Compass Bancshares said Friday it has completed its acquisition of GSB Investments Inc., the holding company for Gainesville (Fla.) State Bank.

Purchase of the $213 million-asset company is Compass' first in the Gainesville market. Compass, a $13.5 billion-asset banking company, said it has built a strong franchise in Jacksonville, 60 miles away, where it ranks third in deposit market share.

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