BIRMINGHAM, Ala., Nov. 20 /PRNewswire-FirstCall/ --
BBVA Compass recently earned a third-place ranking among the nation's top 2009 Small Business Administration (SBA) 7(a) Lenders according to The Coleman Report 500, an industry information source for SBA lenders. Despite a substantial decrease of 29 percent in total SBA 7(a) loan volume for fiscal year 2009, BBVA Compass generated a 34 percent increase in loan volume for 2009. BBVA Compass' participation in the SBA 7(a) loan program has increased steadily over the past four years, ranking 141st in 2006, 36th in 2007, and 18th in 2008.
"Small businesses represent an important segment of the U.S. economy and their entrepreneurial spirit has been a key driver of innovation throughout American history," said
, BBVA Compass president and chief executive officer. "Small businesses represent the lifeblood of our communities, and as the economic recovery progresses, they will play a vital role in restoring positive job creation and economic growth."
Sanchez continued, "Utilizing our branch network to identify new opportunities has allowed us to steadily increase SBA loan volumes throughout our Sunbelt footprint. In addition we have avoided unusual credit issues which could have diverted our attention from meeting the capital needs of small businesses. Our top three ranking proves that, even during challenging economic environments, BBVA Compass is committed to meeting the needs of small businesses and the communities in which we both serve and live."
In addition to earning a top three national ranking, earlier this year BBVA Compass was selected as the 7(a) "Lender of the Year" for large banking institutions for the fiscal year 2008 by the United States Small Business Administration. According to the SBA, Lender of the Year is given to institutions "that have used the SBA loan programs to help the maximum the number of small business owners to obtain the financing that they need to grow their businesses. These lenders demonstrate their creativity by using the SBA loan programs to assist those businesses that are not able to obtain conventional financing on reasonable terms."
"We believe that a strong small business lending program helps create thriving communities, which is why BBVA Compass has continued to increase our small business lending despite an economic environment that has seen SBA 7(a) lenders reduce their loan volumes in 2009 by 29 percent," said
, executive vice president and SBA division manager. "The strength and stability of BBVA Compass has allowed us to move up the rankings and will continue to allow us to provide capital to those entrepreneurs seeking financing for their small business."
BBVA Compass offers a wide range of products and services to meet the needs of any small business owner. From daily financial needs such as checking accounts or merchant services to its Compass BusinessClass® service with designated business teller windows and an online business resource center, BBVA Compass provides products and services to help businesses run more effectively - and more successfully.
Most recently, BBVA Compass launched Business Build-to-Order Free Checking(SM). Our Build-to-Order free checking account for businesses offers a range of core features, including no minimum balance requirement, free processing of 500 items per statement cycle, three free personalized check cards with CompassPoints® rewards, and free Online Banking with Compass Mobile® banking, alerts and unlimited Bill Pay. Business customers can then choose additional benefits from a menu of premium features. BTO for Business is one more way that BBVA Compass is helping businesses while building solutions around our customer's needs.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that operates 741 branches including 410 inTexas, 92 in Alabama, 59 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the 15th largest U.S. commercial bank based on deposit market share and ranks among the largest banks in Texas (4th), Alabama (3rd) and Arizona (5th). Additional information concerning BBVA Compass can be found on our website at www.bbvacompass.com.
BBVA Compass is a subsidiary of Compass Bancshares, Inc., a wholly-owned subsidiary of BBVA (NYSE: BBV) (MAD: BBVA). BBVA is a financial services group with more than $785 billion in total assets, 48 million clients, 7,600 branches and approximately 105,000 employees in more than 30 countries. BBVA ranks among the top seven largest financial institutions in the world based on market capitalization and 20th in Global Finance magazine's list of the "World's 50 Safest Banks" for 2009. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States as well as operations in China, France, Germany, Hong Kong, Italy,Japan, Singapore, Switzerland, and the United Kingdom.
Editor's note: BBVA Compass is the brand name of Compass Bank and is a trademark of Compass Bancshares, Inc.
SOURCE BBVA Compass
For further information: Ed Bilek, External Communications of BBVA Compass, +1-205-297-3331, email@example.com