the purchase of Hartland Bank of Austin, Tex., for $86 million in cash.
Compass, which has $17.7 billion of assets, tripled its asset size in Texas' capital city with the acquisition of Hartland, which had $300 million. "Austin's a very high growth market," said Ed Bilek, Compass's director of investor relations. "The industry there is very widespread, with a diversified mix from high-tech companies, state government," and the University of Texas.
The Hartland acquisition is Compass' third in Austin since 1997. Compass entered the market two years ago by acquiring Horizon Bancorp, which had about $34 million of assets, and last year bought Hill Country Bank, which had $109 million of assets.
Hartland's six full-service branches boost Compass' presence in the city to 19 locations -- and 121 throughout Texas. Mr. Bilek said he did not expect any branch closings to result from the Hartland acquisition.
-- Craig Woker