Compass to expand in central Texas with acquisition.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Oct. 3, 1996--Compass Bancshares, Inc. is expanding its presence in central Texas as a result of a definitive agreement signed today to acquire Greater Brazos Valley The Brazos Valley is a region in the U.S. state of Texas (Central Texas) consisting of Brazos County, Robertson County, Grimes County, Washington County, Burleson County, Madison County, and Leon County, with Brazos County and the cities of College Station and Bryan at its center. Bancorp, Inc. and its subsidiary, Commerce National Bank. The transaction will add $61 million in assets, $58 million in deposits and two locations to Compass' Texas franchise. Compass will add Commerce National Bank's locations in College Station and Bryan. The transaction with Greater Brazos Valley Bancorp, Inc. marks Compass' tenth announced acquisition in Texas during 1996, adding a total of more than $1.2 billion in assets and 34 locations to its Texas franchise. The Bryan/College Station area has approximately 135,000 residents, and is home to Texas A&M University with its more than 43,000 students as well as major research and development centers. "Compass continues its strategy of expansion across Texas by entering high-growth markets where our products can bring added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
The transaction is subject to shareholder and regulatory approval and is expected to close during the first quarter of 1997. Upon completion of the purchase, Compass will increase to 100 banking offices and $4.9 billion in assets statewide, including the pending acquisitions of ProBank in Houston and Horizon Bancorp, Inc. in Austin and two offices under construction. 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. is a $10.8 billion bank holding company with 204 offices 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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