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Article: Compass signs agreement to buy $310 million Florida bank.
- Article from:
- Business Wire
- Article date:
- February 21, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BIRMINGHAM, Ala.--(BUSINESS WIRE)--Feb. 21, 1996--Compass Bancshares, Inc. moved a step closer to increasing its Florida assets by 50 percent with the signing of a definitive agreement to acquire CFB Bancorp, Inc. and its subsidiary, Community First Bank in greater Jacksonville.
The acquisition, Compass' largest in Florida to date, will add $310 million in assets and $256 million in deposits to operations in the state.
It also boosts the number of offices in the rapidly growing Jacksonville metropolitan area from 13 to twenty-one. As part of the purchase, Compass will acquire CFB's two bank offices and loan production center on the state's west coast.