Compass Bancshares Acquires Maxson-Mahoney-Turner, Inc.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 17, 2003 Compass continues expansion of insurance agencies with second acquisition of insurance agency in Dallas/Fort Worth 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. (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 Maxson-Mahoney-Turner, Inc., a Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. based full-line general insurance brokerage firm. Established in 1915, Maxson-Mahoney-Turner has revenues of approximately $5 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. Maxson-Mahoney-Turner specializes in providing property and casualty insurance, personal insurance, employee benefit plans and surety products. "This acquisition is consistent with our business plan aimed at increasing fee-based revenues and cross-sell opportunities," said D. Paul Jones, Jr., Compass' chairman and chief executive officer. "The addition of Maxson-Mahoney-Turner, combined with Horizons Insurance Group which we acquired last year, will enable us to more effectively serve customers in the Dallas/Fort Worth metroplex, one of our key southwestern markets." The senior management team of Maxson-Mahoney-Turner, led by president David O. Turner, will continue in their present roles and will operate under the Maxson-Mahoney-Turner name. "We are delighted to join an outstanding organization that shares our philosophy of providing exceptional customer service and quality products," said Turner. "By uniting with Compass, we have enhanced 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 $23.9 billion Southwestern financial holding company which operates 352 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 In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Compass Bancshares, Inc. notes that any statements in this press release, and elsewhere, that are not historical facts are "forward-looking statements" that involve risks and uncertainties that may cause the Company's actual results of operations to differ materially from expected results. For a discussion of such risks and uncertainties, see the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the most recently ended fiscal year as well as its other filings with the U.S. Securities and Exchange Commission. |
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