What Does Bbva Compass Bank Stand for
Former American bank holding company
 | |
| Type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | March 2, 1964; 57 years ago (1964-03-02) |
| Founder | Harry B. Brock Jr. |
| Defunct | October 8, 2021 (2021-10-08) |
| Fate | Acquired by PNC Financial Services |
| Successor | PNC Bank |
| Website | bbvausa |
| Footnotes / references [1] | |
BBVA USA (formerly BBVA Compass) was a bank headquartered in Birmingham, Alabama. A subsidiary of Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria from 2007 until 2021, it was acquired by Pittsburgh based bank holding company and financial services corporation PNC Financial Services. BBVA USA operated chiefly in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
As of June 2020, the company was the 39th largest bank in the United States by total assets.[2]
In November 2020, it was announced that PNC Financial Services would acquire BBVA USA for $11.6 billion.[3] The acquisition was completed on June 1, 2021, making PNC the largest regional bank in the United States and the fifth largest bank in the United States overall. BBVA USA ceased operations on October 8, 2021. Former BBVA USA branches reopened as PNC Bank branches on October 12, 2021.[4]
BBVA USA held naming rights to PNC Stadium (formerly BBVA Stadium,) a soccer venue in Houston, Texas and BBVA Field, a college and minor league soccer venue on the campus of UAB in Birmingham, Alabama . From 2011 to 2014, BBVA USA was the title sponsor of the Birmingham Bowl (then called the BBVA Compass Bowl), a college football bowl game played annually in Birmingham.
History [edit]
On 2 March 1964 (57 years ago) (1964-03-02), the company was founded as the Central Bank and Trust Company[1] by Harry B. Brock Jr., Schuyler Baker, and Hugh Daniel with US$1 million of capital (equivalent to $8.34 million in 2020). Other founding directors included Frank L. Hardy, John R. Israel, Wendell H. Taylor, and Stewart Welch.[5]
Soon thereafter,[ when? ] Wally Nall, John Evins, Inos Heard, and Tom Jernigan joined the board.[ citation needed ]
In 1967, the company moved into a new 15-story new headquarters building on 20th Street South.[ citation needed ]
In 1969, Central made a hostile takeover bid for Decatur's State National Bank, the only bank that could open branches across county lines. The bid was supported by Hugh Agricola and other shareholders of the First National Bank of Gadsden, which had been bought by State National. It was financed by a US$10 million line of credit (equivalent to $70.57 million in 2020) from the Bank of Virginia, which was pioneering its own statewide banking company. By July, Central was able to assemble a voting trust representing about a third of State National's shares in advance of a public offering of US$70 per share (equivalent to $494 in 2020). The City National Bank of Birmingham, which had also been planning a merger, countered with $80 per share (equivalent to $565 in 2020). Central instructed their brokers to buy as many shares as they could up to $85 (equivalent to $600 in 2020) and ended with enough shares to control State National's board.[ citation needed ]
In response, Alabama's other major banks filed several court actions in an attempt to block the merger. One action, brought in Federal Court, did succeed in blocking it, on the technicality that Alabama's banking laws, under which the state-chartered bank operated, were incompatible on a few points with Federal banking laws that governed the national banks in the area of mergers. While this finding was being appealed, banking lobbyists were pushing for new legislation that would prevent the merged company from being able to operate in more than one county. Brock and Central Bank's other officers personally lobbied against the bill. Although it would have passed easily, the bill died in committee without reaching the floor for a vote.[ citation needed ]
The result of the failed bill was that statewide bank holding companies were recognized as a legal possibility for the first time, and the other major banks moved quickly to organize while Central was waiting for a decision on their appeal. Another group, led by Frank Plummer, Norman Pless, and Bob Lowery, was able to form Alabama's first statewide holding company while Central's appeal was pending. This group even stole Brock's intended name for Central's proposed holding company, First Alabama Bancshares, forerunner of Regions Financial Corporation. Central did win their appeal and reorganized as the Central and State National Corporation, which was soon renamed Central Bancshares of the South. In 1973, this new company issued a new stock offering to fuel the growth of the statewide network. In 1979, the bank opened a large branch office at 1560 Montgomery Highway in Hoover.[ citation needed ]
In 1981, Central and a coalition of other bank holding companies successfully lobbied for the Bank Merger Act, allowing statewide bank branching under a single banking company. For the next two years, Central Bancshares of the South was the largest bank holding company in Alabama.[ citation needed ]
The bank began pursuing interstate banking in the legislature, and was successful, again with the help of other big banks, in passing enabling legislation that took effect in 1986. The bank's first acquisition out of state was the failing First National Bank of Crosby, Texas in February 1987. Central Bancshares became the first bank in Alabama to own a bank in another state and the first out-of-state bank to own a bank in Texas.[6]
D. Paul Jones took over the CEO position from Brock in 1991. Jones blocked a sale of the bank to First Union that was favored by Brock. Soon afterward, the bank changed its name to Compass Bancshares to reflect its expansion outside the South.[ citation needed ]
In 1995, Harry Brock tried, unsuccessfully, to sell Compass Bancshares to First Union Corp. for US$1 billion (equivalent to $1.7 billion in 2020).[6]
During Jones's tenure, Compass Bancshares expanded into Florida and the west with the acquisitions of banks in Arizona, Colorado, and New Mexico.[7]
BBVA [edit]
On September 7, 2007, Banco Bilbao Vizcaya Argentaria (BBVA), then second largest bank in Spain, acquired the company. In late 2008, Compass modified its name to BBVA Compass.[8]
In January 2008, Gary Hegel became CEO of the company.[9]
In March 2008, BBVA announced that it received Federal approval to integrate its four subsidiary banks (State National; Texas State Bank;[10] Laredo National Bank; and Compass Bank) into a single organization initially called "Citation", which would become known as "BBVA Compass".[11]
In December 2008, Manolo Sanchez became CEO of the company.[ citation needed ]
On August 21, 2009, in a Federal Deposit Insurance Corporation-supervised transaction, BBVA Compass acquired the deposits and other core assets of Guaranty Bank of Austin, Texas, which suffered from bank failure. The deal gave BBVA Compass a presence in California and expanded an existing presence in Texas.[12]
In 2009, the bank launched the BBVA Compass ClearPoints Card, a rewards card with an associated mobile app that notably allows for real-time, in-person redemption of rewards points.[13]
In 2010, Garcia Meyer-Dohner stepped down as the bank's chairman and U.S. country manager for BBVA. BBVA Compass president and CEO Manolo Sánchez was appointed to also assume Garcia Meyer-Dohner's role as the U.S. country manager for BBVA. Board member Lawrence R. Uhlick was chosen to serve as BBVA Compass chairman.[14]
In April 2011, BBVA Compass announced the construction of a new-eco-efficient corporate office building in Houston's Galleria area, which would serve as BBVA Compass Bancshares, Inc. headquarters.[15]
BBVA Compass was one of over 30 banks accused of improperly manipulating customers' checking account transactions to generate excess overdraft fees by posting them in highest-to-lowest dollar amount instead of in chronological order. In July 2012, the bank agreed to pay $11.5 million to settle the lawsuit.[16]
In 2013, BBVA further expanded its regional presence with the opening of BBVA Compass Plaza, a 312,000-square-foot (29,000 m2) office building in Houston.[17]
In April 2014, BBVA USA opened its renovated Development Center.[18]
In 2014, BBVA Compass disclosed that the results of its periodic examination for compliance with the Community Reinvestment Act (CRA) would probably restrict its ability to engage in additional mergers and acquisitions until after its next scheduled examination.[19] [20] Since that disclosure, BBVA Compass has announced several actions to address the issues of community reinvestment, including committing $11 billion to community development lending, and retaining additional staff at the regional and national level to manage community development investment.[21] [22] [23]
In 2015, Money Magazine recognized BBVA USA for the best mobile banking app of the year.[24]
In December 2016, Onur Genç became CEO of the company.[25] Manolo Sánchez became non-executive chairman.[26] In 2017, Sánchez retired.[27]
In December 2018, Javier Rodríguez Soler became CEO of BBVA Compass.[28]
In June 2019, BBVA unified its brand worldwide and BBVA Compass was renamed BBVA USA. [29]
PNC [edit]
On November 16, 2020, BBVA USA agreed to be acquired by PNC Financial Services for $11.6 billion.[30] On June 1, 2021 the merger with PNC Financial Services was final. The combined company now has $560 billion in assets, making it the 7th largest bank by assets.[31]
Acquisition history [edit]
| Company | Date | Ref(s). |
|---|---|---|
| First National Bank of Crosby, Texas | February 26, 1987 | |
| City National Bank of Plano, Texas | November 10, 1989 | |
| River Oaks Bancshares | March 28, 1991 | |
| Promenade Bancshares | July 31, 1991 | |
| FWNB Bancshares | December 22, 1992 | |
| Cornerstone Bancshares | January 19, 1993 | |
| First Federal Savings Bank of Northwest Florida | October 14, 1993 | |
| First Performance National Bank | January 27, 1994 | |
| First Heights Bank FSB | October 1, 1994 | |
| Equitable Bankshares | April 11, 1996 | |
| Post Oak Bank | April 19, 1996 | |
| CFB Bancorp | August 23, 1996 | [32] |
| Enterprise National Bank | January 15, 1997 | [33] |
| Horizon Bancorp | March 12, 1997 | |
| Central Texas Bancorp | July 15, 1997 | [34] |
| GSB Investments | January 13, 1998 | |
| Fidelity Resources Company | February 9, 1998 | [35] |
| Arizona Bank | December 15, 1998 | [36] |
| Norwest/Wells Fargo offices | April 19, 1999 | |
| Heartland Bank | October 20, 1999 | |
| Western Bancshares | January 13, 2000 | [32] |
| MegaBank Financial Corporation | April 3, 2000 | [37] |
| Founders Bank of Arizona | July 17, 2000 | [38] |
| FirsTier Corporation | January 4, 2001 | [39] [40] |
| TexasBanc Holding Company | March 24, 2006 | [41] |
| Simple Bank | 2014 | [42] |
[43]
References [edit]
- ^ a b "FDIC Bank Info: BBVA Compass (FDIC # 19048)". Federal Deposit Insurance Corporation.
- ^ http://www.ffiec.gov/npw/Institution/TopHoldings. Federal Reserve data. Retrieved 30 November 2020.
- ^ "PNC Announces Agreement To Buy BBVA USA Bancshares, Inc". November 16, 2020.
- ^ "PNC Completes Acquisition of BBVA USA". June 1, 2021.
- ^ Garrison, Greg (2015-07-30). "Compass Bank founder Harry Brock turned Birmingham into a banking center". The Birmingham News.
- ^ a b "Compass founder turned Birmingham into a banking center". al. 2015-07-31. Retrieved 2020-01-21 .
- ^ "BBVA Compass Bank". Encyclopedia of Alabama . Retrieved 2020-01-21 .
- ^ "Compass Bank Introduces New Brand - BBVA Compass" (Press release). BBVA Compass. 2008-11-06.
- ^ "Compass Bancshares Announces the Retirement of D. Paul Jones, Jr., Garrett R. Hegel to Succeed Jones as CEO and President" (Press release). Business Wire. December 12, 2007.
- ^ https://web.archive.org/web/20060616055757/http://www.texasstatebank.com/>
- ^ https://www.bizjournals.com/houston/stories/2008/07/28/story8.html
- ^ "BBVA Compass buys failed Guaranty Bank". American City Business Journals. August 21, 2009.
- ^ Williams, Roy L. (October 2, 2009). "BBVA Compass aims to make rules clear with new credit card". The Birmingham News.
- ^ Diel, Stan (2013-09-16). "BBVA Compass CEO Manolo Sanchez to become chairman of board". al . Retrieved 2020-01-30 .
- ^ https://www.bizjournals.com/houston/news/2011/04/13/bbva.html
- ^ Susannah, Nesmith (July 3, 2012). "BBVA Compass Settles Overdraft Suit for $11.5 Million". Bloomberg News.
- ^ Feser, Katherine (November 6, 2015). "Deal of the Week: New owner for BBVA Compass Plaza". Houston Chronicle.
- ^ https://www.bizjournals.com/birmingham/news/2015/05/08/bbva-compass-opens-new-center-at-innovation-depot.html
- ^ "Form 10-Q, BBVA Compass Bancshares, Inc". U.S. Securities and Exchange Commission. November 13, 2014.
- ^ Cole, Antrenise (August 14, 2014). "BBVA Compass could face "restrictions" on new branches, certain mergers and acquisitions". American City Business Journals.
- ^ "BBVA Compass announces the hiring of community relations officers to coordinate bank's efforts" (Press release). PR Newswire. September 3, 2014.
- ^ "BBVA Compass names new executive to oversee its Community Reinvestment Act program" (Press release). PR Newswire. September 29, 2014.
- ^ "BBVA Compass pledges $11 billion to community development program" (Press release). PR Newswire. November 6, 2014.
- ^ "This Is The Best Mobile Banking App Right Now". Money . Retrieved 2020-02-03 .
- ^ "BBVA Compass names Garanti Bank's Onur Genç as CEO" (Press release). PR Newswire. December 21, 2016.
- ^ "BBVA Compass chooses new CEO". HoustonChronicle.com. 2016-12-22. Retrieved 2020-02-03 .
- ^ https://www.bizjournals.com/houston/news/2017/11/13/bbva-compass-chairman-manolo-sanchez-retiring.html
- ^ "BBVA names Javier Rodriguez Soler as BBVA Compass CEO and Country Manager for the U.S." (Press release). PR Newswire. December 28, 2018.
- ^ Thornton, William (10 June 2019). "New day for BBVA: Bank's global brand strategy launches". al.com . Retrieved 10 June 2019.
- ^ Reuters Staff (2020-11-16). "PNC to buy BBVA's U.S. banking arm for $11.6 billion in cash". Reuters . Retrieved 2020-11-16 .
- ^ "PNC Completes Acquisition of BBVA USA". Yahoo Financial. 1 June 2021. Retrieved 1 June 2021.
- ^ a b "Institutions Acquired by BBVA COMPASS BANCSHARES, INC. (1078529)". Federal Financial Institutions Examination Council.
- ^ "Compass Bancshares, Inc. acquires Enterprise National Bank". American City Business Journals. January 15, 1997.
- ^ "Compass Bancshares acquires Central Texas Bancorp". American City Business Journals. January 28, 1997.
- ^ Cawley, Rusty (October 26, 1997). "Compass to acquire Fidelity's 14 Dallas banks in stock swap". American City Business Journals.
- ^ Vandeveire, Mary (July 12, 1998). "Arizona Bank joining forces with Compass". American City Business Journals.
- ^ "COMPASS BANCSHARES TO ACQUIRE MEGABANK FINANCIAL". The New York Times. Dow Jones & Company. November 6, 1999.
- ^ "Compass Bancshares to acquire Founders Bank". American City Business Journals. April 19, 2000.
- ^ Svaldi, Aldo (January 5, 2001). "Compass completes deal for FirsTier". Denver Post.
- ^ "Compass buying $880 million FirsTier Corp. in Denver". American City Business Journals. September 6, 2000.
- ^ "Compass Bancshares Completes Acquisition of Fort Worth-Based TexasBanc Holding Co.; Combination creates the fifth largest bank in Texas; #4 ranking in deposit market share in Metroplex" (Press release). Business Wire. March 27, 2006.
- ^ Alden, William (February 20, 2014). "BBVA Buys Banking Start-Up Simple for $117 Million". The New York Times. (subscription required)
- ^ "BBVA USA reels in 50k new customers with Open Platform | Bank Innovation | Bank Innovation". bankinnovation.net . Retrieved June 17, 2019.
What Does Bbva Compass Bank Stand for
Source: https://en.wikipedia.org/wiki/BBVA_USA
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