Compass Bancshares directors speak out.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 30, 1995--D. Paul Jones Paul Jones can refer to:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 released statements from several of its directors opposed to actions taken by Harry B. Brock brock n. Chiefly British A badger. [Middle English brok, from Old English broc, of Celtic origin.] Jr., one of the company's board members. Jones said, ``The majority of our directors have expressed their concerns over the actions Mr. Brock has taken to try to take control of the board. They believe that Mr. Brock's personal agenda is not in the best interests of the bank, its shareholders, its employees or its customers. Each have large personal and financial stakes in this institution and they intend to see that it continues providing great value for all these people and not just one individual. ``Our directors are among the leading business people in Alabama,'' Jones continued. ``They have a great deal of experience and knowledge and the majority believe that Mr. Brock's actions are just plain wrong and they want their views known.'' ``I realize that Harry has a large stake in this company, but so do all of the directors. My family worked right along with Harry in founding this bank and I and my family are still among the largest shareholders. I stand firmly with our board and believe that Harry's efforts to take control of the board are definitely not in the best interests of shareholders or anyone associated with the bank,'' said Charles W. (Bill) Daniel. Daniel's father, Hugh Daniel Hugh Daniel is a computer engineer. He is noted for having managed the FreeS/WAN project for several years. His other contributions to the field include work on Sun's NeWS technology, as well as the original Apple Laserwriter. , founded the Central Bank of the South, now Compass Bank, 30 years ago. Daniel is president of Dantract Inc. of Birmingham. He has served on the board since 1982. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alabama Farmers Federation and ALFA Companies, Goodwin L. Myrick said, ``Harry Brock selected me to serve on this board of directors. Over the years we have worked together to build this institution. I believe that management and the board are responsibly leading this bank on the best course for its customers, employees and shareholders. His attempts to reassert reassert Verb 1. to state or declare again 2. reassert oneself to become significant or noticeable again: reality had reasserted itself Verb 1. his control over the board and disrupt progress are simply incomprehensible.'' Myrick has served on the board since 1984. The companies which Myrick represents are among the largest shareholders of Compass and are notable for their early financial support and funding of the company. Well-known businessman Marshall Durbin Jr. added, ``This is an issue which never should have been taken beyond the reasonable discussions of the board of directors. Harry has to see that what he is doing is wrong. We all respect Harry's opinions, even though we disagree with Verb 1. disagree with - not be very easily digestible; "Spicy food disagrees with some people" hurt - give trouble or pain to; "This exercise will hurt your back" his conclusions and actions. I believe that he should have the same respect for us and for the decisions reached by the board.'' Durbin, a founding member of the board and a director since 1970, is chairman and president of Marshall Durbin & Co. in Birmingham. Durbin concluded by saying: ``This is not an issue of Brock against the current CEO, Paul Jones. This is a case of willful Intentional; not accidental; voluntary; designed. There is no precise definition of the term willful because its meaning largely depends on the context in which it appears. disregard by one director of the will of the majority of the board. In my opinion, it is a pure grab for power.'' Compass Bancshares Inc. is a $9.1 billion bank holding company with 178 offices in Alabama, Florida and Texas. Compass reported record earnings of $99.7 million in 1994 and has a capital base of $601 million. Shares of the company's common stock are traded through the NASDAQ national market system under the symbol CBSS. CONTACT: Compass Bancshares Inc., Birmingham Ellen Laden, 205/933-3554 |
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