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PHOENIX-Compass Bank has opened its fifth banking center in the Valley at One Compass Center at 48th Street and University Drive on the Phoenix-Tempe border.

“Our goal with this new business banking center is to service the businesses immediately surrounding the area, including Tempe tenants and those directly south of Sky Harbor,” said Rich Vogel, president of Compass Bank in Phoenix. Ron Parker, vice president of Compass Bank and manager of the new branch at 3150 S. 48th St. said the new center will target business owners with annual revenues of $2.5 million to $20 million.

Last year, the bank announced plans to build 15 freestanding retail branches and three business banking centers in the Valley by 2004. Compass has already opened seven retail branches and two business banking centers, including One Compass Center and a branch in Chandler.

In addition to traditional banking services, the business banking center provides traditional business financing, including term and real estate loans, working capital lines of credit, equipment finance and property and casualty insurance, investments, SBA loans and treasury management services.

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