Compass Bancshares Acquires Sevier Insurance Agency.BIRMINGHAM, Ala. -- Compass continues expansion and diversification of fee-based revenues with acquisition of Birmingham-based insurance agency 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 Sevier Insurance Agency, a Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. based full-line general insurance brokerage firm. Established in 1918, Sevier (dba Sevier, Fowlkes, & Jackson Insurance) has revenues of approximately $4 million and services commercial and retail customers in the southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Sevier specializes in providing property and casualty insurance, personal insurance, life insurance and surety products. "This acquisition is consistent with our business plan aimed at increasing fee-based revenues and business development opportunities," 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 our customers." The senior management team of Sevier, led by president Tommy Roberts, will continue in their present roles and will operate as part of Compass Insurance Agency, Inc. "We are delighted to join an outstanding organization that shares our philosophy of providing exceptional customer service and quality products," said Roberts. "By uniting with Compass, we have enhanced our opportunities for growth by providing Compass' customers access to resources, as well as offering our clients access to Compass' broad array of banking products." Compass Insurance Agency, Inc. is the 19th largest bank owned insurance broker based on annual insurance revenues. In 2000, Compass completed its initial insurance agency acquisition through the purchase of Texas Insurance Agency based in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . Since then, Compass has completed six insurance agency acquisitions including: Horizons Insurance Group, Inc. and Maxson-Mahoney-Turner, Inc. in Dallas; Apogee Holdings Inc. in Houston; Olson & Olson, Ltd. in Denver; Schaefer-Smith-Ankeney Insurance Agency, L.C. in Phoenix and Mueller & Associates, Inc. in Tucson. Compass Bancshares, Inc. is a $28 billion financial holding company which operates 376 full-service banking offices in Alabama, Arizona, Colorado, Florida, 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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