Compass Bancshares Acquires Olson & Olson, Ltd.; Compass Continues Expansion of Insurance Product Line With Acquisition in Another of Compass' Key Markets.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 30, 2002 Sunbelt-based 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 Olson & Olson, Ltd., a Denver, Colorado based full-line general insurance brokerage firm. Olson & Olson, one of the fastest growing full-service agencies in the Rocky Mountain region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. , has revenues of approximately $4 million and services commercial and retail customers in the Denver metropolitan area. Olson & Olson 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 Paul Jones can refer to:
The senior management team of Olson & Olson, led by president Darrell Olson, Sr., will continue in their present roles and will operate under the Olson & Olson name. "We are delighted to join an outstanding organization that shares our philosophy of dedication to customer service," said Olson. "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 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act 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 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. |
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