Compass announces purchase of San Antonio Bank offices.BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 8, 1996--With four acquisitions currently pending in Texas, 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. added another today with the signing of a definitive agreement to purchase three 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. bank offices from Coastal Banc, ssb. In a related transaction, Compass will sell its Bay City, Texas bank office to Coastal. The purchase of the three locations in Texas' third largest city brings $58 million in assets and $58 million in deposits to Compass Bancshares' subsidiary, Compass Bank-San Antonio. The cash transaction is subject to regulatory approval. "San Antonio has proven to be a strong market for Compass, and broadening our base there is important to our overall Texas expansion strategy," Compass Bancshares chairman and chief executive officer D. Paul Jones Paul Jones can refer to:
Upon completion of this purchase and the recently announced acquisition of Texas American Bank in San Antonio, Compass will operate 16 bank offices in Texas' third largest city. In addition to Coastal and Texas American, Compass also has signed agreements to purchase Peoples Bancshares Inc. in central Texas, Royall Financial Corp. in east Texas, Texas American Bank in San Antonio and ProBank in Houston. When all of the pending Texas acquisitions are finalized, Compass will operate 92 bank offices in the Lone Star Lone Star (or Lonestar) may refer to:
Also on the move in Florida, Compass has a definitive agreement to acquire CFB CFB Canadian Forces Base Bancorp Inc. and its Community First Bank subsidiary in Jacksonville. The transaction 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 headquartered in Birmingham, Ala., with 189 bank 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 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 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) . CONTACT: Compass Bancshares Inc., Birmingham Ellen Laden, 205/933-3554 |
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