Compass Bancshares, Birmingham, Ala., said it has a definitive agreement to buy Houston, Albrecht & Associates Inc., a Houston firm that specializes in divestment advisory services for oil and gas producers. The price was not disclosed.
The deal, Compass' first nonbank acquisition, would help $14.6 billion- asset Compass boost its fee income and expand its energy banking group, which provides banking services to independent producers and energy-related businesses.
Compass chairman D. Paul Jones Jr., in announcing the deal Tuesday, said the unit would increase in fee income bring business referrals. Albrecht's revenues totaled $4.9 million in 1997, more than double those of 1995. Albrecht's 10-person management team would remain with the company. The transaction is subject to regulatory approval and is expected to be completed in the fourth quarter.