BIRMINGHAM, Ala. - Compass Bancshares said it has agreed to acquire Flower Mound Bancshares and its subsidiary, Security Bank, for an undisclosed sum.
The acquisition will add $47 million in assets and $42 million in deposits to Compass' Texas franchise. Flower Mound Bancshares and its subsidiary are located outside of Dallas.
Compass operates 69 bank offices in Houston, Dallas, and San Antonio and has more than $3 billion in Texas assets.
The transaction, subject to shareholder and regulatory approval, is expected to be completed by the first quarter of next year.
Compass Bancshares is a $9.7 billion-asset bank holding company based in Birmingham, Ala., with offices in Alabama, Florida, and Texas. Compass operates 188 bank offices and has more than 4,100 employees.