BBVA Compass
BBVA Compass (also referred to as BBVA) was a publicly-held company and a subsidiary of Compass Bancshares, Inc.. BBVA Compass was formed by the acquisition of Birmingham's Compass Bank by Spain's Banco Bilbao Vizcaya Argentaria. The $9.6 billion sale ($71.82 per share) was announced on February 16, 2007.
BBVA Compass was briefly headquartered in the Daniel Building at 15 20th Street South in downtown Birmingham's Midtown district. In January 2008, Gary Hegel succeeded D. Paul Jones as CEO. BBVA merged its three other U. S. banks, Laredo National Bank, State National Bank and Texas State Bank, into Compass's operations that year. Hegel moved the headquarters offices to Houston, Texas, but maintained significant administrative and technical operations in Birmingham, split between the Daniel Building and the Harry B. Brock Administrative Center in Lakeview.
From 2010 to 2013 the bank served as title sponsor of the Birmingham Bowl.
In 2019 BBVA Compass held $91 billion in assets and operated 672 full-service banking offices in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. BBVA's United States banking division was one of the nation's 30 largest banks, and was a member of the S&P 500 Index and the Dow Jones Select Dividend Index.
BBVA Compass and its siblings (Francés in Argentina, Bancomer in Mexico, and Continental in Peru) were rebranded as BBVA in 2019. In November 2020 BBVA announced the sale of its US operations to PNC Bank of Pittsburgh, Pennsylvania for $11.6 billion. The sale is set to close in 2021.
With the acquisition, PNC became the 5th largest bank in the United States with $550 billion in assets.
Chief executives
- D. Paul Jones, 2007-January 2008
- Gary Hegel, January-November 2008
- Manolo Sanchez, 2008-2017
- Onur Genç, 2017-January 2019
- Javier Soler, January 2019-
References
- Williams, Roy L. (August 29, 2010) "On the record: Manolo Sanchez, president and CEO of BBVA Compass" The Birmingham News
- Coker, Angel (April 24, 2019) "BBVA Compass to be rebranded to BBVA." Birmingham Business Journal
- Thornton, William (June 10, 2019) "New day for BBVA: Bank’s global brand strategy launches." The Birmingham News
- "PNC to buy BBVA's U.S. operations for $11.6B." (November 16, 2020) Birmingham Business Journal
- Thornton, William (November 17, 2020) "What does PNC’s acquisition of BBVA mean for Birmingham." The Birmingham News