To expand its presence in Texas, Compass Bancshares has agreed to acquire Austin-based Horizon Bancorp for about $34 million in stock.
The Horizon purchase, which is expected to be completed in the first quarter, would add $143 million in assets and eight Austin bank offices. The transaction is subject to shareholder and regulatory approval.
"We've made no secret of wanting to be in Austin because of its strong, diversified, and growing economy," said Compass chairman and chief executive D. Paul Jones Jr.
Earlier this year Compass bought Peoples Bancshares, which is based in Belton, Tex. Peoples also has offices in nearby Salado and Temple.
Pending acquisitions and construction would bring Compass' Texas presence to 101 offices and more than $5 billion of assets.
Compass, with $11.6 billion in assets, has 208 branches in Alabama, Florida, and Texas.