In Guaranty Bank, BBVA Compass scored a rare find — a failed bank with almost no baggage — and it plans to make the most of it.

BBVA Compass, the U.S. unit of Banco Bilbao Vizcaya Argentaria SA in Madrid, discovered an eager work force at the Texas bank, but an otherwise blank canvas for consumer products and small-business lending, since the bank had focused primarily on mortgage purchases. Less than a month after converting 164 branches in California and Texas, BBVA Compass is set to begin product promotion in earnest.

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