BBVA Compass Bancshares in Birmingham, Ala., plans to hire 10 community relations officers to help improve its community reinvestment record.
The $76 billion-asset company said last week that it expects to receive a poor rating on its 2013 Community Reinvestment Act exam by the Federal Reserve Board, and that it expects to be restricted from expansionary activities such as acquisitions and branching as a result. BBVA Compass, a unit of Spain's Banco Bilbao Vizcaya Argentaria, has not disclosed the exact score.
The hires are related to its promise "to announce substantial commitments in loans, investments and services" for underserved communities, the company said in a release Thursday.
BBVA Compass has already placed six community relations officers in Birmingham, Phoenix, San Francisco, Riverside, Calif., Dallas and Austin, Texas. Another four positions are available in Colorado, Florida, New Mexico and Texas.
"These new positions are part of our plan to centralize responsibility and management of our community development efforts," Reymundo Ocanas, BBVA Compass' director of corporate responsibility and reputation, said in the release.
The officers will work with nonprofits to coordinate BBVA's community development efforts and "help manage certain services" for low- and moderate-income individuals and neighborhoods," including financial education, grants, access to capital and homeownership.
BBVA Compass runs 673 branches in seven states.