BBVA Compass Successfully Completes Conversion and Rebranding of Guaranty Branches
February 17 2010 - 1:19PM
PR Newswire (US)
Guaranty customers in California and Texas now have access to BBVA
Compass' broader array of innovative products and services, added
convenience and the strength and stability of the BBVA Group
BIRMINGHAM, Ala., Feb. 17 /PRNewswire/ -- BBVA Compass today
announced that it has successfully completed the conversion and
rebranding of former Guaranty branches in California and Texas to
BBVA Compass, bringing a broader array of products and services,
added convenience and the strength and stability of the BBVA Group,
a highly recognized and leading global financial services company.
Following the close of business on February 12, 144 former Guaranty
branches had signage replaced and were seamlessly converted to BBVA
Compass' operating systems and product platform. (Photo:
http://www.newscom.com/cgi-bin/prnh/20100217/DA56382) "The seamless
conversion of Guaranty further advances BBVA's well-defined
strategy of growth and development of its U.S. franchise in the
attractive Sunbelt Region," said Jose Maria Garcia Meyer, BBVA
Country Manager-U.S. and Chairman of BBVA Compass. "The addition of
Guaranty customers and branches in Texas and California represents
an exciting growth opportunity for BBVA Compass. The timely
integration of Guaranty in this challenging environment also
provides further evidence of the strength and stability of BBVA
Compass and the BBVA Group." BBVA Compass provides a comprehensive
range of financial services designed to meet the specific banking
needs of consumers and businesses. These product lines include
commercial and wholesale banking, treasury management, Small
Business Administration loans, international services, merchant
processing, retail banking services, consumer loans, mortgages,
home equity lines and loans, credit cards, personalized Visa® Check
Cards, Internet banking, mobile banking, securities brokerage,
mutual funds and annuities, financial counseling, wealth
management, pension plan management and insurance. "We are very
pleased to welcome the former Guaranty branches, customers and
communities to the BBVA Compass family," said Manolo Sanchez, BBVA
Compass chief executive officer. "We share a passion for providing
exceptional customer service and that service level is apparent in
the collaboration and teamwork necessary to complete the successful
conversion from Guaranty to BBVA Compass seamlessly. In addition to
the same high level of personal service, customers will now be able
to take advantage of a larger branch network while enjoying access
to a broader array of innovative banking, small business, insurance
and investment products and services." Sanchez stated, "As a member
of the BBVA Group, we are committed to improving the communities we
serve, providing employees with a rewarding work environment and
working to meet the financial needs of our customers. Our global
vision statement of 'working for a better future for people'
expresses our commitment and we look forward to partnering with the
communities as they continue to grow and prosper." BBVA Compass
purchased the banking operations of Guaranty Bank from the Federal
Deposit Insurance Corporation (FDIC) in August 2009. Under the
purchase agreement with the FDIC, BBVA Compass acquired $12.0
billion of assets, assumed $11.5 billion of deposits and entered
into a loss-sharing agreement with the FDIC that covers all of the
acquired loans, where the FDIC generally will bear 80% of the first
$2.3 billion of losses and 95% of the losses above that threshold.
The acquisition created the 15th largest U.S. commercial bank with
approximately $49 billion in deposits and operations in seven high
growth markets in the Sunbelt including Texas, Alabama, Arizona,
California, Florida, Colorado and New Mexico. The strategic
acquisition significantly strengthened BBVA Compass' existing
presence in Texas, solidifying its ranking as the 4th largest bank
with deposit market share increasing from 4.9% to 6.8% in the Lone
Star state. The acquisition also extended BBVA Compass' general
banking business into the attractive, high-growth California
market. ABOUT BBVA COMPASS BBVA Compass is a Sunbelt-based
financial institution that operates 724 branches including 387 in
Texas, 92 in Alabama, 65 in California, 77 in Arizona, 45 in
Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the
15th largest U.S. commercial bank based on deposit market share and
ranks among the largest banks in Texas (4th), Alabama (3rd) and
Arizona (5th). Additional information concerning BBVA Compass can
be found on our website http://www.bbvacompass.com/. BBVA Compass
is a subsidiary of Compass Bancshares, Inc., a wholly owned
subsidiary of BBVA (NYSE:BBVA) (MAD: BBVA). BBVA is a financial
services group with more than $785 billion in total assets, 48
million clients, 7,600 branches and approximately 104,000 employees
in more than 30 countries. BBVA ranks among the top 20 largest
financial institutions in the world based on market capitalization
and 20th in Global Finance magazine's list of the "World's 50
Safest Banks" for 2009. 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.
http://www.newscom.com/cgi-bin/prnh/20100217/DA56382
http://photoarchive.ap.org/ DATASOURCE: BBVA Compass CONTACT: Ed
Bilek, External Communications of BBVA Compass, +1-205-297-3331,
Web Site: http://www.bbvacompass.com/
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