South Texas' largest bank will lose its name in August as Texas State Bank completes the merger with Spanish-based BBVA.
Starting Aug. 22, Texas State Bank will cease to exist and become BBVA-Compass, taking the name from its parent company, BBVA, and the bank's largest U.S.-subsidiary, Birmingham-based Compass.
BBVA USA, the American arm of the international, announced the changes in letters to customers this week. It will also mean a change to one of McAllen's most notable landmarks, the Texas State Bank building, which will become the BBVA-Compass building.
The bank will also fire 52 employees at their Edinburg regional operations office. The jobs were considered redundant after the banks merged, said a spokeswoman for the company.
The move is little surprise after Texas State Bank was purchased by BBVA in June 2006 for $2.16 billion. Since then BBVA has been working to merge many aspects of the company into the Compass brand, including the bank's lending unit earlier this year.
Management at the bank, including former CEO Glen Roney, will stay on for the immediate future. Roney and other top managers are under contract to stay with the bank as a term of the buyout.
Roney said last month he expected the changes to come very soon.
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