BIRMINGHAM, Ala. - In its fourth Texas acquisition since July, Compass Bancshares said it agreed to buy Post Oak Bank in Houston for an undisclosed sum.
Post Oak has $320 million in assets, $276 million in deposits and three locations.
Compass chairman and chief executive D. Paul Jones Jr. said Post Oak brings a strong base of private banking and commercial customers to Compass.
Under the agreement, Compass will pay cash for all of Post Oak's stock. The acquisition, subject to regulatory and shareholder approval, is expected to be completed by mid-1996.
Compass now has $3.4 billion in Texas assets and 69 bank offices in Dallas, Houston and San Antonio. Other pending purchases include Dallas- area Flower Mound Bancshares, Equitable BankShares Inc. in Dallas-Fort Worth, and Peoples Bancshares in central Texas.
When the four transactions are completed, Compass will have 80 bank offices in Texas with $4.1 billion in assets. in Texas. The company, based in Birmingham, Ala., has a total of $10 billion in assets.