Compass Proxy Victory Confirmed.BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 3, 1995--Compass Bancshares, Inc. (NASDAQ NASDAQ 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 announced confirmation of victory in its recent proxy contest Proxy contest A battle for the control of a firm in which a dissident group seeks, from the firm's other shareholders, the right to vote those shareholders' shares in favor of the dissident group's slate of directors. Also called proxy fights. with 58 percent of outstanding shares voted cast in favor of management. The results were certified by CT Corporation, the independent inspectors of election. More than 34 million of the company's nearly 38 million outstanding shares of common stock were voted in the contest begun by a dissident shareholder in late January. "Our shareholders have clearly endorsed the board's decision that our company is not for sale," said Compass chairman and chief executive officer D. Paul Jones Paul Jones can refer to:
Over the past five years, Compass' current management successfully transformed the company from a $5 billion bank with more than 85% of its assets in Alabama to a highly competitive $9.2 billion multi-state bank holding company with 188 offices in Alabama, Florida and Texas. Compass has consistently generated superior rates of return to shareholders. Since 1989, the total return to Compass shareholders has been 210 percent -- far exceeding returns provided by the S&P Bank Index and the S&P 500 Index as well as most of the company's regional bank peers. "Our future looks bright," Jones said. "With this very costly and disruptive proxy contest behind us, we can return our focus and full attention to achieving our goals." In addition to the election of management's slate of directors D. Paul Jones, Jr., Charles W. Daniel and George W. Hansberry M.D., shareholders approved the reappointment reappointment Hospital practice The renewal of medical staff membership and privileges of a practitioner whose previous service on the medical staff has met the staff's standard of Pt care. See Appointment. of KMPG Peat Marwick as the company's auditors. Both shareholder proposals submitted by the dissident committee were rejected. CONTACT: 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., Birmingham Ellen Laden, 205/933-3554 |
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