Compass Acquires Texas American Bank in San Antonio.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Sept. 30, 1996--Compass Bancshares, Inc. announced today that it has completed its acquisition of Texas American Bank and its three locations in 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. . The purchase brings $61 million in assets and $55 million in deposits to Compass' Texas franchise. Together with the recently completed acquisition of three locations of Coastal Banc ssb and two new offices under construction, Compass will have a total of 18 locations and more than $290 million in assets in the San Antonio area. "Expanding our presence in Texas' major markets is a key component for Compass' statewide strategy," said D. Paul Jones Paul Jones can refer to:
Compass has considered expansion within Texas a priority since the bank first entered the state in 1987. Compass, with its recent announcement of plans to enter Austin, will have locations in the state's top five markets. When the acquisitions of ProBank in Houston and Horizon Bancorp., Inc., in Austin are completed, Compass' Texas assets will exceed $4.8 billion in 98 offices in the state. 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 $10.8 billion bank holding company with 206 offices in Alabama, Florida and Texas. Compass reported record earnings of $67.4 million for the first six months of 1996 and has a capital base of $701 million. Shares of the company's common stock are traded through the 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 national market system under the symbol 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) . CONTACT: Compass Bancshares, Inc. Garrett R. Hegel, 205/933-4272 or Edelman Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Dan D'Armond, 713/623-2666 |
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