Compass Bancshares, Inc. today announced that it has completed the conversion of State National Bank into Compass Bank, bringing a broad array of new products and services to customers served by State National. Following the close of business last Thursday, March 13, the 42 State National Bank branches had signage replaced and were seamlessly converted to Compass’ operating systems and product platform.
“We are very pleased to be joining forces with State National Bank,” said Compass CEO Gary Hegel. “We share a passion for providing exceptional customer service and that service level is apparent in the collaboration and team work necessary to complete the successful conversion from SNB to Compass Bank ahead of schedule.”
Hegel stated Compass Bank and State National share a common commitment to improving communities, providing employees with a rewarding work environment and meeting the financial needs of customers.
“In addition to maintaining local leadership and decision-making authority in our community markets, as members of The BBVA Group we can also offer our customers the global reach of an international financial services company,” said Hegel.
“Becoming part of Compass Bank represents a new and exciting opportunity for State National Bank, its clients and the communities we serve across Texas and New Mexico,” said Jim Volk, State National Bank President and now Compass Bank Regional President. “I’m happy to report the technical conversion went smoothly and our customers will immediately benefit from the expanded products, services and convenience of the region’s premier bank.”
Together, Compass and State National Bank maintain a leadership position in Texas with 196 branches, including 76 in Dallas/Fort Worth, 43 in Houston, 24 in San Antonio, 18 in Austin and 35 across Central and West Texas. In New Mexico, the company operates 21 branches including 10 in Albuquerque. Compass also maintains operations in four other Sunbelt states including Alabama, Arizona, Colorado and Florida.
“Compass Bank offers customers unique and industry leading products and services with a focus on providing customers with financial solutions to fit their lives,” said Volk. Through five major lines of business – Corporate Banking, Retail Banking, Community Banking, Consumer Finance, Community Banking and Wealth Management – Compass provides a comprehensive range of financial services designed to meet the specific banking need of the customer. These product lines include commercial and wholesale banking, treasury management, Small Business Administration loans, international services, merchant processing, retail banking services, consumer loans, mortgages, home equity lines and loans, credit cards, personalized Visa® Check Cards, securities brokerage, mutual funds and annuities, financial counseling, wealth management, pension plan management and insurance.
Last week, the BBVA Group announced that it had received all necessary regulatory approvals to move forward with integrating its four United States subsidiary banks into a single organization, Compass Bank. With the conversion of State National Bank into Compass Bank, BBVA continues to deliver on the integration plan announced at its Investor Day in November 2007. According to the plan, Compass Bank, State National Bank, Texas State Bank and Laredo National Bank will convert to one operating platform and operate on common systems with an expanded choice of innovative products and services by the end of 2008.
Compass now ranks as the fourth largest bank in Texas and among the top 25 largest banks in the U.S. based on deposit market share. The company has total assets of approximately $58.6 billion and operates 593 branches across a six state Sunbelt Region including: 328 in Texas, 91 in Alabama, 76 in Arizona, 44 in Florida, 33 in Colorado, and 21 in New Mexico.
Compass Bancshares, Inc. is a wholly-owned subsidiary of BBVA (NYSE: BBV) (MAD: BBVA). BBVA is a financial services group with more than $700 billion in total assets, 42 million clients, 7,900 branches and approximately 111,000 employees in more than 30 countries. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom.
Contacts:
Thomas Graham, Communications
832-813-7704
or 512-294-7111
E:mail: thomas.graham@compassbank.com
Web
Site: www.compassbank.com
