BBVA Compass Bancshares, Inc. (formerly Compass Bancshares) is a United States-based financial holding company headquartered in Birmingham, Alabama. It has been a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria since 2007 and operates chiefly in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
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Market presence
BBVA Compass is one of the U.S.'s 50 largest banks with 688 branch locations, and was previously a member of the S&P 500 Index and the Dow Jones Select Dividend Index. Ranked by its US$ 65 billion total assets, BBVA Compass Bancshares is the 38th largest bank in the United States. "BBVA Compass Bancshares, Inc is the corporate parent (headquartered in Houston, Texas), of Compass Bank, a commercial banking subsidiary doing business as BBVA Compass and headquartered in the Daniel Building in downtown Birmingham, Alabama.
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History
On February 16, 2007, Compass Bancshares announced that it would be acquired by Banco Bilbao Vizcaya Argentaria (BBVA), then second largest bank in Spain. The deal was completed on September 7, 2007, when Compass Bancshares became a wholly owned subsidiary of BBVA and was renamed BBVA Compass. The transaction gave BBVA a substantial stakehold in the US banking sector and placed it among the largest financial institutions in the Sun Belt region. BBVA plans to integrate banks previously acquired in the US with the current Compass technology and management platforms.
On August 21, 2009, in a Federal Deposit Insurance Corporation-supervised transaction, BBVA Compass acquired the deposits and other core assets of the failed Guaranty Bank of Austin, Texas. The deal gave BBVA Compass a first-time presence in California and expanded an existing presence in Texas. BBVA further expanded its regional presence with BBVA Compass Plaza, a 312,000 square foot office building in Houston, which was officially opened on 13 June 2013.
BBVA Compass was one of over 30 banks accused of improperly manipulating customers' checking-account transactions to generate excess overdraft fees by posting them in highest-to-lowest dollar amount instead of in chronological order. In July 2012, BBVA Compass agreed to pay $11.5 million to settle the lawsuit, according to a court filing.
In 2014, BBVA Compass disclosed in a quarterly filing with the Securities and Exchange Commission that the results of its periodic examination for compliance with the Community Reinvestment Act (CRA) would probably restrict its ability to engage in additional mergers and acquisitions until after its next scheduled examination. Since that disclosure, BBVA Compass has announced several actions to address the issues of community reinvestment, including committing $11 billion to community development lending, and retaining additional staff at the regional and national level to manage community development investment.
BBVA Compass is the official sponsor of the NBA and holds naming rights to BBVA Compass Stadium, a soccer venue in Houston. BBVA Compass was the title sponsor of the BBVA Compass Bowl, now the Birmingham Bowl, a college football bowl game played annually in Birmingham.
Source of the article : Wikipedia
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