Compass expands into East Texas with acquisition.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Dec. 15, 1995--Announcing its fourth out-of-state acquisition in the past two weeks and its first move into east 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. today said that it signed a definitive agreement to acquire Royall Financial Corporation and its subsidiary, The Royall National Bank of Palestine. The transaction will add $105 million in assets, $91 million in deposits and three locations to Compass' rapidly expanding Texas franchise. The Royall National Bank operates two offices in Palestine and one in Lufkin, Texas. Compass currently has $3.4 billion in Texas assets and 69 bank offices in Dallas, Houston and 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. . Other pending purchases in the state include Dallas-area Flower Mound Bancshares, Inc., Equitable BankShares, Inc. in Dallas-Fort Worth, Peoples Bancshares, Inc. in central Texas and Post Oak Bank in Houston. When the five pending Texas acquisitions are completed, Compass' assets in the Lone Star Lone Star (or Lonestar) may refer to:
"With the acquisition of Royall National Bank in east Texas, Compass enters a new market area with a diverse economy and good long-term growth prospects," Compass chairman and chief executive officer D. Paul Jones Paul Jones can refer to:
"Our key expansion goal remains always to increase shareholder value by acquiring strong banks in attractive markets. All of our pending purchases meet this criteria," Jones said. The agreement provides that Compass will exchange its common stock for all of the outstanding common stock of Royall Financial Corporation. The acquisition is subject to shareholder and regulatory approval and is expected to be completed in the second quarter of 1996. Compass Bancshares, Inc. is a $10 billion bank holding company headquartered in Birmingham, Ala., with affiliates in Alabama, Florida and Texas. Compass currently operates 186 bank offices and has more than 4,100 employees. Two weeks ago, Compass announced that it would increase its Florida assets by more than 50 percent with the acquisition of CFB CFB Canadian Forces Base Bancorp, Inc. in Jacksonville which has $310 million in assets. Upon completion of the pending Florida and Texas purchases, Compass assets will increase by just over $1 billion and the company will operate 210 bank offices in the three states. Compass reported record earnings of $81.1 million in the first nine months of 1995, and has a capital base of $672 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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