The Parent is a bank holding company that conducts its business operations
primarily through its commercial banking subsidiary, Compass Bank, which is
an Alabama banking corporation headquartered in Birmingham, Alabama. The Bank
operates under the brand “BBVA Compass." The Parent was organized
in 2007 as a Texas corporation.
The Parent is a wholly-owned subsidiary of BBVA (NYSE: BBVA). BBVA is a global
financial services group founded in 1857. It has a significant market position
in Spain, owns the largest financial institution in Mexico, has franchises in
South America, has a banking position in Turkey and operates an extensive global
branch network. BBVA acquired the Company in 2007.
The Bank performs banking services customary for full service banks of similar
size and character. Such services include receiving demand and time deposits,
making personal and commercial loans and furnishing personal and commercial
checking accounts. Compass Bank offers, either directly or through its subsidiaries
or affiliates, a variety of services, including: portfolio management and administration
and investment services to estates and trusts; term life insurance, variable
annuities, property and casualty insurance and other insurance products; investment
advisory services; a variety of investment services and products to institutional
and individual investors; discount brokerage services, investment company securities
and fixed-rate annuities; and lease financing services.
As part of its operations, the Company regularly evaluates acquisition and
investment opportunities of a type permissible for a bank holding company, including
FDIC-assisted transactions. The Company may also from time to time consider
the potential disposition of certain of its assets, branches, subsidiaries,
or lines of business.
On August 21, 2009, the Bank entered into a purchase and assumption agreement
with the FDIC to acquire certain assets and assume certain liabilities of Guaranty
Bank, headquartered in Austin, Texas. Guaranty Bank conducted consumer and banking
activities through a network of 150 banking centers located in Texas and California.
The banking centers in Alabama are located throughout the state. In Arizona,
the banking centers are concentrated in the Tucson and Phoenix metropolitan
markets. The banking centers in California are concentrated in the Inland Empire
and Central Valley regions. The Colorado banking centers are concentrated in
the Denver metropolitan area and the New Mexico banking centers are concentrated
in the Albuquerque metropolitan area. In Florida, the banking centers are concentrated
in Jacksonville, Gainesville, and the Florida panhandle. The Texas banking centers
are primarily located in the state’s four largest metropolitan areas of
Houston, Dallas/Ft. Worth, San Antonio, and Austin, as well as cities in south
Texas, such as McAllen and Laredo.
The Company also operates loan production offices in Miami, Orlando, and Tampa,
Florida; Chicago, Illinois; New York, New York; Baltimore, Maryland; Montgomery,
Alabama; Houston, Texas; Irvine, La Jolla, Los Angeles, Ontario, Roseville,
San Diego, San Francisco, and Walnut Creek, California; Charlotte and Raleigh,
North Carolina; Cleveland and Columbus, Ohio; and Seattle, Washington.
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