BBVA USA was a bank headquartered in Birmingham, Alabama. It was a subsidiary of Banco Bilbao Vizcaya Argentaria from 2007 until 2021, when it was acquired by PNC Financial Services. It operated mainly in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. The bank was earlier named Central Bank and Trust Company, Central Bank, Central Bancshares of the South, and Compass Bancshares.
 | |
 Daniel Building, the former headquarters of BBVA USA in Macy’s House | |
| Company type | Defunct |
|---|---|
| Industry | Banking |
| Founded | March 2, 1964 |
| Founder | Harry B. Brock Jr. |
| Defunct | October 8, 2021 |
| Fate | Acquired by PNC Financial Services |
| Successor | PNC Financial Services |
| Headquarters | Daniel Building, , |
History
editOn March 2, 1964, the company was founded as the Central Bank and Trust Company by Harry B. Brock Jr., Schuyler Baker, and Hugh Daniel with US$1 million of capital. Other founding directors included Frank L. Hardy, John R. Israel, Wendell H. Taylor, and Stewart Welch.[1]
In 1967, the company moved into a new headquarters building on 20th Street South, now the University of Alabama at Birmingham Administration Building.
In 1971, Central made a hostile takeover bid for State National Bank in Decatur, 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 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. The City National Bank of Birmingham, which had also been planning a merger, countered with $80 per share. Central instructed their brokers to buy as many shares as they could up to $85 and ended with enough shares to control State National's board.[2]
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. 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. Another group, led by Frank Plummer, Norman Pless, and Bob Lowery, formed 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 an appeal and reorganized as the Central and State National Corporation, which was soon renamed Central Bancshares of the South.[3][4]
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. The bank began pursuing interstate banking in the legislature, and, in November 1984, was successful, again with the help of other big banks, in passing enabling legislation that took effect in 1986.[5]
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.[1]
D. Paul Jones took over the CEO position from Brock in 1991.[6]
In November 1993, the bank changed its name from Central Bancshares of the South Inc. to Compass Bancshares to reflect its expansion outside the South.[7]
In 1995, Brock favored a sale of the company to First Union; Jones successfully led a shareholder vote against the merger, saying there was more value to be earned as an independent company.[1]
During Jones's tenure, Compass Bancshares expanded into Florida and the west with the acquisitions of banks in Arizona, Colorado, and New Mexico.[2]
In 1999, the company rejected a merger proposal from AmSouth.[8][9]
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.[10]
In January 2008, Gary Hegel became CEO of the company.[11]
In March 2008, BBVA announced that it received Federal approval to integrate its four subsidiary banks (State National; Texas State Bank; Laredo National Bank; and Compass Bank) into a single organization initially called "Citation", which would become known as "BBVA Compass".[12]
In December 2008, Manolo Sanchez became CEO of the company.[13]
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.[14]
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.[15]
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.[16]
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.[17]
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.[18]
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.[19]
In April 2014, BBVA USA opened its renovated Development Center.[20]
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.[21][22] After that disclosure, BBVA Compass announced several actions to address the issues of community reinvestment, including committing $11 billion to community development lending, and retaining additional staff to manage community development investment.[23][24][25]
In October 2015, Money recognized BBVA USA for the best mobile banking app of the year.[26]
In December 2016, Onur Genç became CEO of the company.[27][28] Manolo Sánchez became non-executive chairman.[29] In 2017, Sánchez retired.[30]
In December 2018, Javier Rodríguez Soler became CEO of BBVA Compass.[31]
In June 2019, BBVA Compass was renamed BBVA USA.[32][33]
On June 1, 2021 the company was acquired by PNC Financial Services.[34]
U.S. sporting sponsorship
editOn 13 September 2010 BBVA became an official sponsor of the NBA.[35]
On 12 May 2012, BBVA Compass Stadium was opened in Houston with BBVA USA as sponsor. It was built as the venue for the Houston Dynamo Major League Soccer. Since 2014, the stadium has also hosted home games of the Houston Dash, a team in the National Women's Soccer League owned and operated by the Dynamo.[citation needed]
BBVA also sponsored BBVA Field, a college and lower division soccer venue on the campus of University of Alabama at Birmingham in Birmingham, Alabama. The venue has served as the home field for both the UAB Blazers men's and women's soccer teams since its opening in October 2015 as the replacement for West Campus Field.[36] Birmingham Legion FC, a lower division soccer club playing in the USL Championship also leased BBVA Field from 2019 to 2021 when they ended their lease early.[37]
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.
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 | [38] |
| Cornerstone Bancshares | January 19, 1993 | [38] |
| 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 | [39] |
| Enterprise National Bank | January 15, 1997 | [40] |
| Horizon Bancorp | March 12, 1997 | |
| Central Texas Bancorp | July 15, 1997 | [41] |
| GSB Investments | January 13, 1998 | [42] |
| Fidelity Resources Company | February 9, 1998 | [43] |
| Arizona Bank | December 15, 1998 | [44] |
| Norwest/Wells Fargo offices | April 19, 1999 | |
| Heartland Bank | October 20, 1999 | |
| Western Bancshares | January 13, 2000 | [39] |
| MegaBank Financial Corporation | April 3, 2000 | [45] |
| Founders Bank of Arizona | July 17, 2000 | [46] |
| FirsTier Corporation | January 4, 2001 | [47][48] |
| TexasBanc Holding Company | March 24, 2006 | [49] |
| Simple | 2014 | [50] |
References
edit
- ^ a b c Garrison, Greg (July 31, 2015). "Compass Bank founder Harry Brock turned Birmingham into a banking center". The Birmingham News.
- ^ a b Jahera Jr., John S. "BBVA Compass Bank". Encyclopedia of Alabama.
- ^ "HARRY B. BROCK, JR.: INNOVATIVE BANKER; INFLUENTIAL PROFESSIONAL AND CIVIC LEADER". University of Alabama.
- ^ "Brock Legacy". Samford University.
- ^ Noble, Kenneth B. (November 2, 1984). "INTERSTATE BANK PLANS APPROVED". The New York Times.
- ^ "D. Paul Jones Jr., former Compass chief, stepping down from Bank of America board". The Birmingham News. December 13, 2011.
- ^ "Compass buys a thrift in Florida panhandle". American Banker. November 4, 1993.
- ^ "COMPANY NEWS; COMPASS GAINS ON NEWS IT REJECTED AMSOUTH BID". The New York Times. Bloomberg News. April 10, 1999.
- ^ "BRIEFLY". Tampa Bay Times. April 10, 1999.
- ^ Anderson, Christina. "BBVA in the U.S.: A story of building, learning and leading". BBVA.
- ^ "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.
- ^ Barr, Greg (July 27, 2008). "BBVA pointing Compass toward name change under new banner". American City Business Journals.
- ^ Williams, Roy L. (August 29, 2010). "On the record: Manolo Sanchez, president and CEO of BBVA Compass". The Birmingham News.
- ^ "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 (September 13, 2013). "BBVA Compass CEO Manolo Sanchez to become chairman of board". The Birmingham News.
- ^ Dawson, Jennifer (April 13, 2011). "BBVA Compass to anchor new Galleria-area office tower". American City Business Journals. Archived from the original on 2011-04-16.
- ^ 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.
- ^ Seale, Michael (May 8, 2015). "BBVA Compass opens new center at Innovation Depot". American City Business Journals. Archived from the original on 2015-05-11.
- ^ "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.
- ^ Annaheekang (October 25, 2015). "This Is The Best Mobile Banking App Right Now". Money.
- ^ "BBVA Compass names Garanti Bank's Onur Genç as CEO" (Press release). PR Newswire. December 21, 2016.
- ^ "Alumni Spotlight: Onur Genç, Chief Executive Officer of Banco Bilbao Vizcaya Argentaria Group". Carnegie Mellon University. December 11, 2020.
- ^ "BBVA Compass chooses new CEO". Houston Chronicle. December 22, 2016.
- ^ Pulsinelli, Olivia (November 13, 2017). "BBVA Compass chairman Manolo Sanchez retiring, successor named". American City Business Journals.
- ^ "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 (June 10, 2019). "New day for BBVA: Bank's global brand strategy launches". The Birmingham News.
- ^ Coker, Angel; Pulsinelli, Olivia (June 11, 2019). "BBVA initiates rebranding, changes logo on buildings in Houston and elsewhere". American City Business Journals.
- ^ "PNC Completes Acquisition of BBVA USA" (Press release). PR Newswire. June 1, 2021.
- ^ "BBVA becomes NBA sponsor". Reuters India. 13 September 2010. Archived from the original on 12 May 2015.
- ^ Bakken, Jim (December 9, 2015). "Birmingham's newest sports venue, BBVA Compass Field at UAB, officially debuts". UAB News. University of Alabama at Birmingham. Retrieved April 1, 2018.
- ^ Seale, Michael (November 5, 2021). "Legion FC And UAB End Stadium Lease Agreement". Patch Birmingham. Retrieved 29 November 2021.
- ^ a b "Central Bancshares of the South reports earnings for Qtr to Dec 31". The New York Times. January 16, 1993.
- ^ 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.
- ^ "Mergers and Acquisitions". S&P Global.
- ^ 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". The 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.