Compass acquires Enterprise National Bank of Jacksonville.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Jan. 15, 1997--Solidifying its position as the third largest bank in the prospering Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. market, 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 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) ) completed the acquisition of Enterprise National Bank in that city. Enterprise brings $175 million in assets, $160 million in deposits and $13.5 million in equity to Compass. The acquisition also strengthens Compass' Florida franchise by adding a substantial new customer base and an outstanding management team with expertise in commercial and private banking. Former Enterprise 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. Bennett Brown has joined Compass as city president for Jacksonville. Robert E. White, Compass Florida vice chairman, will remain headquartered there. Compass now operates 23 bank offices throughout greater Jacksonville, and has more than $1.2 billion in assets and 36 locations in the Sunshine State. Under terms of the definitive agreement signed last August, Compass exchanged 1,080,740 million shares of its common stock for all of the outstanding shares of common stock, warrants and options to purchase common stock of Enterprise National Bank. The acquisition price represents approximately two times December 31, 1995 book value, after giving effect to the exercise of the warrants and options. Compass Bancshares, Inc. is an $11.6 billion bank holding company headquartered in Birmingham, Ala. with 211 bank offices in Alabama, Florida and Texas. 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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