The combined companies will have total deposits of approximately $22 billion, of which $9.5 billion, or more than 43 percent, will be located in Texas. In addition, Compass will operate 163 banking centers in the Lone Star state including 69 in Dallas/Fort Worth, 42 in Houston, 23 in San Antonio, 22 in Austin and seven in Central Texas. With total assets of $32.6 billion, Compass will rank as the 28th largest U.S. bank holding company, with operations in Texas, New Mexico, Florida, Colorado, Arizona and Alabama.
"The addition of TexasBank further demonstrates our commitment to build long-term value for our shareholders through continued investment in high-growth markets that enhance our future growth capabilities and that make financial sense," said D. Paul Jones, Jr., Compass' chairman and chief executive officer. "TexasBank is a well-run company that has experienced outstanding profitable growth and is well respected in the Texas market place as an organization that provides its customers with a high-level of personal service."
"We are very pleased to welcome TexasBank, its customers, employees and shareholders to the Compass family," Jones stated. "I am especially pleased that Vernon Bryant will be leading our combined corporate business in the Fort Worth market. Vernon is a well-respected leader who shares our passion for providing exceptional customer service, improving our communities, providing employees with a rewarding work environment and building long-term value for our shareholders."
TexasBank president and chief executive officer Vernon Bryant added, "We are delighted to be joining an outstanding organization. In addition to the natural synergies that this combination offers, Compass and TexasBank share the same philosophy of delivering outstanding personal service. The combination created by our two companies will allow us to better serve our individual and business customers throughout Fort Worth and the Metroplex by providing increased branch convenience, as well as access to a broader array of financial products and services."
Compass Bancshares, Inc. is a Southwestern financial holding company which operates 408 full-service banking centers including 163 in Texas, 90 in Alabama, 71 in Arizona, 42 in Florida, 32 in Colorado and 10 in New Mexico. Compass 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. Shares of Compass' common stock are traded through the NASDAQ stock market under the symbol CBSS. Additional information about Compass, a member of the S&P 500 Index and Dow Jones Select Dividend Index, can be found at www.compassbank.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Compass Bancshares, Inc. notes that any statements in this press release, and elsewhere, that are not historical facts are "forward-looking statements" that involve risks and uncertainties that may cause the Company's actual results of operations to differ materially from expected results. For a discussion of such risks and uncertainties, see the Company's Annual Report on Form 10-K for the most recently ended fiscal year as well as its other filings with the U.S. Securities and Exchange Commission.