Compass Bancshares Signs Letter of Intent to Acquire Schaefer-Smith-Ankeney Insurance Agency, L.C.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 29, 2002 Compass continues expansion of insurance product line with purchase of largest locally-owned agency in Arizona 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 the signing of a letter of intent to acquire Schaefer-Smith-Ankeney Insurance Agency, L.C., a Phoenix, Arizona based full-line general insurance brokerage firm. Schaefer-Smith-Ankeney, the largest locally-owned agency in Arizona with revenues in excess of $17 million, has grown revenues at an average annual compound rate of 20 percent over the last four years. Founded in the early 1960's, Schaefer-Smith-Ankeney has grown from less than 10 employees to approximately 120 employees today and ranks among the top 85 largest brokers of U.S. based client business. Schaefer-Smith-Ankeney specializes in providing commercial lines property and casualty insurance to clients based in Phoenix and the southwest. Schaefer-Smith-Ankeney also offers life, group, personal lines, bonds and benefits insurance locally. Other businesses include national industry specialty insurance for welding supplier coverage, chiropractor chiropractor a practitioner in chiropractic. chiropractor A health professional trained in chiropractic; chiropractors do not perform surgery or prescribe drugs; of 50,000 licensed chiropractors in the US, many practice 'straight' chiropractic, ie coverage and medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. coverage. Additionally, Schaefer-Smith-Ankeney, through its subsidiaries, places excess and surplus lines coverage for other brokers. "This acquisition is consistent with our business plan aimed at increasing fee-based revenues and cross-sell opportunities," said D. Paul Jones, Jr., Compass' chairman and chief executive officer. "The addition of Schaefer-Smith-Ankeney will significantly expand our product offerings and revenue stream in the insurance area and will enable us to more effectively serve customers in the Arizona market." The senior management team of Schaefer-Smith-Ankeney, led by president Craig Ankeney and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Travis Hair, will continue in their present roles and will operate under the Schaefer-Smith-Ankeney name. "Combining the Schaefer-Smith-Ankeney platform of success and culture with Compass' desire to expand its insurance agency business is a sound business decision," said Ankeney. "By uniting with Compass, we strengthen 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 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 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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