Compass Bancshares Inc. announced Tuesday that it had bought Stavis, Margolis Advisory Services Inc., a Houston investment advisory firm with about $500 million of assets under management.
The Birmingham, Ala., banking company said it bought Stavis Margolis to increase its fee-based revenue. D. Paul Jones Jr., Compass' chairman and chief executive officer, said in a statement that the purchase enhances his company's ability to give customers wealth management financial counseling and to serve customers in key markets of the Southwest.
Stavis Margolis specializes in supplying independent financial planning advice - including investment, estate, retirement, and business succession planning - to high-net-worth investors, corporate executives, business owners, and professionals.
The Houston company's senior management team is to keep its present roles, and the company is to be a subsidiary of Compass Bank under the Stavis Margolis name.
Compass Bancshares is a $28 billion-asset financial holding company that operates 376 full-service banking offices - 136 in Texas, 89 in Alabama, 71 in Arizona, 42 in Florida, 28 in Colorado, and 10 in New Mexico.
