Compass acquires Horizon Bancorp in Austin, now operates in Texas' four largest markets.BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 12, 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 has acquired Horizon Bancorp, Inc. and its subsidiary Horizon Bank & Trust in Texas' capital city of Austin. With this strategic move, Compass now has a presence in Texas' four largest markets as well as east Texas and cities along the 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. from Dallas to San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. . Horizon brings $162 million in assets, $150 million in deposits and eight locations to Compass' Texas franchise. When other pending acquisitions and new constructions are completed, Compass will operate 105 bank offices and have more than $5.1 billion in assets throughout the state. Under terms of the agreement, Compass exchanged 888,889 shares of its common stock for all of the 1,388,757 shares of outstanding common stock and options to acquire 190,408 shares of common stock of Horizon Bancorp, Inc. 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. is a $11.8 billion bank holding company headquartered in Birmingham, Ala., with 219 offices in Alabama, Florida and Texas. The company reported record earnings of $129 million for 1996, and has a capital base of $803 million. Shares of Compass' 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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