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.
“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.