is a United States financial holding company headquartered in Birmingham
, with US$65 billion in assets and primarily located in Alabama
, New Mexico
, and Texas
. Compass Bancshares is one of the U.S.’s 25 largest banks, and was previously a member of the S&P 500 Index and the Dow Jones Select Dividend Index. The corporate headquarters are in the Daniel Building
in downtown Birmingham. Birmingham is also the location of all BBVA Compass's administrative and operational functions.
On February 16, 2007, Compass announced that it would be acquired by Banco Bilbao Vizcaya Argentaria
(BBVA), the second largest bank in Spain
. The deal was completed on Friday, September 7th, 2007, when Compass Bancshares became a wholly owned subsidiary of BBVA. The transaction gave BBVA a substantial stakehold in the US banking sector by creating the largest financial institution in the Sun Belt
region. BBVA plans to integrate banks previously acquired in the US with the current Compass technology and management platforms.
On August 21, 2009, in an Federal Deposit Insurance Corporation
-supervised transaction, BBVA Compass acquired the deposits and other core assets of the failed Guaranty Bank
of Austin, Texas
. The deal gives BBVA Compass a first-time presence in California
and expands an existing presence in Texas.
Notes and references