Compass expands into east Texas.BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 16, 1996--Continuing to expand its Texas operations into new markets, 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 completed the acquisition of Royall Financial Corporation and its subsidiary, The Royall National Bank of Palestine. The acquisition adds $108 million in assets and three locations to Compass' Texas franchise. Royall has two offices in Palestine and one in Lufkin. The merger of Royall into Compass Bank marks Compass' first entry into east Texas. Under terms of the agreement signed in December of 1995, Compass exchanged shares of its common stock for all of the outstanding common stock of Royall Financial Corporation. With this transaction and upon completion of the pending acquisitions of Texas American Bank in 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. , ProBank in Houston and Coastal Banc's three San Antonio locations, Compass will have $4.7 billion in assets and will operate 91 bank offices in the Lone Star Lone Star (or Lonestar) may refer to:
Compass Bancshares, Inc. is a $10.8 billion bank holding company with 193 offices and 4,300 employees in Alabama, Florida and Texas. Compass reported record earnings of $67.4 million for the first six months of 1996 and has a capital base of $701 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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