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| Home » Compass Bank » History |
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Compass Bank History |
Compass Bank History can be traced back to 1964 when Central Bank was established in Birmingham, Alabama. Later in 1970, it also became the first bank in the state to operate on Saturdays. In 1971, Central Bank acquired State National Bank and form Central Bancshares of the South Inc. The bank also added 2 new services called "Handy Bank" and "Handy Check" in 1978. This new services were the first debit card and ATM services in the state of Alabama. During the period from 1981-1987, Central Bank went through a number of merger and acquisitions to form the largest state-wide bank in Alabama.
In addition, the bank had expanded its branches in Texas and between 1991- 1993, these branches had total assets of about $1 billion. During this period, Central Bank officially changed its name to Compass Bank and further expanded in the state of Florida. The overall assets of the bank were over $10 billion in 1995. It is during this period that Compass Bank pioneered several banking services like telephone banking. The next venture of the bank was Arizona and in 1999, it opened 15 new branches in Arizona within 6 months. Later in 2000, new branches of the bank were also opened in New Mexico and Colorado.
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Again in 2002, Compass Bank acquired a wealth management firm based in Jacksonville, Florida and three other insurance agencies located in Dallas, Phoenix and Denver. The bank celebrated its 40th anniversary in 2004 and in this same year, Forbes Magazine announced it as the best management company in America. Compass Bank was also listed on the Dow Jones Dividend Index and the S&P 500 Index. In September 2007, BBVA (the Spanish multinational financial services firm with total assets of over $698) purchased Compass Bank and formed BBVA Compass.
Today, BBVA Compass is one of the leading banking firms situated in the Sunbelt region of the United States. The headquarters of the bank are located in Birmingham, Alabama and it is the 15th largest commercial bank in the country in terms of deposits and market share. Compass Bank operates over 720 branches located throughout Alabama, California, Colorado, New Mexico, Texas, Florida and Arizona. Now, the bank has overall assets of over US$65 billion and it is one of the 25 largest banks in the nation.
Compass Bank operates through three major business units which are Retail Banking, Corporate Banking and Wealth Management. Some of the major products and services offered by the bank include treasury management, commercial & wholesale banking, retail banking services, international services, mortgages, credit cards, merchant processing, consumer loans, insurance and many more. Visit the website of the bank to get more comprehensive details on their banking products and services.
Website: http://www.bbvacompass.com/compass/
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