Compass Bancshares Acquires Texas Agency

Birmingham, Ala.-based Compass Bancshares Inc. recently expanded its agency base with the acquisition of Maxson-Mahoney-Turner Inc. of Dallas, Texas.

According to Compass, Maxson-Mahoney-Turner, established in 1915, has revenues of approximately $5 million and services commercial and retail customers in the Dallas/Fort Worth metroplex and the southwestern U. S. Maxson-Mahoney-Turner specializes in providing property and casualty insurance, personal insurance, employee benefit plans and surety products.

“This acquisition is consistent with our business plan aimed at increasing fee-based revenues and cross-sell opportunities,” said D. Paul Jones, Jr., Compass’ chairman and chief executive officer. “The addition of Maxson-Mahoney-Turner, combined with Horizons Insurance Group which we acquired last year, will enable us to more effectively serve customers in the Dallas/Fort Worth metroplex, one of our key southwestern markets.”

The senior management team of Maxson-Mahoney-Turner, led by president David O. Turner, will continue in their present roles and will operate under the Maxson-Mahoney-Turner name. “We are delighted to join an outstanding organization that shares our philosophy of providing exceptional customer service and quality products,” said Turner. “By uniting with Compass, we have enhanced our opportunities for growth as we offer a wide range of services to Compass’ customers, as well as offer our clients access to Compass’ banking products.”

Topics Mergers & Acquisitions Texas