The needle of this Compass points south. Compass Bancshares is the holding company for Compass Bank, which does business as BBVA Compass. The bank operates more than 700 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. It provides standard corporate and retail banking services such as deposit accounts, credit cards, business and personal loans, and mortgages. BBVA Compass also offers wealth management services such as securities brokerage, mutual funds, insurance, annuities, pension fund management, and investment advisory. Compass Bancshares is a subsidiary of Spain-based banking giant Banco Bilbao Vizcaya Argentaria (BBVA).
Compass' presence in fast-growing markets in the South, coupled with industry-wide consolidation, made it attractive to BBVA, which acquired the company in 2007. BBVA later united its US banking operations, including Laredo National Bank and Texas Regional Bank, under the BBVA Compass name.
In 2009 BBVA acquired most of the operations of the failed Guaranty Financial in an FDIC-assisted transaction. The deal, which included more than 100 branches in Texas and nearly 60 locations in California, provided an opportunity for BBVA to expand its franchise in growing markets. As part of the integration, the company shed some 1,200 jobs, or about 10% of its workforce. – less