BBVA Compass

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BBVA Compass Bancshares, Inc.
Subsidiary
Industry Finance
Founded 1964
Headquarters Daniel Building
Birmingham, Alabama, USA
Products Financial Services
Revenue IncreaseUS$ 3.4 Billion (2010)
Number of employees
11,647
Parent BBVA
Slogan Banking on a brighter future.
Website https://www.bbvacompass.com/
BBVA Compass branch, Austin, Texas

BBVA Compass Bancshares, Inc. (formerly Compass Bancshares) is a United States-based financial holding company, subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria since 2007. It is headquartered in Birmingham, Alabama, with US $65 billion in assets and primarily located in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.

Market presence[edit]

BBVA Compass is one of the U.S.’s 25 largest banks with 716 branch locations,[citation needed] 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 34th largest bank in the United States.[1] BBVA Compass's corporate headquarters are in the Daniel Building in downtown Birmingham, the city where also all of its administrative and operational functions are located.[citation needed]

History[edit]

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.[citation needed]

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.[2] 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.[3]

In July, 2012, BBVA Compass agreed to pay $11.5 million to settle a lawsuit accusing the bank of improperly manipulating customers’ checking-account transactions to generate excess overdraft fees, according to a court filing.[citation needed]

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.[4][5] 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.[6][7][8]

BBVA Compass is the official sponsor of the NBA, title sponsor of the BBVA Compass Bowl, a college football bowl game played annually in Birmingham, and also holds naming rights to BBVA Compass Stadium, a soccer venue in Houston.

References[edit]

  1. ^ "Holding Companies with Assets Greater Than $10 Billion". National Information System. Federal Financial Institutions Examination Council. 2014-09-30. Retrieved 2014-12-29. 
  2. ^ "BBVA Compass buys failed Guaranty Bank". San Francisco Business Times. August 21, 2009. Retrieved 2009-08-26. 
  3. ^ "Business and political leaders gather for public unveiling of BBVA Compass Plaza". The Sacramento Bee. June 13, 2013. 
  4. ^ "Form 10-Q, BBVA Compass Bancshares, Inc." (html). U. S. Securities and Exchange Commission. 2014-11-13. Retrieved 2014-12-29. 
  5. ^ Cole, Antrenise (August 14, 2014). "BBVA Compass could face “restrictions” on new branches, certain mergers and acquisitions". Birmingham Business Journal (Birmingham, Alabama). Retrieved 2014-12-29. 
  6. ^ "BBVA Compass announces the hiring of community relations officers to coordinate bank's efforts" (Press release). BBVA Compass Bank. September 3, 2014. Retrieved 2014-12-29. 
  7. ^ "BBVA Compass names new executive to oversee its Community Reinvestment Act program" (Press release). BBVA Compass Bank. September 29, 2014. Retrieved 2014-12-29. 
  8. ^ "BBVA Compass pledges $11 billion to community development program" (Press release). BBVA Compass Bank. November 6, 2014. Retrieved 2014-12-29. 

External links[edit]