Compass acquires Equitable BankShares in Texas.

BIRMINGHAM, Ala.--(BUSINESS WIRE)--April 11, 1996--Compass Bancshares, Inc. (NASDAQ/NMS:CBSS) today announced that it has acquired Equitable BankShares, Inc. and its subsidiary, Equitable Bank with four key locations in Dallas, Fort Worth and Arlington, Texas.

This marks Compass' first move into the attractive Fort Worth and Arlington, Texas markets, and adds $201 million in assets and $171 million in deposits to Compass' Texas thriving franchise. Compass now operates 27 offices in the Dallas Metroplex including a location currently under construction.

The definitive agreement was signed in October, 1995, and called for an exchange of Compass Bancshares' common stock for all of Equitable's outstanding shares of stock.

Compass currently has four additional pending purchases in Texas. Assets in the Lone Star state will increase to $4.4 billion and the company will operate 86 bank offices there when the acquisitions of Peoples Bancshares, Inc. in central Texas, Post Oak Bank in Houston, Royall Financial Corporation in east Texas and Texas American Bank in San Antonio also are completed.

On the move in Florida as well, in November Compass signed a letter of intent to acquire CFB Bancorp and its Community First Bank subsidiary in greater Jacksonville. The purchase will nearly double Compass' Jacksonville size and increase its Florida assets by more than 50 percent.

Compass Bancshares, Inc. is a $10.2 billion bank holding company with 186 offices in Alabama, Florida and Texas. Compass reported record earnings of $36 million in the first quarter of 1996, and has a capital base of $722 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