Compass Bank to acquire TexasBanc Holding Co.

Compass Bank’s parent company announced today that it had agreed to acquire Fort Worth-based TexasBanc Holding Co. and its 24 banking centers across North Central Texas for cash and stock valued at $464 million.

The acquisition, if approved by regulators and TexasBanc shareholders, would create a company with $19.6 billion in deposits, 43 percent of which — or $8.4 billion — would be in Texas. Officials said that would make the combined company the fifth-largest bank in Texas and the fourth-largest in the Dallas-Fort Worth-Arlington area based on deposit market share.

TexasBanc operates through its TexasBank subsidiary, which has no branches in the San Antonio area. It reports assets of more than $1.6 billion.

Compass Bancshares, based in Birmingham, Ala., has 23 Compass branches in San Antonio, 22 in Austin and eight in Central Texas. The $29.5 billion holding company also operates in Alabama, Arizona, Colorado, Florida and New Mexico.

Compass Chairman D. Paul Jones Jr. said TexasBanc is a well-run company that has experienced “outstanding profitable growth” featuring personalized customer service.

The acquisition, Jones said, demonstrates Compass’ focus on building shareholder value through “continued investment in high-growth markets that further enhance our future growth capabilities and that make financial sense.”

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.