Compass Bancshares Expands Ins. Holdings, Acquires Mueller & Assoc.

Compass Bancshares Inc., headquartered in Birmingham, Ala., announced it has acquired Mueller & Associates Inc., of Tucson, Ariz., a full-line general insurance brokerage firm.

Mueller & Associates has revenues of approximately $4 million and services commercial and retail customers in Tucson and throughout the state of Arizona. It specializes in providing property and casualty insurance, personal insurance, life insurance 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 Mueller & Associates expands our product offerings and revenue stream in the insurance area, and allows us to more effectively serve customers in another of our key southwestern markets. Compass now operates two insurance agencies in the state of Arizona, including Phoenix-based Schaefer-Smith-Ankeney Insurance Agency which we acquired last year.”

The senior management team of Mueller & Associates, led by president and chief executive officer Robert Mueller, will continue in their present roles and will operate under the Mueller & Associates name. “We are delighted to join an outstanding organization that shares our philosophy of providing exceptional customer service and quality products,” said Mueller. “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.”