BBVA USA
{{short description|Former American bank holding company}}
{{Infobox company
| name = BBVA USA
| logo = BBVA 2019.svg
| logo_size = 250px
| image = Daniel Building.jpg
| image_caption = Daniel Building, the former headquarters of BBVA USA in Birmingham, AL
| type = Defunct
| industry = Banking
| foundation = {{Start date and age|1964|03|02}}
| founder = Harry B. Brock Jr.
| fate = Acquired by PNC Financial Services
| defunct = {{end date and age|2021|10|08}}
| successor = PNC Financial Services
| hq_location = Daniel Building
| hq_location_city = Birmingham, Alabama
| hq_location_country = United States
}}
BBVA USA was a bank headquartered in Birmingham, Alabama. It was a subsidiary of Banco Bilbao Vizcaya Argentaria from 2007 until 2021, when it was acquired by PNC Financial Services. It operated mainly in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. The bank was earlier named Central Bank and Trust Company, Central Bank, Central Bancshares of the South, and Compass Bancshares.
History
On March 2, 1964, the company was founded as the Central Bank and Trust Company by Harry B. Brock Jr., Schuyler Baker, and Hugh Daniel with US$1 million of capital. Other founding directors included Frank L. Hardy, John R. Israel, Wendell H. Taylor, and Stewart Welch.
In 1967, the company moved into a new headquarters building on 20th Street South, now the University of Alabama at Birmingham Administration Building.
In 1971, Central made a hostile takeover bid for State National Bank in Decatur, the only bank that could open branches across county lines. The bid was supported by Hugh Agricola and other shareholders of the First National Bank of Gadsden, which had been bought by State National. It was financed by a US$10 million line of credit from the Bank of Virginia, which was pioneering its own statewide banking company. By July, Central was able to assemble a voting trust representing about a third of State National's shares in advance of a public offering of US$70 per share. The City National Bank of Birmingham, which had also been planning a merger, countered with $80 per share. Central instructed their brokers to buy as many shares as they could up to $85 and ended with enough shares to control State National's board.{{Cite web | url=http://encyclopediaofalabama.org/article/h-3283 | title=BBVA Compass Bank | first=John S. | last=Jahera Jr. | work=Encyclopedia of Alabama}}
In response, Alabama's other major banks filed several court actions in an attempt to block the merger. One action, brought in Federal Court, did succeed in blocking it, on the technicality that Alabama's banking laws, under which the state-chartered bank operated, were incompatible on a few points with Federal banking laws that governed the national banks in the area of mergers. While this finding was being appealed, banking lobbyists were pushing for new legislation that would prevent the merged company from being able to operate in more than one county. Brock and Central Bank's other officers personally lobbied against the bill. Although it would have passed easily, the bill died in committee without reaching the floor for a vote. The result of the failed bill was that statewide bank holding companies were recognized as a legal possibility for the first time, and the other major banks moved quickly to organize while Central was waiting for a decision. Another group, led by Frank Plummer, Norman Pless, and Bob Lowery, formed Alabama's first statewide holding company while Central's appeal was pending. This group even stole Brock's intended name for Central's proposed holding company, First Alabama Bancshares, forerunner of Regions Financial Corporation. Central did win an appeal and reorganized as the Central and State National Corporation, which was soon renamed Central Bancshares of the South.{{Cite web | url=https://abhof.culverhouse.ua.edu/member/harry-b-brock-jr/ | title=HARRY B. BROCK, JR.: INNOVATIVE BANKER; INFLUENTIAL PROFESSIONAL AND CIVIC LEADER | publisher=University of Alabama}}{{Cite web | url=https://www.samford.edu/business/brock-legacy | title=Brock Legacy | publisher=Samford University}}
In 1981, Central and a coalition of other bank holding companies successfully lobbied for the Bank Merger Act, allowing statewide bank branching under a single banking company. The bank began pursuing interstate banking in the legislature, and, in November 1984, was successful, again with the help of other big banks, in passing enabling legislation that took effect in 1986.{{Cite news | url=https://www.nytimes.com/1984/11/02/business/interstate-bank-plans-approved.html | title=INTERSTATE BANK PLANS APPROVED | first=Kenneth B. | last=Noble | work=The New York Times | date=November 2, 1984 | url-access=limited}}
The bank's first acquisition out of state was the failing First National Bank of Crosby, Texas in February 1987. Central Bancshares became the first bank in Alabama to own a bank in another state and the first out-of-state bank to own a bank in Texas.
D. Paul Jones took over the CEO position from Brock in 1991.{{Cite news | url=https://www.al.com/businessnews/2011/12/d_paul_jones_jr_former_compass.html | title=D. Paul Jones Jr., former Compass chief, stepping down from Bank of America board | work=The Birmingham News | date=December 13, 2011}}
In November 1993, the bank changed its name from Central Bancshares of the South Inc. to Compass Bancshares to reflect its expansion outside the South.{{Cite news | url=https://www.americanbanker.com/news/compass-buys-a-thrift-in-florida-panhandle | title=Compass buys a thrift in Florida panhandle. | work=American Banker | date=November 4, 1993 | url-access=subscription}}
In 1995, Brock favored a sale of the company to First Union; Jones successfully led a shareholder vote against the merger, saying there was more value to be earned as an independent company.{{Cite news | url=https://www.al.com/living/2015/07/compass_bank_founder_harry_bro.html | title=Compass Bank founder Harry Brock turned Birmingham into a banking center | first=Greg | last=Garrison | work=The Birmingham News | date=July 31, 2015}}
During Jones's tenure, Compass Bancshares expanded into Florida and the west with the acquisitions of banks in Arizona, Colorado, and New Mexico.
In 1999, the company rejected a merger proposal from AmSouth.{{Cite news | url=https://www.nytimes.com/1999/04/10/business/company-news-compass-gains-on-news-it-rejected-amsouth-bid.html | title=COMPANY NEWS; COMPASS GAINS ON NEWS IT REJECTED AMSOUTH BID | agency=Bloomberg News | work=The New York Times | date=April 10, 1999 | url-access=limited}}{{Cite news | url=https://www.tampabay.com/archive/1999/04/10/briefly/ | title=BRIEFLY | work=Tampa Bay Times | date=April 10, 1999 | url-access=subscription}}
On September 7, 2007, Banco Bilbao Vizcaya Argentaria (BBVA), then second largest bank in Spain, acquired the company. In late 2008, Compass modified its name to BBVA Compass.{{cite web | url=https://www.bbva.com/en/bbva-u-s-story-building-learning-leading/ | title=BBVA in the U.S.: A story of building, learning and leading | first=Christina | last=Anderson | publisher=BBVA}}
In January 2008, Gary Hegel became CEO of the company.{{cite press release | url=https://www.businesswire.com/news/home/20071212006123/en/Compass-Bancshares-Announces-Retirement-D.-Paul-Jones | title=Compass Bancshares Announces the Retirement of D. Paul Jones, Jr., Garrett R. Hegel to Succeed Jones as CEO and President | publisher=Business Wire | date=December 12, 2007}}
In March 2008, BBVA announced that it received Federal approval to integrate its four subsidiary banks (State National; Texas State Bank; Laredo National Bank; and Compass Bank) into a single organization initially called "Citation", which would become known as "BBVA Compass".{{Cite news | url=https://www.bizjournals.com/houston/stories/2008/07/28/story8.html | title=BBVA pointing Compass toward name change under new banner | first=Greg | last=Barr | work=American City Business Journals | date=July 27, 2008}}
In December 2008, Manolo Sanchez became CEO of the company.{{Cite news | url=https://www.al.com/businessnews/2010/08/on_the_record_manolo_sanchez_p.html | title=On the record: Manolo Sanchez, president and CEO of BBVA Compass | first=Roy L. | last=Williams | work=The Birmingham News | date=August 29, 2010}}
On August 21, 2009, in a Federal Deposit Insurance Corporation-supervised transaction, BBVA Compass acquired the deposits and other core assets of Guaranty Bank of Austin, Texas, which suffered from bank failure. The deal gave BBVA Compass a presence in California and expanded an existing presence in Texas.{{cite news | url=https://www.bizjournals.com/sanfrancisco/stories/2009/08/17/daily90.html | title=BBVA Compass buys failed Guaranty Bank | work=American City Business Journals | date=August 21, 2009}}
In 2009, the bank launched the BBVA Compass ClearPoints Card, a rewards card with an associated mobile app that notably allows for real-time, in-person redemption of rewards points.{{cite news | url=https://www.al.com/businessnews/2009/10/bbva_compass_aims_to_make_rule.html | title=BBVA Compass aims to make rules clear with new credit card | first=Roy L. | last=Williams | work=The Birmingham News | date=October 2, 2009}}
In 2010, Garcia Meyer-Dohner stepped down as the bank's chairman and U.S. country manager for BBVA. BBVA Compass president and CEO Manolo Sánchez was appointed to also assume Garcia Meyer-Dohner's role as the U.S. country manager for BBVA. Board member Lawrence R. Uhlick was chosen to serve as BBVA Compass chairman.{{Cite news | url=https://www.al.com/business/2013/09/bbva_compass_ceo_manolo_sanche.html | title=BBVA Compass CEO Manolo Sanchez to become chairman of board |last=Diel | first=Stan | work=The Birmingham News | date=September 13, 2013}}
In April 2011, BBVA Compass announced the construction of a new-eco-efficient corporate office building in Houston's Galleria area, which would serve as BBVA Compass Bancshares, Inc. headquarters.{{cite news | url=https://www.bizjournals.com/houston/news/2011/04/13/bbva.html | title=BBVA Compass to anchor new Galleria-area office tower | first=Jennifer | last=Dawson | work=American City Business Journals | date=April 13, 2011 | archive-url=https://web.archive.org/web/20110416085018/http://www.bizjournals.com/houston/news/2011/04/13/bbva.html | archive-date=2011-04-16 | url-status=live}}
BBVA Compass was one of over 30 banks accused of improperly manipulating customers’ checking account transactions to generate excess overdraft fees by posting them in highest-to-lowest dollar amount instead of in chronological order. In July 2012, the bank agreed to pay $11.5 million to settle the lawsuit.{{cite news | url=https://www.bloomberg.com/news/articles/2012-07-03/bbva-compass-settles-overdraft-suit-for-11-5-million | last=Susannah | first=Nesmith | title=BBVA Compass Settles Overdraft Suit for $11.5 Million | work=Bloomberg News | date=July 3, 2012 | url-access=subscription}}
In 2013, BBVA further expanded its regional presence with the opening of BBVA Compass Plaza, a {{convert|312000|ft2|adj=on}} office building in Houston.{{cite news | url=https://www.houstonchronicle.com/business/real-estate/article/Deal-of-the-Week-New-owner-for-BBVA-Compass-Plaza-6616614.php | title=Deal of the Week: New owner for BBVA Compass Plaza | first=Katherine | last=Feser | work=Houston Chronicle | date=November 6, 2015}}
In April 2014, BBVA USA opened its renovated Development Center.{{cite web| url=https://www.bizjournals.com/birmingham/news/2015/05/08/bbva-compass-opens-new-center-at-innovation-depot.html | title=BBVA Compass opens new center at Innovation Depot | first=Michael | last=Seale | work=American City Business Journals | date=May 8, 2015 | archive-url=https://web.archive.org/web/20150511094213/http://www.bizjournals.com/birmingham/news/2015/05/08/bbva-compass-opens-new-center-at-innovation-depot.html| archive-date=2015-05-11 | url-status=live }}
In 2014, BBVA Compass disclosed that the results of its periodic examination for compliance with the Community Reinvestment Act (CRA) would probably restrict its ability to engage in additional mergers and acquisitions until after its next scheduled examination.{{cite web | title=Form 10-Q, BBVA Compass Bancshares, Inc. | publisher=U.S. Securities and Exchange Commission | url=https://www.sec.gov/Archives/edgar/data/1409775/000140977514000098/0001409775-14-000098-index.htm | date=November 13, 2014}}{{cite news | url=https://www.bizjournals.com/birmingham/news/2014/08/14/bbva-compass-could-face-restrictions-on-new.html | title=BBVA Compass could face "restrictions" on new branches, certain mergers and acquisitions | first=Antrenise | last=Cole | work=American City Business Journals | date=August 14, 2014}} After that disclosure, BBVA Compass announced several actions to address the issues of community reinvestment, including committing $11 billion to community development lending, and retaining additional staff to manage community development investment.{{cite press release | url=https://www.prnewswire.com/news-releases/bbva-compass-announces-the-hiring-of-community-relations-officers-to-coordinate-banks-efforts-273806951.html | title=BBVA Compass announces the hiring of community relations officers to coordinate bank's efforts | publisher=PR Newswire | date=September 3, 2014}}{{cite press release | url=https://www.prnewswire.com/news-releases/bbva-compass-names-new-executive-to-oversee-its-community-reinvestment-act-program-277431511.html | title=BBVA Compass names new executive to oversee its Community Reinvestment Act program | publisher=PR Newswire | date=September 29, 2014}}{{cite press release | url=https://www.prnewswire.com/news-releases/bbva-compass-pledges-11-billion-to-community-development-program-281779511.html | title=BBVA Compass pledges $11 billion to community development program | publisher=PR Newswire | date=November 6, 2014}}
In October 2015, Money recognized BBVA USA for the best mobile banking app of the year.{{Cite web | url=https://money.com/collection-post/best-mobile-banking-app-bbva-compass-2015/ | title=This Is The Best Mobile Banking App Right Now | work=Money | author=Annaheekang | date=October 25, 2015}}
In December 2016, Onur Genç became CEO of the company.{{cite press release | url=https://www.prnewswire.com/news-releases/bbva-compass-names-garanti-banks-onur-genc-as-ceo-300382779.html | title=BBVA Compass names Garanti Bank's Onur Genç as CEO | publisher=PR Newswire | date=December 21, 2016}}{{Cite web | url=https://www.cmu.edu/tepper/news/stories/2020/december/alumni-spotlight-onur-gen%C3%A7.html | title=Alumni Spotlight: Onur Genç, Chief Executive Officer of Banco Bilbao Vizcaya Argentaria Group | publisher=Carnegie Mellon University | date=December 11, 2020}} Manolo Sánchez became non-executive chairman.{{Cite news | url=https://www.houstonchronicle.com/business/article/BBVA-Compass-names-new-CEO-10812134.php | title=BBVA Compass chooses new CEO | work=Houston Chronicle | date=December 22, 2016}} In 2017, Sánchez retired.{{Cite news | url=https://www.bizjournals.com/houston/news/2017/11/13/bbva-compass-chairman-manolo-sanchez-retiring.html | title=BBVA Compass chairman Manolo Sanchez retiring, successor named | first=Olivia | last=Pulsinelli | work=American City Business Journals | date=November 13, 2017}}
In December 2018, Javier Rodríguez Soler became CEO of BBVA Compass.{{cite press release | url=https://www.prnewswire.com/news-releases/bbva-names-javier-rodriguez-soler-as-bbva-compass-ceo-and-country-manager-for-the-us-300769664.html | title=BBVA names Javier Rodriguez Soler as BBVA Compass CEO and Country Manager for the U.S. | publisher=PR Newswire | date=December 28, 2018}}
In June 2019, BBVA Compass was renamed BBVA USA.{{cite news | last=Thornton | first=William | title=New day for BBVA: Bank's global brand strategy launches | url=https://www.al.com/business/2019/06/new-day-for-bbva-banks-global-brand-strategy-launches.html | work=The Birmingham News | date=June 10, 2019}}{{Cite news | url=https://www.bizjournals.com/houston/news/2019/06/11/bbva-initiates-rebranding-changes-logo-on.html | title=BBVA initiates rebranding, changes logo on buildings in Houston and elsewhere | first1=Angel | last1=Coker | first2=Olivia | last2=Pulsinelli | work=American City Business Journals | date=June 11, 2019}}
On June 1, 2021 the company was acquired by PNC Financial Services.{{cite press release | url=https://www.prnewswire.com/news-releases/pnc-completes-acquisition-of-bbva-usa-301302917.html | title=PNC Completes Acquisition of BBVA USA | publisher=PR Newswire | date=June 1, 2021}}
U.S. sporting sponsorship
On 13 September 2010 BBVA became an official sponsor of the NBA.{{cite web|url=http://in.reuters.com/article/idINIndia-51454220100913|title=BBVA becomes NBA sponsor|date=13 September 2010|work=Reuters India|url-status=dead|archive-url=https://web.archive.org/web/20150512061839/http://in.reuters.com/article/2010/09/13/idINIndia-51454220100913|archive-date=12 May 2015}}
On 12 May 2012, BBVA Compass Stadium was opened in Houston with BBVA USA as sponsor. It was built as the venue for the Houston Dynamo Major League Soccer. Since 2014, the stadium has also hosted home games of the Houston Dash, a team in the National Women's Soccer League owned and operated by the Dynamo.{{citation needed|date=January 2015}}
BBVA also sponsored BBVA Field, a college and lower division soccer venue on the campus of University of Alabama at Birmingham in Birmingham, Alabama. The venue has served as the home field for both the UAB Blazers men's and women's soccer teams since its opening in October 2015 as the replacement for West Campus Field.{{cite web|last1=Bakken|first1=Jim|title=Birmingham’s newest sports venue, BBVA Compass Field at UAB, officially debuts|url=https://www.uab.edu/news/campus/item/6810-birmingham-s-newest-sports-venue-bbva-compass-field-at-uab-officially-debuts|website=UAB News|publisher=University of Alabama at Birmingham|access-date=April 1, 2018|ref=UAB1|date=December 9, 2015}} Birmingham Legion FC, a lower division soccer club playing in the USL Championship also leased BBVA Field from 2019 to 2021 when they ended their lease early.{{cite news |last1=Seale |first1=Michael |title=Legion FC And UAB End Stadium Lease Agreement |url=https://patch.com/alabama/birmingham-al/legion-fc-uab-end-stadium-lease-agreement |access-date=29 November 2021 |publisher=Patch Birmingham |date=November 5, 2021}}
From 2011 to 2014, BBVA USA was the title sponsor of the Birmingham Bowl (then called the BBVA Compass Bowl), a college football bowl game played annually in Birmingham.
Acquisition history
References
{{Portal|Banks}}
{{reflist}}
{{PNC Financial Services Group}}
{{Banco Bilbao Vizcaya Argentaria}}
Category:American companies established in 1964
Category:1964 establishments in Alabama
Category:2007 mergers and acquisitions
Category:2021 mergers and acquisitions
Category:Banco Bilbao Vizcaya Argentaria
Category:Banks established in 1964