center. The transaction adds $116 million in assets, $97 million in deposits and $10 million in equity to Compass' Texas franchise. Under terms of the definitive agreement signed in April of this year, Compass exchanged common stock for all of the outstanding shares of Hill Country Bank. Compass' Texas franchise continues to grow steadily with approximately $6.7 billion in assets and 119 banking offices in Houston, Dallas, San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Austin, Waco, Bryan/College Station, central Texas and east Texas. Earlier this year, Compass completed the acquisitions of First University Corporation in Houston and Fidelity Resources Company in Dallas. In Florida, Compass acquired G.S.B. Investments, Inc., expanding into the Gainesville market just 60 miles from its Jacksonville operations. On July 6th, Compass announced plans to enter the second fastest growing state in the country with the acquisition of Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Bank with $758 million in assets and 29 full-service offices in Tucson, Phoenix, Flagstaff Flagstaff, city (1990 pop. 45,857), seat of Coconino co., N Ariz., near the San Francisco Peaks; inc. 1894. Lumbering, ranching, and a lively tourist trade thrive in the region, where many ruined pueblos, numerous state parks, several lakes, and large pine forests and six other cities. Pending completion of that transaction in the fourth quarter, Compass will have assets of $15.5 billion and operate 279 banking offices in the four states. Compass Bancshares Compass Bancshares, Inc. is a privately held company based in Birmingham, Alabama. Its subsidiary, Compass Bank, is a Southwestern financial holding company with $47 billion in assets and 417 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico, and Texas. , Inc. is a $14.6 billion bank holding company which currently has 249 full-service banking offices in Alabama, Florida and Texas. Compass reported record earnings of $87.6 million for the first six months of 1998 and has a capital base of $1.1 billion. Shares of the company's common stock are traded through the NASDAQ national market system under the symbol CBSS.
CONTACT: Compass Bancshares Inc., Birmingham
Ellen Laden, 205/933-3554
http://www.compassweb.com
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