Business Services Industry
Compass to expand in central Texas with acquisition
Business Wire, Oct 3, 1996
BIRMINGHAM, Ala.--(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 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 to the customer," said D. Paul Jones, Jr., Compass chairman and chief executive officer. "This acquisitions further complements our presence throughout central and east Texas."
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, 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 national market system under the symbol CBSS.
CONTACT: Compass Bancshares, Inc., Birmingham
Ellen Laden, 205/933-3554
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