Compass Bancshares Acquires St. Johns Investment Management Company.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--Dec. 2, 2002 Compass continues expansion of fee-based businesses with acquisition of Jacksonville investment advisory firm 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 St. Johns Investment Management Company, a Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. based investment advisory firm with approximately $250 million in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Founded in 1984, St. Johns is one of the top ranking independent wealth management firms according to Bloomberg Wealth Manager. St. Johns specializes in providing comprehensive wealth management services and stewardship of financial resources for high net worth individuals, families, not-for-profit organizations, trusts, 401k plans, retirement and pension plans, corporations, endowments and foundations. "This acquisition is consistent with our business plan aimed at increasing fee-based revenues," said D. Paul Jones, Jr., Compass' chairman and chief executive officer. "The addition of St. Johns further expands our product offerings and revenue stream in the asset management area and will enable us to more effectively serve customers in our Florida markets." The senior management team of St. Johns, led by chief executive officer and chief investment officer David Albaneze, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. , will continue in their present roles and will operate as a subsidiary of Compass Bank under the St. Johns name. "We are delighted to join this outstanding organization," said Albaneze. "In addition to their outstanding distribution network and focus on providing exceptional customer service, we were impressed by their insight and the thoroughness of Compass' asset management business plan. Combining with Compass is a sound business decision that strengthens 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 $23.7 billion Sunbelt-based financial holding company which operates 344 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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