Reportedly, 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 $12bn of assets, assumed $11.5bn 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 $2.3bn of losses and 95% of the losses above that threshold.
Jose Maria Garcia Meyer, country manager of BBVA US and chairman of BBVA Compass, said: “The seamless conversion of Guaranty further advances BBVA’s well-defined strategy of growth and development of its US franchise in the attractive Sunbelt Region.
“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.”
Manolo Sanchez, CEO of BBVA Compass, said: “We are very pleased to welcome the former Guaranty branches, customers and communities to the BBVA Compass family. 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.”
BBVA Compass is a subsidiary of Compass Bancshares, a wholly owned subsidiary of Spain-based BBVA.
