Compass Bancshares Finalizes Purchase of Ariz.-based Agency

July 16, 2002

Compass Bancshares, Inc. has completed its acquisition of Schaefer-Smith- Ankeney Insurance Agency, L.C., a Phoenix, Arizona based full-line general insurance brokerage firm.

Schaefer-Smith-Ankeney specializes in providing commercial lines property and casualty insurance to clients based in Phoenix and the southwest. Schaefer- Smith-Ankeney also offers life, group, personal lines, bonds and benefits insurance locally. Other businesses include national industry specialty insurance for welding supplier coverage, chiropractor coverage and medical malpractice coverage. Additionally, Schaefer-Smith-Ankeney, through its subsidiaries, places excess and surplus lines’ coverage for other brokers.

The senior management team of Schaefer-Smith-Ankeney, led by president Craig Ankeney and chief operating officer Travis Hair, will continue in their present roles and will operate under the Schaefer-Smith-Ankeney name.

Compass Bancshares, Inc. is a $23 billion Sunbelt-based financial holding company that operates 340 full-service banking offices in Alabama, Arizona, Colorado, Florida, Nebraska, New Mexico and Texas.

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