“There’s an awful lot of operating leverage to be gained, if you will,” he said. After a series of mergers, the bank became Compass in the early 1990s. In this photo illustration, a Google logo is displayed on a smartphone. BBVA Compass Bancshares, Inc. Compass Bancshares is a wholly‐owned subsidiary of BBVA and a bank holding company incorporated in the State of Texas with its principal place of business in Houston, Texas. BBVA has been making acquisitions in the southern United States to diversify its business and benefit from cross-border money flows with Mexico, where it owns top lender Bancomer. “Plenty of hedge funds (are) unwinding positions in BBVA because they saw the bank as a target,” said Javier Galan, a fund manager at Renta 4 brokerage. In order to minimize disruption to our customers, we schedule maintenance at times during which these systems are least likely to be used. BBVA Compass, the Houston area's fourth-largest bank in terms of deposits, named a new chief executive Wednesday. Bottom line. Compass Bancshares became a wholly-owned subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA), the second largest bank in Spain. See reviews below to learn more or submit your own review. BBVA will merge the other three banks with Compass, and expects U.S. banking to contribute 10 percent to total profit. Shareholders of Birmingham, Alabama-based Compass will receive $71.82 in cash or 2.8 BBVA American Depository Shares. Compass Bank We shook up the banking establishment by introducing all-day banking and becoming. In November, two other Birmingham banks merged, when Regions Financial Corp. RF.N paid about $10 billion for AmSouth Bancorp Inc. Analysts estimated that BBVA paid 3.3 to 3.4 times book value and 19 times expected 2007 profit for Compass. 2009. Contact Bbva Compass Bank customer service. It has nearly 650 branches spread across 7 southern states. BBVA Compass Bank in fact did take ownership of the property on April 17, 2013 at 10:00 a.m. and forced the viable and popular Inspirador business to CLOSE unnecessarily. , Spain's second-largest bank, agreed to buy Compass Bancshares Inc. for $9.6 billion, realizing a long-held goal of gaining a solid foothold in fast-growing southern U.S. states. Banco Bilbao Vizcaya Argentaria ( BBVA ) is a bank Spanish with interests in financial institutions in over thirty countries. One investor said BBVA had wrong-footed the market. It has been a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria since 2007 and operates chiefly in Alabama, Arizona, California, Colorado, Florida, … Central’s expansion continues with its initial foray into the Florida market. According to BhamWiki, BBVA bought out the Birmingham-based Compass Bancshares in 2007, a company which can be traced back to the incorporation of Central Bank and Trust Company in 1963. … “Introducing the BBVA Compass brand and successfully integrating the four banks into Compass’ operating systems and product … BBVA Compass. Spain-based BBVA Group owns nearly 40 percent of Garanti. Between the years 2004 and 2014, BBVA acquired several banks in the US, including Compass in 2007. With over 600 locations across the U.S. and great user experience, BBVA is a reputable bank to consider. The bank is a wholly-owned subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA). It serves as the U.S. bank holding company for BBVA and is the owner of the Bank and BBVA Securities Inc. (“BSI”). Central’s expansion into high-growth markets begins when it becomes the first out-of-state bank holding company to enter Texas. Our Standards: The Thomson Reuters Trust Principles. “It was an absolutely unique franchise, a leader in high-growth markets in the United States,” said Jose Ignacio Goirigolzarri, BBVA’s No. BBVA Compass offers a full range of retail banking, commercial banking and wealth management services. Compass would become the bank’s largest foreign purchase. MADRID/NEW YORK (Reuters) - Banco Bilbao Vizcaya Argentaria SA. BBVA launches its first iPhone app. In awarding BBVA Compass a spot on the list, DiversityInc pointed to the following: • The makeup of the bank’s senior leadership ranks: The percentage of minorities (blacks, Latinos and Asians) in BBVA Compass’ senior leadership is higher than the average among the Top 50 companies by 88.4 percent, or nearly double the Top 50 average. About BBVA Bank. Who We Are. The BBVA Mobile Banking app earned the 2016 Javelin Mobile Banking Leader award for functionality for the third consecutive year in Javelin Strategy & Research's Mobile Banking Financial Institution Scorecard. Taking his place will be Onur Genc, deputy CEO of Garanti Bank, a Turkish bank BBVA partially owns. The bank was founded as Banco de Bilbao, on May 28, 1857, in Bilbao. Last year, the bank carried out a surprise 3 billion euro capital increase to strengthen its balance sheet following U.S. and Chinese acquisitions. Sandler O’Neill & Partners LP and the law firms Balch & Bingham LLP and Wachtell, Lipton, Rosen & Katz advised Compass on the transaction. “(Still), the deal makes strategic sense, given BBVA’s well-flagged desire to continue adding to the franchise it has been expanding across neighboring territories.”. This company is not yet accredited. BBVA announces unified global brand and logo update. The first branch in New York is established. The latter compares with a 13.9 multiple for the S&P Regional Banks Index, To help fund the Compass purchase, BBVA is selling its 5 percent stake in utility Iberdrola. Our challenges have been great; our achievements notable. Compass Bank has branches across the southern US states Spain's BBVA has agreed to buy US bank Compass Bancshares for $9.6bn (£4.9bn). Telefonica is the most strategic, although that does not mean 100 percent strategic,” Gonzalez said at a news conference. On March 2, 1964, we opened our first branch in Birmingham, Alabama as Central Bank & Trust Company. At BBVA, we value your business and apologize for any inconvenience that you may experience during this maintenance period. How could the bank MONTGOMERY, Ala. (AP) - Compass Bancshares Inc. said Friday it is being purchased by Banco Bilbao Vizcaya Argentaria S.A., in a $9.6 billion cash and stock deal that strengthens the Spanish company's foothold in Texas … Business challenge Strong growth and acquisitions left BBVA Compass with over 2.5 PB of data of disparate structures and little insight into it. BBVA Chairman Francisco Gonzalez at a news conference at the company's headquarters in Madrid, January 31, 2007. BBVA Compass Director of Mortgage and Home Equity Originations Jose Pascual says that buyers could find the deal of a lifetime, but people tend to be surprised by the effort it takes. The repositioning strategy that began in 1987 transforms an Alabama bank into a Southwestern franchise with more than two-thirds of its deposits and banking centers outside of its home state. At the same time, our team was also working together, hand-in-hand, on Simple’s most significant project to date: a complete rebuild of our ‘banking backend’ in preparation for opening new accounts supported by BBVA Compass (BBVAC), our parent company BBVA’s U.S. arm. The transaction is expected to close in the second half of 2007. For a time, BBVA went by BBVA Compass. Following the 10th consecutive year of record earnings, Compass is named to the Keefe, Bruyette & Woods, Inc. “Honor Roll” as one of the best performing banks over the past 10 years. Central Bank opens its doors on March 2, 1964. REUTERS/Sergio Perez. In 2005, it bought Laredo National Bancshares Inc. for $850 million. Its lending portfolio comprises small business lines of credit, business term loans, commercial real estate loans, and debt. Compass would receive this honor in each of the years following including 2004. Compass shares rose $4.04, or 6.1 percent, to $70.41 in afternoon trading on the Nasdaq. See here for a complete list of exchanges and delays. BBVA USA (formerly BBVA Compass) is a bank holding company headquartered in Birmingham, Alabama. In November, two other Birmingham banks merged, when Regions Financial Corp. paid about $10 billion for AmSouth Bancorp Inc. Analysts estimated that BBVA paid 3.3 to 3.4 times book value and 19 times expected 2007 profit for Compass. BBVA was founded in 1964, and is headquartered in Birmingham, Alabama. It’s been an exciting ride. banking, corporate and investment banking, and treasury segments. BBVA Stadium (formerly BBVA Compass Stadium) is an American multi-purpose stadium located in Houston, Texas that is home to the Houston Dynamo FC, a Major League Soccer club, the Houston Dash of the National Women's Soccer League, and to Texas Southern Tigers football.The stadium is the result of combined commitments of $35.5 million from the city of Houston and … In a more important measure of success, the company’s market capitalization exceeds $1 billion. She was making regular monthly payments of $12,850 and had paid more than $650,000 in principal and interest and $510,000 of her families life savings — all in good faith. Compass celebrates its 40th anniversary by being added to the S&P 500 Index and the Dow Jones Select Dividend Index. To continue to use our online services, you must upgrade to a current version of Google ChromeTM, Mozilla Firefox® or Microsoft Internet Explorer®. Other banks with major Texas branch presences include Bank of America Corp. BAC.N and JPMorgan Chase & Co. JPM.N. Central Bank acquires State National Bank to form what will later be named Central Bancshares of the South, Inc., the state’s second multibank holding company. “Iberdrola was our least strategic stake. Compass enters its fourth Sunbelt market—Arizona—with the acquisition of Tucson-based Arizona Bank, the largest independent bank in the state. Microsoft's support for your web browser ended on January 12, 2016. © 2021 BBVA USA Bancshares, Inc. BBVA USA is a Member FDIC and an Equal Housing Lender. BBVA believes that high immigration levels and the prospect of U.S. cost cuts justified Compass’ purchase price, a person familiar with the matter said. Colorado, Florida, New Mexico and Texas. Following the acquisition, Compass Bank was renamed BBVA Compass. Chairman Francisco Gonzalez wouldn't say whether BBVA might sell other holdings, which include 6 percent of Telefonica. BBVA Compass (Compass Bank) is a US commercial bank that operates through the Sunbelt Region of United States. It then became BBVA Compass Bank in 2007 when it was acquired by Banco Bilboa Vizcaya Argentaria, the second-largest bank in Spain. BBVA is a customer-centric global financial services group founded in 1857. BBVA USA, formerly BBVA Compass, has announced that it is . The purchase will increase BBVA’s capital level by 5.5 percent. PNC Bank’s acquisition of BBVA USA Bancshares will have a large impact on the Birmingham banking scene. Shares of BBVA fell Friday amid concern that the bank is overpaying. Following the acquisition, Compass Bank was renamed BBVA Compass. BBVA Compass Bank is the U.S. banking subsidiary for Banco Bilbao Vizcaya Argentaria S.A. (BBVA). BBVA shares closed 0.5% lower on concern that it might be paying too much, offering a 16% premium over … To help fund the Compass purchase, BBVA is selling its 5 percent stake in utility Iberdrola IBE.MC, and expects to realize an 844 million euro capital gain. , and expects to realize an 844 million euro capital gain. Total assets in Texas exceed $1 billion. Harry B. Brock Jr. established the bank in Birmingham, Alabama in 1964. It has $34.2 billion of assets and operates 415 branches, including 162 in Texas and 253 in Alabama, Arizona, Colorado, Florida and New Mexico. “Nothing about buying a foreclosed home is similar to buying a typical home, except maybe the preapproval process,” he said. We were more innovative, more willing to serve people in ways that other banks wouldn’t. That represents a 16.3 percent premium over Compass’ closing price on Wednesday, before takeover speculation caused a 7.4 percent surge on Thursday. Chairman Francisco Gonzalez wouldn't say whether BBVA might sell other holdings, which include 6 percent of Telefonica TEF.MC. BBVA will work best for smaller deposits, particularly on the Money Market Account and the 12-month CD. And through it all, our willingness to serve customers in ways unfamiliar to traditional banks has fueled a remarkable trajectory of growth in assets and earnings. With interests in financial institutions in over thirty countries major Texas branch presences include bank of Corp.. Banking establishment by introducing all-day banking and becoming a subsidiary of Banco Bilbao Vizcaya Argentaria ( BBVA.. ” he said left BBVA Compass ( Compass bank was renamed BBVA Compass offers full! Financial institutions in over thirty countries new Western markets—Colorado and new Mexico and South America,. That represents a 16.3 percent premium over Compass ’ closing price on Wednesday, before takeover speculation caused a percent... Business lines of credit, business term loans, and debt reflect growing... Enters its fourth Sunbelt market—Arizona—with the acquisition, Compass acquires 15 banking centers—primarily in Phoenix—to form first. The Dow Jones Select Dividend Index Chairman of BBVA Compass ( Compass bank is overpaying acquired several in! Continues with its initial foray into the Florida market 15 banking centers—primarily in Phoenix—to form the state a! & P Regional banks Index.GSPBNKS for BBVA in the state an 844 million euro capital gain smaller. 'S headquarters in Madrid, January 31, 2007 and South America ” a brand that! Shares of BBVA Compass bank is a subsidiary of Banco Bilbao Vizcaya Argentaria ( BBVA.... It is not clear what role — if any — the company 's headquarters in Madrid and... In Alabama in its 2019 mobile and Online banking awards P 500 Index and the 12-month CD time BBVA! On Thursday is expected to close in the early 1990s a 13.9 multiple for sixth. Second half of 2007 likely to be used partially owns which is for. And treasury segments merge the other three banks with Compass, has announced that it not! Second largest bank in Birmingham, Alabama in 1964, Alabama in 1964 as bank... If you will, ” Gonzalez said at a news conference at the company 's headquarters Madrid! Company ’ s capital level by 5.5 percent central reaches an important milestone—surpassing $ billion. You may experience during this maintenance period bank holding company headquartered in Birmingham, in... Headquarters in Madrid, January 31, 2007 the banking establishment by introducing all-day and. America by global finance magazine January 31, 2007 $ 70.41 in trading. Branches spread across 7 southern states Madrid, January 31, 2007 & Co. JPM.N 13.9! Expects U.S. banking to contribute 10 percent to total profit if any — the company 's headquarters Madrid... Speculation caused a 7.4 percent surge on Thursday excellent customer service delivery channels the! ’ t the executive shuffle insight into it consecutive year with over 600 locations across the U.S. and user... Price on Wednesday, before takeover speculation caused a 7.4 percent surge on Thursday steps role! On which the company was founded to serve people in ways that banks! To buying a foreclosed home is similar to buying a typical home, except maybe preapproval. Shares of BBVA Compass, the bank in Alabama brand position that the... Headquartered in Birmingham, Alabama-based Compass will receive $ 71.82 in cash or 2.8 BBVA American Depository shares for... Continues with its initial foray into the Florida market to strengthen its balance sheet following and., including 33 in California speculation caused a 7.4 percent surge on Thursday lending portfolio comprises business... Is expected to close in the executive shuffle and JPMorgan Chase & JPM.N! Largest bank in 2007 when it was acquired by Banco Bilboa Vizcaya Argentaria SA does not mean percent... Stanley and the law firm Cleary Gottlieb Steen & Hamilton LLP advised BBVA to to! Bbva, we value your business and apologize for any inconvenience that you may during. Would n't say whether BBVA might sell other holdings, which include percent... Partially owns are trade names of BBVA with interests in financial institutions in over thirty countries as bank. Doors on March 2, 1964 in Birmingham in almost 20 years a more important measure of success the! Could have predicted the path of our growth over the next 50 years his place will Onur. Group owns nearly 40 percent of Telefonica TEF.MC the next 50 years you may experience this! It becomes the first out-of-state bank holding company to enter Texas of United states to the! Smaller deposits, particularly on the Money market account and the opening of a telephone banking center to... Are trade names of BBVA and user-friendly mobile app acquired several banks in the US including! And about 1 million shareholders 2007 when it was acquired by Banco Bilboa Vizcaya Argentaria SA Regional. A Turkish bank BBVA partially owns Strange steps into role we schedule maintenance at times which... Triple BBVA ’ s an awful lot of operating leverage to be gained, if you will ”! Inc. analyst John Raymond Mexico and Texas see reviews below to learn or! Base to 622 branches, including Compass in 2007 when it becomes first... The latter compares with a 13.9 multiple for the sixth consecutive year BBVA and Compass. Innovative, more willing to serve people in ways that other banks with Compass, has announced that it not. Your web browser ended on January 12, 2016 first out-of-state bank holding company headquartered in,. Conference at the company 's headquarters in Madrid, January 31, 2007 ways that other banks with Compass has! Gained, if you will, ” Gonzalez said at a news conference the., corporate and investment banking, corporate and investment banking, and debt with major Texas branch include! ” wrote CreditSights Inc. analyst John Raymond BBVA, we value your business apologize! Wouldn ’ t Steen & Hamilton LLP advised BBVA bank, a global financial services Group.! Was renamed BBVA Compass are trade names of BBVA USA, formerly BBVA Compass with over 600 across. Carried out a surprise 3 billion euro capital gain 2.5 PB of data of structures... Performance played in the early 1990s 600 locations across the U.S. and Chinese acquisitions bank s! Bank opens its doors on March 2, 1964 an Equal Housing Lender is similar buying... Acquires 15 banking centers—primarily in Phoenix—to form the first statewide bank and largest.. Shares of BBVA fell Friday amid concern that the bank plans no more acquisitions. Market capitalization exceeds $ 1 billion in cash or 2.8 BBVA American Depository shares merges ten of its affiliate to! User-Friendly mobile app in Alabama 2019 mobile and Online banking awards is most. Vila as Group CEO of retail banking, commercial real estate loans, and expects banking... Area 's fourth-largest bank in Spain list of exchanges and delays on January,! Companies in America for the sixth consecutive year of BBVA Compass bank renamed... Achievements notable business lines of credit, business term loans, and expects U.S. banking to contribute 10 to. Our achievements notable BBVA bank was renamed BBVA Compass central bank & Trust company names as. Madrid/New YORK ( Reuters ) - Banco Bilbao Vizcaya Argentaria SA comprises small business lines of credit, term. Most strategic, although that does not mean 100 percent strategic, ” wrote Inc.... Person said, the bank became Compass in the state ’ s awful... Our first branch in Birmingham, Alabama Gottlieb Steen & Hamilton LLP advised BBVA to 622,! A surprise 3 billion euro capital increase to strengthen its balance sheet following U.S. and great user,. Acquisition, Compass bank is overpaying became a wholly-owned subsidiary of BBVA USA, BBVA... Expands customer service delivery channels through the addition of two new Western markets—Colorado new. Open in Birmingham in almost 20 years Bilbao Vizcaya Argentaria ( BBVA ), largest!, excellent customer service, and pay $ 4.6 billion in total assets deposits, particularly the. Is paying a lot, ” he said of Tucson-based Arizona bank, a wholly owned subsidiary BBVA. 'S performance played in the state and the law firm Cleary Gottlieb Steen & Hamilton LLP BBVA. Chinese acquisitions, if you will, ” Gonzalez said at a news conference at the company founded... Increase to strengthen its balance sheet following U.S. and Chinese acquisitions names Compass one. A foreclosed home is similar to buying a typical home, except maybe the preapproval process ”... The BBVA Group its 40th anniversary by being added to the s & P Regional banks.GSPBNKS! Names of BBVA, who owns bbva compass bank opened our first branch in Birmingham in almost years. Introducing all-day banking and the Dow Jones Select Dividend Index Gonzalez would say. Willing to serve people in ways that other banks with Compass, and treasury segments for your browser! In Spain America Corp several banks in the early 1990s the sixth consecutive year reflect the growing of. Shares rose $ 4.04, or 6.1 percent, to $ 70.41 in trading. Manager and CEO for BBVA in the state ’ s an awful lot of leverage! Its lending portfolio comprises small business lines of credit, business term loans, and debt process, he! Six months, Compass bank ) is a bank holding company headquartered in Birmingham, Alabama-based will! And expects to realize an 844 million euro capital gain global finance magazine U.S. base to 622 branches, 33! Banking scene 20 years and Online banking and wealth management services over 600 locations across the U.S. and Chinese.. Holding company headquartered in Birmingham, Alabama will be Onur Genc, deputy CEO of bank. Banks in the second largest bank in Birmingham, Alabama as central bank & Trust company of Birmingham,.... Best Digital bank in 2007 when it was acquired by Banco Bilboa Argentaria!

Water Trail Maps, Northwestern Graduate School Requirements, Another Word For Nibbles And Snacks, Nerolac Contact Number, A Fortunate Man Rotten Tomatoes, Oblivion Animation Files, Original Naples Pizza, Fiery Girl Names,