Compass Bancshares Announces Fourth Quarter 2006 Dividend.

BIRMINGHAM, Ala. -- The board of directors of Compass Bancshares, Inc. (NASDAQ: CBSS) announces a fourth quarter dividend of $0.39 per share of common stock. The dividend is payable on January 2, 2007, to shareholders of record as of the close of business on December 15, 2006.

The annual dividend of $1.56 per share represents the 25th consecutive year that Compass has increased its dividend to shareholders. Over the past 10 years, Compass earnings per share and annual dividend per share have grown at an annual compound rate of 11 percent. Compass assets over the same period have grown at a compound annual rate of nine percent.

Compass holds Mergent's "Dividend Achiever" designation for increasing dividends for at least 10 consecutive years. Compass is also a member of the Dow Jones Select Dividend Index, a dividend-based index of 100 companies selected for their high yield and track record of increased dividends. Earlier this year, Compass was named for the ninth consecutive year to the Keefe, Bruyette and Woods, Inc. "Honor Roll" for having increased earnings per share for 10 consecutive years. In addition, Compass was named for the seventh consecutive year to Forbes "Platinum 400" list as one of the best big companies in America. Compass ranked first in rewarding shareholders with the highest five-year total return among the 14 banks on the list.

Compass Bancshares, Inc. is a $34 billion Southwestern financial holding company which operates 412 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Compass is among the top 30 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 Global Select Market(SM) exchange under the symbol CBSS. Additional information about Compass, a member of the S&P 500 Index, can be found at www.compassbank.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act 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 for the most recently ended fiscal year as well as its other filings with the U.S. Securities and Exchange Commission.