BBVA Compass Successfully Completes Conversion and Rebranding of Guaranty Branches

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 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.

SOURCE BBVA Compass

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED