Compass Bank Raises Nearly $1.8 Million for American Red Cross Hurricane Katrina Relief

BIRMINGHAM, Ala.--Compass Bank today announced that its employees, customers and other groups have contributed $1.8 million to the American Red Cross Disaster Relief Fund in a drive to support victims of Hurricane Katrina. This total includes a $250,000 matching donation that was pledged by the company shortly after the storm hit the gulf coast in late August.

"This disaster has touched all of us in some way and the response from Compass employees, customers and countless others has been overwhelming," said D. Paul Jones, Jr., Compass' chairman and chief executive officer. "We hope that these funds may be put to use as quickly as possible to meet the immediate and long-term needs of those affected by this terrible event."

Compass began accepting donations at all of its banking centers across six states the day after Hurricane Katrina made landfall on August 29. The fundraising and matching contribution to the American Red Cross were part of a comprehensive program that included disaster relief loans and special financial assistance for bank employees affected by the storm.

"The outpouring of support for the Hurricane Katrina relief efforts of the American Red Cross from Compass Bank and its employees and customers is truly wonderful," says Billy Baxter, CEO American Red Cross Birmingham Chapter. "Their generous support will help the Red Cross provide immediate and long-term relief to those that were touched by this catastrophic event."

Compass Bank is a subsidiary of Compass Bancshares, Inc., a Southwestern financial holding company with $29.5 billion in assets and 385 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Compass Bancshares is among the top 30 U.S. bank holding companies by asset size and ranks among the top earners of its size based on return on equity. The company's earnings per share have increased for 17 consecutive years and dividends per share have increased for 24 consecutive years.

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.