MADRID, Spain & BIRMINGHAM, Ala., March 20 /BUSINESS WIRE-HISPANIC PR WIRE/ — The BBVA Group today announced that it has completed the successful conversion of State National Bank into Compass Bank. Following the close of business on Thursday, March 13, the 42 State National Bank branches had signage replaced and were seamlessly converted to Compass’ operating systems and product platforms.
This comes after BBVA’s recent announcement that it had received all of the necessary regulatory approvals to move forward with integrating its four United States subsidiary banks into a single organization. With the conversion of State National Bank into Compass Bank, BBVA continues to deliver on the integration plan announced at its Investor Day in November 2007, which outlined the merger of the four banks into one unified franchise offering an expanded choice of innovative products and services by the end of 2008.
“Our successful conversion of State National Bank to Compass’ operating systems and product platform occurred ahead of schedule,” said Jose Maria Garcia Meyer, Chairman of Compass Bank and General Manager of BBVA in the United States. “This demonstrates the leadership of CEO Gary Hegel and the Compass management team. We have an outstanding team and they are walking the walk that we committed to at Investor Day. I am confident in our ability to deliver on our plan.”
Following the merger of State National Bank, Texas State Bank, Laredo National Bank and Compass Bank, BBVA’s U.S. affiliate ranks as the fourth largest bank in Texas and among the top 25 largest banks in the U.S. based on deposit market share. The company has total assets of approximately $58.6 billion and operates 593 branches across a six state Sunbelt Region including: 328 in Texas, 91 in Alabama, 76 in Arizona, 44 in Florida, 33 in Colorado, and 21 in New Mexico.
Compass CEO Gary Hegel remarked that the successful integration of State National Bank represents an important first step in a year long process that will bring a new level of service to customers throughout Texas and the Sunbelt. “Because the conversion was successful, our customers will immediately benefit from the expanded products, services and convenience of the region’s premier bank,” said Hegel. “Through our five lines of business — Corporate, Retail, Community, Consumer Finance and Wealth Management – we offer customers unique and industry leading products and services focused on providing financial solutions to fit their lives.
“This conversion amounts to the best of both worlds,” said Hegel. “In addition to maintaining local leadership and decision-making authority in our community markets, the unified Compass Bank as a member of The BBVA Group will additionally offer our customers the global reach of an international financial services company with operations in more than 30 countries.”
“State National Bank President Jim Volk will continue to manage West Texas and New Mexico as a Compass Regional President,” said Hegel, adding that customers have the same local leadership as before but with increased convenience as well as access to a broader array of financial products and services.
Compass Bancshares, Inc. is a wholly-owned subsidiary of BBVA (NYSE: BBV) (MAD: BBVA). BBVA is a financial services group with more than $700 billion in total assets, 42 million clients, 7,900 branches and approximately 111,000 employees in more than 30 countries. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom.