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Compass Bank Buys Benefits Broker

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NU Online News Service, Jan. 14, 2005, 11:20 a.m. EST

Compass Bancshares Inc., Birmingham, Ala., has agreed to acquire Warren Benefits Group LP, a Houston insurance brokerage.

Compass says the acquisition is aimed at building its sales of group health and welfare benefits to small businesses as well as individual health and life policies.

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“This acquisition is a logical extension of our business plan to increase fee-based revenues,” says D. Paul Jones, Jr., Compass’ chairman and chief executive officer.

The new brokerage is the bank’s ninth such acquisition since 2000.

Compass Bancshares Inc. is a $28 billion holding company operating banks in Texas, Alabama, Arizona, Florida, Colorado and New Mexico.