Compass Acquisition Expands Texas Franchise Into Austin.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Sept. 19, 1996--With its sights set on doing business in another prospering Texas market, 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. today announced that it has signed a letter of intent to acquire Horizon Bancorp, Inc. and its subsidiary, Horizon Bank & Trust, SSB SSB Statistisk Sentralbyrå (Statistics Norway) SSB Super Smash Bros (video game) SSB Space Studies Board SSB Single Side Band SSB Single Stranded DNA-Binding Protein SSB Salomon Smith Barney with eight locations in Austin. Austin, the state capital, is a booming high technology manufacturing center and also home to the University of Texas. Compass grew close to Austin in May of this year when it purchased Peoples Bancshares, Inc. in Belton, Temple and Salado just north along the I-35 corridor The I-35 Corridor is a megalopolis in the southern plains region of the United States. It runs from San Antonio, Texas to Kansas City, Missouri along Interstate 35. The corridor includes the cities of Austin, Dallas-Fort Worth, Oklahoma City, Tulsa, and Wichita. . Horizon will bring $144 million in assets and $130 million in deposits to Compass' Texas franchise. Upon completion of the purchase and two pending Texas acquisitions, Compass will operate 100 bank offices and have more than $4.8 billion in assets statewide. Terms of the transaction call for Compass to exchange shares of its common stock for all of the outstanding common stock of Horizon Bancorp, Inc. The transaction is subject to the execution of a definitive agreement as well as shareholder and regulatory approval. "Expanding into Austin has been a long term strategic goal for Compass," said D. Paul Jones Paul Jones can refer to:
"With this acquisition, Compass will have a strong presence in Texas' four largest cities as well as in the east region of the state. We're where we want to be, and will continue to build upon this base by attracting new customers with our innovative products and personalized services," Jones said. Compass was the first out-of-state bank to enter Texas with the 1987 acquisition of a Houston-area bank. Since that time, Compass has expanded into 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. , central and east Texas. Based in Birmingham, Ala., Compass Bancshares, Inc. is a $10.8 billion bank holding company with 203 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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