Compass Bancshares Acquires Horizons Insurance Group, Inc.; Acquisition Expands Insurance Product Lines in Another of Compass' Key Markets.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 9, 2002 Sunbelt-based Compass Bancshares, Inc. (Nasdaq: 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 Horizons Insurance Group, Inc., a Dallas, Texas based full-line general insurance brokerage firm. Horizons, one of the oldest insurance agencies in North Texas, has revenues of more than $4 million and services commercial and retail customers in the Dallas/Fort Worth metroplex The Dallas–Fort Worth–Arlington metropolitan area, a title designated by the U.S. Census as of 2003, encompasses 12 counties within the U.S. state of Texas. The metropolitan area is further divided into two metropolitan divisions: Dallas–Plano–Irving and the southwestern United States. Horizons specializes in providing property and casualty insurance, personal insurance, employee benefit plans and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against for businesses and individuals. "This acquisition is a logical extension of our business plan to increase fee-based revenues," said D. Paul Jones, Jr., Compass' chairman and chief executive officer. "In addition to expanding our product offerings and revenue stream in the insurance area, it also allows us to more effectively serve customers in the Dallas/Fort Worth market." The senior management team of Horizons, led by president Keith Montgomery and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Michael Boyd, will continue in their present roles and will operate under the Horizons name. "We are delighted to join an outstanding organization," said Montgomery. "By uniting with Compass, we strengthen our opportunities for growth as we offer a wide range of services to Compass' customers, as well as offer our clients access to Compass' banking products." Compass Bancshares, Inc. is a $22.3 billion Sunbelt-based financial holding company which operates 340 full-service banking offices in Alabama, Arizona, Colorado, Florida, Nebraska, New Mexico and Texas. Compass is among the top 40 U.S. bank holding companies by asset size and ranks among the top earners of its size based on return on equity. Shares of Compass' common stock are traded through the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol CBSS. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Statements in this press release regarding Compass Bancshares, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the Company's Annual Report or Form 10-K for the most recently ended fiscal year. |
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