Compass of Alabama To Acquire a $60M-Asset Texas Bank in Stock Deal

Compass Bancshares said Thursday it had agreed to acquire Texas American Bank for an undisclosed amount of stock.

Texas American has $60 million in assets, $55 million in deposits and three locations in San Antonio, where Compass already has 10 branches of its own.

Under terms of the transaction, Compass, which is based in Birmingham and has $10.3 billion in assets, will exchange shares of its common stock for all of the outstanding shares of Texas American common stock. The acquisition is subject to shareholder and regulatory approval, and is expected to be completed in the third quarter.

In addition to Texas American, Compass also has pending purchases of Equitable BankShares in Dallas-Fort Worth, Peoples Bancshares in central Texas, Post Oak Bank in Houston, and Royall Financial Corp. in east Texas.

With the acquisitions, Compass would have 86 branches and $4.4 billion in assets in Texas.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER