Compass Bank is a financial institution located in the Sunbelt region of the US: it has 420 full service banking centers throughout Texas, Alabama, Arizona, Florida, Colorado and New Mexico.
Compass Bank is actually a subsidiary of Compass Bancshares Inc. which is owned by BBVA. BBVA (Banco Bilbao Vizcaya Argentaria) is a Spanish multinational financial services giant owning more than $698 billion in total assets, 44 million clients, 8,800 branches and 110,000 employees throughout 30 countries. The Compass Bank subsidiary is ranked as the largest regional bank in the US and is listed among the top 25 banks in the country.
The History of Compass Bank
Compass Bank started out as the Central Bank in 1964 in Birmingham, Alabama and in 1970 it became the first bank to open on Saturdays. Central Bank acquired State National Bank in 1971 to form Central Bancshares of the South Inc. In 1978, Central Bank added 2 new services: Handy Bank and Handy Check which were the first ATM and Visa debit card services in Alabama.
Between the years 1981-1987, Central Bank merged 10 affiliate banks to form the first (and largest) state wide bank in Alabama. The bank also expanded branches in the state of Texas. The Texas branches had combined assets of $1 billion dollars between 1991-1993. Also during this time period, Central Bank changed their name officially to Compass Bank and expanded into Florida.
In 1995, the total assets of Compass Bank were well over $10 billion. Compass Bank pioneered certain banking services during this time such as telephone banking. In 1997, Compass Bank was named to Keefe, Bruyette and Woods Inc. honor roll for being one of the best performing banks of the decade.
Arizona was Compass Bank’s next venture in 1999 and within 6 months, had unveiled 15 branches in the state. Colorado and New Mexico were added in 2000.
In 2002, Compass Bank acquired three insurance agencies in Dallas, Denver and Phoenix as well as a wealth management firm in Jacksonville, Florida. In 2004, Compass Bank celebrated its 40th anniversary by being named the Best Management Company in America by Forbes Magazine and was listed on the S&P 500 Index and Dow Jones Dividend Index.
BBVA purchased Compass Bancshares Inc. (thereby acquiring Compass Bank) in September 2007.
Compass Bank Services
Compass Bank offers numerous services to its personal, business and corporate customers. The list below outlines some of the services offered by Compass Bank:
- Personal Banking
- Checking and Savings accounts
- Compass Bank credit cards
- Check cards
- CD’s and IRA’s
- Online banking and online bill pay
- Mobile banking
- Preferred client program
- Compass Bank home equity loans and lines of credit
- Mortgage, auto and student loans
- Visa business credit cards
- On-line banking
- Small business loans and lines of credit
- Business credit cards
- Corporate Banking
In 2008, Compass Bank’s Treasury Management Group was a national winner of the Greenwich Excellence Award for Middle Marketing Banking.