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FOR IMMEDIATE RELEASE
February 16, 2007
FOR MORE INFORMATION, CONTACT:
Jud Harmon
P 434.951.7451

SNL Financial Analyzes BBVA's Acquisition of Compass

Charlottesville, VA (February 16, 2007) — SNL Financial has released data tables on how Banco Bilbao Vizcaya Argentaria SA's announced $9.6 billion bid for Compass Bancshares Inc. fits into the U.S. banking marketplace. BBVA will offer Compass shareholders the right, subject to proration, to elect to receive 2.8 BBVA American depositary shares, or $71.82 in cash, for each Compass share, representing a 9.5% premium over the Feb. 15 closing price. For additional deal analysis, click here:  http://www.snl.com/marketing/bbva_pr_02162007.pdf

SNL Financial's Director of Financial Institutions, John McCune, sees the deal as a good one for BBVA. "It makes a lot of sense for BBVA, in the context of its prior acquisitions in Texas, where Compass has a strong presence. In Compass, BBVA also gets a bank with a presence in areas with an established and growing Hispanic presence, including Phoenix and Denver.

SNL Financial's Associate Director of Financial Institutions, Brian Shullaw, commented on Compass' attractive market area. "It is obviously a nice region in which to expand and fills out BBVA's southern footprint. Looking ahead, BBVA will probably take some time to digest this deal but I doubt it is completely satisfied. The company's next deal could be in early or mid-2008, possibly expanding its footprint up the southern East Coast." However, he does question the price. "It seems a little pricey in terms of price-to-book."

SNL Financial's Senior Mergers and Acquisitions Analyst, Jud Harmon, is not surprised by the transaction or its price. "Texas remains the hottest market for bank deals. Just like Florida a few years ago, banks with a significant presence in Texas are commanding solid premiums. It has as much to do with supply and demand as it does about the quality of the acquisition targets."

Harmon adds, "While the 9.5% premium over yesterday's close for Compass does not seem high at first glance, it fails to take into account the 7.4% spike from the day before, when the rumors were rampant."

The transaction is expected to close in the fourth quarter of 2007.

About SNL Financial

SNL collects, standardizes and disseminates all relevant corporate, financial, market, and M&A data — plus news and analysis — for the Banking, Financial Services, Insurance, Real Estate, Energy and Media & Communications industries. For more information, visit www.SNL.com.