Compass Bank Expands to All Points

PHOENIX–Compass Bank is expanding its presence in the mtropolitan area here with the purchase of three branches from Wells Fargo Bank for $6.45 million.

Based in Birmingham, AL, the financial institution had only one location in the Valley prior to this purchase. The branches are at 7155 E. Thunderbird in Scottsdale and 1802 E. Camelback Road and 3202 E. Bell Rd. in Phoenix. The banks will be converted into Compass Banks over the next several weeks.

Wells Fargo was required by bank regulators to sell off some branch locations in both Phoenix and Tucson as a condition of its merger with Norwest Bank.

Richard Ellis, of CB’s Phoenix office, negotiated the sale for Wells Fargo and the Phoenix office of Commercial Real Estate Advisors, along with CB’s brokers, negotiated the sale for the buyer.