Compass Bank to lay off more than 80

Compass Bank said it intends to lay off more than 80 workers in Fort Worth after it completes its merger with TexasBank, a deal announced in September and expected to be completed this month.

Doug Hutt, president of Compass Bank-Texas, said Birmingham, Ala.-based Compass Bank plans to shut down a TexasBank operations center at 8851 Camp Bowie Blvd. as check- and data-processing work done there is combined with existing Compass facilities.

However, he said, "We're looking to build a new operations site out by the [D/FW] airport that will allow us to serve Dallas and Fort Worth from one location."

Hutt, who is based in Dallas, said the plan is to consolidate operations on or about April 6.

Most of the layoffs would start about then, and idled workers will receive severance packages, he said.

TexasBank now has about 550 workers. Hutt said he expects 467 current TexasBank workers to remain with Compass. TexasBank President Vernon Bryant will remain as Compass Bank's regional executive for the Tarrant County area.

Compass on Sept. 20 announced that it would pay $464 million in cash and stock to acquire TexasBank, which is Tarrant County's largest locally based commercial bank, with 25 branches and nearly $1.7 billion in assets as of Sept. 30. The move will make Compass the fourth-biggest bank in Tarrant County and the fifth-biggest in the state by deposits.

Hutt said that while Compass will consolidate the operations facilities, it will continue to open new branches and hire staff for new offices.

"We're hiring retail branch workers and lenders," he said. However, he noted that "there's a shortage of bank personnel" because of the number of new institutions moving into or expanding in the North Texas area.

For example, First Horizon Bank next week plans to open its first Tarrant County branch, at 301 Commerce St. in downtown Fort Worth. Memphis, Tenn.-based First Horizon, which last year opened four Dallas County branches, expects to open a second downtown location later this year, said Scott Jones, manager of First Horizon's Tarrant County operations.

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.