Compass Signs Agreement to Acquire Houston Bank.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Sept. 25, 1997--Compass Bancshares, Inc. (NASDAQ/NMS: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 that it signed a definitive agreement to acquire First University Corporation and its subsidiary, West University Bank, N.A. with three locations near Rice University in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . The acquisition adds $64 million in assets, $60 million in deposits and $4 million in equity to Compass' Texas franchise. Upon completion of the purchase, Compass will have more than $5 billion in assets in Texas and the number of statewide banking offices will increase to 107 including current construction. "This acquisition provides additional convenience to our existing customers with three new locations in a growing area of Houston that we want to serve," Compass chief financial officer Garrett R. Hegel said. "In addition, we look forward to building upon West University Bank's strong private banking base and introducing their current customers to Compass' innovative products and outstanding delivery of services." Under terms of the definitive agreement, Compass will exchange its common stock for all of the outstanding shares of First University Corporation stock. The transaction is subject to shareholder and regulatory approval and is expected to be completed during the first quarter of 1998. Compass currently operates 224 bank offices in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , Florida and Texas. When this acquisition and the pending purchase of G.S.B. Investments, Inc., which operates eight Gainesville State Bank offices in Florida, are completed, Compass will have 245 bank offices and more than 5,500 employees in the markets it serves. The company reported record operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $73 million for the first six months of 1997, and has a capital base of $886 million. Shares of Compass Bancshares' common stock are traded through the 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 national market system under the symbol CBSS. 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion