Compass Texas expansion drive continues with agreement to acquire Waco Bank.BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 17, 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) ) forged another link in its expansion chain along Texas' I-35 corridor The I-35 Corridor is a megalopolis in the southern plains region of the United States. It runs from San Antonio, Texas to Kansas City, Missouri along Interstate 35. The corridor includes the cities of Austin, Dallas-Fort Worth, Oklahoma City, Tulsa, and Wichita. with the signing of a definitive agreement to acquire Central Texas Bancorp, Inc. and its subsidiary, Texas National Bank of Waco. The transaction will give Compass a presence in Waco, home to Baylor University Baylor University, mainly at Waco, Tex.; coeducational; chartered and opened 1845 by Baptists (see Baylor, Robert E. B.) at Independence, moved 1886 and absorbed Waco Univ. (chartered 1861). The library has a noted Robert Browning collection. and a regional financial center with a population of approximately 200,000 people. With two locations, Central Texas brings $213 million in assets, $192 million in deposits and $18 million in equity to Compass' rapidly growing Texas operations. In the past 10 years, Compass has built a $5.1 billion franchise in the Lone Star Lone Star (or Lonestar) may refer to:
Compass next began in 1995 to expand along the prospering I-35 route into Temple, Belton, Salado and Georgetown and, last week, completed the acquisition of Horizon Bancorp, Inc. with eight additional locations in Austin. Compass also operates three bank offices in east Texas and has announced the pending purchase of Greater Brazos Valley The Brazos Valley is a region in the U.S. state of Texas (Central Texas) consisting of Brazos County, Robertson County, Grimes County, Washington County, Burleson County, Madison County, and Leon County, with Brazos County and the cities of College Station and Bryan at its center. Bancorp, Inc. in Bryan/College Station. When all pending acquisitions and offices under construction are completed, Compass will operate 104 bank offices in the state. According to D. Paul Jones, Jr. Compass chairman and chief executive officer, the acquisition meets Compass' expansion goals of enhancing shareholder value while increasing convenience and service to its customers. "Waco is an important strategic market for Compass because of its location and growing economy," Jones said. "Texas National is the oldest independent bank in the city with a large and loyal customer base. We look forward to building upon that foundation." Compass Bancshares, Inc. is an $11.8 billion bank holding company with 220 offices in Alabama, Texas and Florida. Compass reported record earnings of $129 million for 1996, and has a capital base of $803 million. Shares of the company's 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, Inc., Birmingham Ellen Laden, 205/933-3554 |
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