Compass Bank Announces Comprehensive Program for Hurricane Katrina Disaster Relief: $250,000 Matching Contribution for Red Cross Disaster Relief Fund; Disaster Relief Loans; Employee Financial Assistance

Business Wire, August 31, 2005

BIRMINGHAM, Ala. -- Compass Bank today announced a comprehensive program to assist recovery efforts in areas affected by hurricane Katrina. The initiative provides immediate and substantial relief through a matching contribution to the American Red Cross Disaster Relief Fund, disaster relief loans, and special financial assistance for Compass Bank employees.

"Considering the scale of this disaster, we believe that these measures appropriately address both the immediate and long term needs of victims throughout the gulf coast and other affected areas," said D. Paul Jones, Jr., Compass' chairman and chief executive officer. "Our objective is to help individuals and communities get back on their feet as quickly as possible."

As an immediate measure, Compass Bank has offered a matching donation of up to $250,000 to the Red Cross Disaster Relief Fund. Donations may be made in any of the more than 385 Compass Bank centers, with checks or money order made payable to the American Red Cross. Donations will be accepted through October 1, 2005.

To further assist the communities in which it operates, Compass will also provide disaster relief loans for individuals and small businesses. These special products, along with special rates and discounts, are available to those residents who live in Alabama and Florida counties the Federal Emergency Management Agency has designated as disaster areas. Components of the program include discounted rates on consumer and small business loans, deferred payments on existing consumer and small business loans, lines and credit cards, loan payment late fee forgiveness and penalty-free CD withdrawals

As for the approximately 230 Compass Bank employees directly affected by hurricane Katrina, the company has also committed special financial assistance. This includes helping them repair or replace homes and vehicles, as well as other temporary living expenses.

Compass Bank is a subsidiary of Compass Bancshares, Inc., a Southwestern financial holding company with $29.5 billion in assets and 385 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Compass Bancshares is among the top 30 U.S. bank holding companies by asset size and ranks among the top earners of its size based on return on equity. The company's earnings per share have increased for 17 consecutive years and dividends per share have increased for 24 consecutive years. Additional information about Compass, a member of the S&P 500 Index and the Dow Jones Select Dividend Index, can be found at www.compassweb.com.