The state's 15 Arizona Banks will take on the name of their owner, Compass Banks, on Feb. 1.
"It's time to unite the entire company and our customers under the successful Compass Bank name," said D. Paul Jones, Jr., Compass Bank chairman and chief executive officer. "With Compass' recent entry into New Mexico and pending acquisition in Colorado, this is a logical step in building on our strengths in this region."
The change will make it easier for customers to access a variety of financial services at Compass' 310 full-service banking offices, Jones said.
Furthermore, no changes will be made to how individual accounts are handled, nor will new checks or ATM cards need to be ordered until current supplies are completely used or ready for reissue.
"The only thing that's changing at customers' local branch is the name on the sign and how a few products are identified," said Richard L. Vogel, Compass Bank-Phoenix City president.
After establishing a strong presence in Texas and Florida, Compass moved westward to the nation's second fastest growing state in 1998, with the acquisition of Tucson-based Arizona Bank. In April of 1999, Compass expanded its presence in Arizona with the purchase of 15 banking offices from Wells Fargo Bank, N.A., nine of which were located in Phoenix.
Compass Bank is a subsidiary of Compass Bancshares, a $18.2-billion Sunbelt-based bank holding company with more than 6,700 employees in Texas, Florida, Alabama, New Mexico and Arizona. Compass Bancshares reported record earnings of $217 million for 1999, marking 12 consecutive years of record earnings.
Shares of Compass common stock are traded through the Nasdaq stock market under the symbol CBSS.