Compass to buy Dallas area bank.BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 19, 1995--Back on the acquisition trail 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. (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 signed a letter of intent to acquire Flower Mound Bancshares, Inc. and its subsidiary, Security Bank, in the Dallas-area community of Flower Mound. The acquisition will add $47 million in assets and $42 million in deposits to Compass' Texas franchise. The first out-of-state bank to enter Texas in 1987, Compass has continued to expand its Texas operations in the state's three largest cities. Compass currently operates 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. , and has more than $3 billion in Texas assets. "Flower Mound is a rapidly growing community between Dallas and Fort Worth that offers excellent prospects for long-term loan growth," said Compass Bancshares chairman and chief executive officer D. Paul Jones Paul Jones can refer to:
"With our strong presence in Dallas, we look forward to introducing Compass' competitive products and services to the Flower Mound community." The transaction is subject to the execution of a definitive agreement, and shareholder and regulatory approval. The acquisition is expected to be completed by first quarter of next year. Compass Bancshares, Inc. is a $9.7 billion bank holding company headquartered in Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. , with affiliates in Alabama, Florida and Texas. Compass currently operates 188 bank offices and has more than 4,100 employees. Ranked in the top 100 U.S. bank holding companies by asset size, Compass has enjoyed consistent growth and increased profitability during its 31-year history. Compass is among the top earners of its size based on return on equity and return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). . In addition to being one of the higher performing banks in the country, Compass was cited as one of the nation's safest banks by U.S. Banker magazine ranking seventh among the top 100 bank holding companies. Compass reported record earnings of $52.1 million in the first six months of 1995, and has a capital base of $652 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. CONTACT: Compass Bancshares, Inc., Birmingham Ellen Laden, 205/933-3554 |
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