Continuing its drive to build market share in Texas, Compass Bancshares said it signed a definitive agreement to acquire Houston-based ProBank, which has $68 million of assets. No terms were disclosed for the purchase of privately held ProBank. The deal is expected to close in the third quarter.
ProBank is the latest Texas community bank targeted by Compass. The deal, in addition to three other pending acquisitions, would contribute $368 million of new assets, bringing Compass' total in the Lone Star State to $4.5 billion. Compass currently has $10.2 billion in assets overall, in Alabama, Texas, and Florida.
Based in Birmingham, Ala., Compass first entered Texas in 1987 and has built its franchise in Houston, Dallas, and San Antonio, as well as in the central and eastern parts of the state. It has 90 branches in the state. ProBank is located in Houston's fast-growing Woodlands and Conroe areas.