Compass continues Texas expansion with Houston acquisition.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--May 6, 1996--Continuing an aggressive Texas expansion campaign, 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. today announced that it signed a definitive agreement to acquire ProBank with four locations in a rapidly growing area of north Houston. ProBank brings $68 million in assets and $66 million in deposits to Compass' thriving Texas franchise. The cash transaction is subject to shareholder and regulatory approval, and is expected to be finalized See finalization. in the third quarter. Since entering Texas in 1987 with the purchase of a Houston bank, Compass has experienced tremendous growth in the state. Compass currently has four pending acquisitions in Texas which, upon completion, will boost its statewide assets to approximately $4.5 billion and the number of bank offices to 90 in Houston, Dallas, 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. , central Texas and east Texas. "Texas has proven to be an attractive and profitable market for Compass, and we continue to look for opportunities that will both increase shareholder value and provide better service and convenience for our customers," Compass chairman and chief executive officer D. Paul Jones Paul Jones can refer to:
"The acquisition of ProBank meets both of these criteria, and gives us four additional excellent locations in the high-growth areas surrounding The Woodlands and Conroe in north Houston," Jones said. In addition to ProBank, Compass has announced the pending purchases of Peoples Bancshares, Inc. in central Texas, Royall Financial Corporation in east Texas and Texas American Bank in San Antonio. Since February 1st of this year, Compass has completed the acquisitions of Flower Mound Bancshares, Inc. and its subsidiary Security Bank in the Dallas-area community of Flower Mound, Equitable BankShares, Inc. and its subsidiary Equitable Bank in Dallas-Fort Worth and Post Oak Bank in Houston. Compass also is on the move in Florida with 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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