HOUSTON, Nov. 22, 2013 /PRNewswire/ -- BBVA Compass Bancshares Inc., a Sunbelt-based bank holding company (BBVA Compass), announced today that it has filed a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission (SEC).
The Registration Statement on Form 10 includes detailed information about BBVA Compass as a standalone entity, including BBVA Compass' audited 2012 and 2011 financial statements together with the report by the company's independent registered public accounting firm, and BBVA Compass' unaudited interim financial statements as of, and for, the nine months ended September 30, 2013.
The filing is an important and necessary first step in BBVA Compass becoming an SEC reporting company.
"Undergoing this process provides us with the potential for increased financial flexibility," said Manolo Sanchez, chairman and CEO of BBVA Compass Bancshares Inc. "By gaining access to the capital markets, we augment the opportunities available to us to supplement our liquidity position and further enhance our ability to execute future strategies designed to expand our capabilities and serve our growing customer base."Upon the effectiveness of the Registration Statement on Form 10, BBVA Compass will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and as a result will file periodic reports and other information with the SEC. The Registration Statement on Form 10 is available through the public website of the SEC at www.sec.gov. About BBVA Group BBVA Compass Bancshares Inc., is a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com . About BBVA Compass BBVA Compass Bancshares, Inc. is a Sunbelt-based bank holding company whose lead subsidiary, BBVA Compass, operates 687 branches, including 351 in Texas, 90 in Alabama, 78 in Arizona, 64 in California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration and was recently awarded the 2013 Celent Model Bank Award for its new core banking platform. Additional information about BBVA Compass can be found at www.bbvacompass.com. Forward-Looking Statements Certain statements in this press release may contain forward-looking statements about the Company and its industry that involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding our future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to the Company, constitute forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect the Company's views regarding future events and financial performance. Such statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond the Company's control, that could cause actual results to differ materially from anticipated results. If the Company's assumptions and estimates are incorrect, or if the Company becomes subject to significant limitations as the result of litigation or regulatory action, then the Company's actual results could vary materially from those expressed or implied in these forward-looking statements. The forward-looking statements are and will be based on the Company's then current views and assumptions regarding future events and speak only as of their dates made. The Company assumes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by securities law. For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Risk Factors" section of the Company's Registration Statement on Form 10.