Compass to expand in Texas with San Antonio acquisition.BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 14, 1996--One year after entering the growing San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. market, 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. announced today that it will increase its presence in the state's third largest city with the signing of a definitive agreement to acquire Texas American Bank. The acquisition will add $60 million in assets, $55 million in deposits and three locations 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. where Compass currently operates 10 bank offices. Under terms of the transaction, Compass will exchange shares of its common stock for all of the outstanding shares of Texas American common stock. The acquisition is subject to shareholder and regulatory approval, and is expected to be completed in the third quarter of this year. "San Antonio has proven to be a strong market for Compass. The addition of Texas American will enhance our ability to serve our current customers while moving us into new areas of the city," said Compass chairman and chief executive officer D. Paul Jones Paul Jones can refer to:
"Texas continues to play a very significant part in our company's strategic growth plan with five pending acquisitions throughout the state," Jones said. In addition to Texas American, Compass also has announced the pending purchases of Equitable BankShares in Dallas-Fort Worth, Peoples Bancshares in central Texas, Post Oak Bank in Houston and Royall Financial Corporation in east Texas. When the five acquisitions are completed, Compass' Texas assets will increase to more than $4.4 billion and the company will operate 86 bank offices throughout the state. Also on the move in Florida, Compass last month signed an agreement to acquire CFB CFB Canadian Forces Base Bancorp 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 $10.3 billion bank holding company headquartered in Birmingham, Ala., with 182 bank offices in Alabama, Florida and Texas. Compass reported record earnings of $110.3 million in 1995 and has a capital base of $707 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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