Compass Bancshares Increases Dividend for 24th Consecutive Year; Dividend Increases 12 Percent Following 17th Consecutive Year of Record Earnings.

BIRMINGHAM, Ala. -- The board of directors of Compass Bancshares, Inc. (Nasdaq:CBSS) announces a quarterly cash dividend of $0.35 per share, a 12 percent increase over the prior quarter. The dividend is payable on April 1, 2005, to shareholders of record as of the close of business on March 15, 2005.

The indicated annual dividend of $1.40 per share represents the 24th consecutive year that Compass has increased its dividend to shareholders, and follows Compass' 17th consecutive year of record earnings and earnings per share. 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 10 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 sixth consecutive year to Forbes "Platinum 400" list as one of the best big companies in America. In addition, Compass is a seven-time member of the Keefe, Bruyette & Woods, Inc., "Honor Roll" for having increased earnings per share for 10 consecutive years.

Compass Bancshares, Inc. is a $28.2 billion Southwestern financial holding company which operates 382 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 stock market under the symbol CBSS. Additional information about Compass, a member of the S&P 500 Index, can be found at www.compassweb.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.