SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES ACT OF 1934
For the Period Ended December 31, 1993 Commission File No. 0-6032
COMPASS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
(Full title of the Plan)
COMPASS BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0593897
- - ------------------------ ------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
15 South 20th Street
Birmingham, Alabama 35233
----------------------------------------
(Address of principal executive offices)
(205) 933-3000
-------------------------------
(Registrant's telephone number)
<PAGE>
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
FINANCIAL INFORMATION
- - ---------------------
Item 1 Audited statements of financial condition as of December 31, 1993
and 1992
Item 2 Audited statements of income and changes in plan equity for the three
years ended December 31, 1993
<PAGE>
Independent Auditors' Report
The Board of Directors
Compass Bancshares, Inc.
We have audited the accompanying statements of net assets available for
plan benefits as of December 31, 1993 and 1992 of Compass Bancshares, Inc.
Employee Stock Ownership Plan and the related statements of changes in net
assets available for plan benefits for each of the years in the three-year
period ended December 31, 1993. In connection with our audits of the
financial statements, we also have audited financial statement schedules I,
II, III and IV. These financial statements and financial statement
schedules are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
as of December 31, 1993 and 1992, and the changes in net assets available
for benefits for each of the years in the three-year period ended
December 31, 1993, in conformity with generally accepted accounting
principles. Also in our opinion, the related financial statement
schedules, when considered in relation to the basic financial statements
taken as a whole, present fairly, in all material respects, the information
set forth therein.
/s/KPMG Peat Marwick
Birmingham, Alabama
June 7, 1994
<PAGE>
<TABLE>
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1993 and 1992
<CAPTION>
Assets 1993 1992
------ ------------- -------------
<S> <C> <C>
Investments, at fair value (note 4):
Compass Bancshares, Inc.
common stock - (cost of $29,425,329
and $23,666,966 for 1993 and 1992,
respectively) $ 56,671,890 57,871,265
Compass Bank, Inc. common trust funds
(cost of $3,561,574 and $2,692,443
for 1993 and 1992, respectively) 4,413,906 3,173,717
Deposit administration contract 5,155,623 3,170,552
Short-term investments 2,388,443 4,203,020
Loans to participants 68,777 146,051
------------- ------------
68,698,639 68,564,605
Dividends and interest income receivable 520,079 423,279
Cash 85 305,582
Employee contributions receivable 78,405 -
Employer contributions receivable 660,409 -
Expense reimbursement receivable from employer - 3,534
------------- ------------
Total assets 69,957,617 69,297,000
Liabilities
-----------
Cash overdraft 8,166 332,928
Other liabilities - 263,606
------------- ------------
Total liabilities 8,166 596,534
------------- ------------
Net assets available for plan benefits $ 69,949,451 68,700,466
============= ============
</TABLE>
See notes to accompanying financial statements.
<PAGE>
<TABLE>
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 1993, 1992 and 1991
<CAPTION>
1993 1992 1991
------------- ------------ ------------
<S> <C> <C> <C>
Investment income:
Dividends - Compass Bancshares, Inc.
common stock $ 2,179,585 1,561,343 1,303,028
Interest 120,375 431,141 178,563
------------- ------------ ------------
Net investment income 2,299,960 1,992,484 1,481,591
Net realized gain on sale of
investments (note 4) 93,608 45,329 316,024
Unrealized appreciation (depreciation)
of investments (note 4) (3,800,841) 11,568,485 19,971,747
------------- ------------ ------------
(1,407,273) 13,606,298 21,769,362
Contributions:
Employee 2,236,517 1,990,075 1,800,934
Employer 3,864,833 3,276,657 2,806,816
------------- ------------ ------------
6,101,350 5,266,732 4,607,750
------------- ------------ ------------
Distributions paid to participants (4,229,911) (4,941,248) (4,207,590)
Rollovers 784,819 1,297,520 6,539,955
------------- ------------ ------------
Net increase 1,248,985 15,229,302 28,709,477
Net assets available for plan benefits:
Beginning of year 68,700,466 53,471,164 24,761,687
------------- ------------ ------------
End of year $ 69,949,451 68,700,466 53,471,164
============= ============ ============
</TABLE>
See notes to accompanying financial statements.
<PAGE>
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 1993, 1992 and 1991
(1) Summary of Significant Accounting Policies
(a) Basis of Presentation
The accompanying financial statements of Compass Bancshares, Inc.
Employee Stock Ownership Plan (the Plan) have been prepared on an
accrual basis in accordance with generally accepted accounting
principles.
(b) Investments in Securities
Investments in securities are stated at fair value. The fair value of
corporate securities is based on quotations obtained from national
securities exchanges. Common trust funds and the money market portfolio
are valued at current unit value. Deposit administration contracts are
valued at contract value. Purchases and sales of securities are
recorded on a trade-date basis.
(c) Plan Expenses
The trust department of Compass Bank (the Trustee) is trustee for the
Plan. Administration fees paid to the Trustee are reimbursed to the
Plan by Compass Bancshares, Inc. (the Company or Employer). Trustee
administration fees were $289,575, $263,073, and $157,651 for the years
ended December 31, 1993, 1992 and 1991, respectively.
(d) Federal Income Taxes
A determination letter has been received from the Internal Revenue
Service stating that the Plan qualifies under Section 401 of the
Internal Revenue Code and that the Plan is exempt from federal income
tax. Amounts contributed by the employer and Plan earnings and
appreciation in the value of investments will not be taxed to the
employee until a distribution is received from the Plan except for
appreciation in the value of Compass Bancshares, Inc. common stock which
will not be taxed until the participant disposes of that stock.
(2) Organization
The Plan was adopted on November 19, 1976, effective January 1, 1976. The
Plan was amended, effective April 1, 1986, to include a salary reduction
feature which permits employees who participate (Participants) in the Plan
to defer and save part of their compensation, as provided for under
Section 401(k) of the Internal Revenue Code. The Plan is subject to the
applicable provisions of the Employee Retirement Income Security Act of
1974, as amended (ERISA).
<PAGE>
(3) Description of Plan
(a) Participant Contributions
Employees automatically become Participants on the first day of January
or July following completion of one year of service. Participants may
elect to have up to 10 percent of their compensation deferred and
contributed to the Plan. There are 3,236 participants as of December
31, 1993.
Participants may allocate their contributions, in multiples of 25
percent, to the following funds:
(i) Fund A - Employee Company Stock Fund: Invested entirely in common
stock of Compass Bancshares, Inc.;
(ii) Fund B - Employee Equity Fund: Invested in equity investments or
interests in one or more common trust funds investing in equity
investments. The assets of Fund B have been invested in the
Compass Bank, Inc. Employee Benefit Capital Growth Common Trust
Funds since inception;
(iii) Fund C - Employee Guaranteed Income Contract Fund: Invested
solely in one or more guaranteed income contracts entered into
with an insurance company. In 1993, 1992 and 1991 the trustee
entered into a deposit administration contract for the Plan with
Commonwealth Life Insurance Company. The contracted interest rate
is based on a nationally published index and is guaranteed never
to be less than 4 percent per year; and
(iv) Fund D - Compass Bank, Inc. Employee Starburst Money Market Fund:
Invested primarily in P-1 rated commercial paper and other money
market instruments maturing in one year or less.
(b) Employer Matching Contributions
The Employer, in its sole discretion, may make matching contributions in
an amount determined by the board of directors of the Company. These
matching contributions may not exceed the lesser of a Participant's
elective contribution or 2 percent of such Participant's base
compensation. If the Employer's earnings reach a targeted amount, the
Employer may contribute an additional one percent matching amount. For
the years ended December 31, 1993, 1992, and 1991, the employer's
earnings reached the targeted amount and the matching contribution was
the lesser of the Participant's elective contribution or 3 percent of the
Participant's base compensation. All employer contributions are invested
in Fund M - Employer Company Stock Fund, which consists of common stock of
the Company.
<PAGE>
(3) Description of Plan, Continued
(c) Employer Discretionary Contributions
The Employer may make discretionary contributions to the Plan. These
contributions are allocated to the accounts of eligible participants
based on relative compensation. All Company contributions are invested
in Fund M.
(d) Vesting
Participants have a fully-vested and nonforfeitable interest in the
portion of their accounts attributable to their contributions and the
Employer's matching contributions, including earnings thereon. A
Participant acquires a vested interest in accounts attributable to
Employer discretionary contributions based on length of employment, as
follows:
Years of Service Vesting Percentage
---------------- ------------------
Less than 5 0
5 or more 100
(e) Forfeitures
If a Participant incurs a "break in service," as defined in the Plan,
for any reason other than permanent disability, death or normal
retirement, and is not 100 percent vested in the employer discretionary
contributions, the nonvested portion is forfeited. Forfeited amounts
attributable to employer discretionary contributions are allocated among
eligible Participants in the same manner as employer discretionary
contributions.
(f) Withdrawal Provisions
Participants may request that all or part of their accounts attributable
to elective contributions, adjusted for gain or loss thereon, be paid to
them to meet an immediate and heavy financial hardship for which funds
are not reasonably available to them from other sources. The amount
paid to a Participant in this fashion will be taxable and may not be
repaid to the Plan.
(g) Priorities Upon Termination
Upon termination of the Plan, all Participants' funds shall become fully
vested. The trust will continue until the Plan benefits of each
Participant has been distributed.
(h) Rollovers
During 1993, 1992 and 1991, assets were rolled into the Plan from the
plans that were associated with banks acquired by the Company.
<PAGE>
<TABLE>
(4) Investments
The investments of the Plan as of December 31, 1993 and 1992 are
summarized as follows:
<CAPTION>
December 31, 1993
------------------------------------------------
Fair
value
per
Number of share Fair
shares/units Cost or unit value
------------ ------------- ------- ------------
<S> <C> <C> <C> <C>
Common stock -
Compass Bancshares, Inc. 2,575,995 $ 29,425,329 22.00 56,671,890
=========== =======
Compass Bank, Inc. common
trust funds -
Employee Benefit Capital
Growth Fund - Sterling 22,299 1,154,112 62.69 1,397,815
Employee Benefit Capital
Growth Fund - Wedge 31,340 1,200,203 47.91 1,501,445
Employee Benefit Capital
Growth Fund - Birmingham
Capital 53,685 1,207,259 28.21 1,514,646
----------- ------------- ------------
107,324 3,561,574 4,413,906
===========
Deposit administration
contract 5,155,623 5,155,623 1.00 5,155,623
=========== =======
Short-term investments -
Compass Bank, Inc. Starburst
Money Market Fund 2,388,443 2,388,443 1.00 2,388,443
=========== =======
Loans to participants 68,777 68,777 1.00 68,777
=========== ------------- ======= ------------
$ 40,599,746 68,698,639
============= ============
</TABLE>
<TABLE>
<CAPTION>
December 31, 1992
------------------------------------------------
Fair
value
per
Number of share Fair
shares/units Cost or unit value
------------ ------------- ------- ------------
<S> <C> <C> <C> <C>
Common stock -
Compass Bancshares, Inc. 2,462,607 $ 23,666,966 23.50 57,871,265
=========== =======
Compass Bank, Inc. common
trust funds -
Employee Benefit Capital
Growth Fund - Sterling 17,729 868,511 59.34 1,052,091
Employee Benefit Capital
Growth Fund - Wedge 25,038 908,253 42.05 1,052,744
Employee Benefit Capital
Growth Fund - Birmingham
Capital 42,924 915,679 24.90 1,068,882
----------- ------------- ------- ------------
85,691 2,692,443 3,173,717
===========
Deposit administration
contract 3,170,552 3,170,552 1.00 3,170,552
=========== =======
Short-term investments -
Compass Bank, Inc. Starburst
Money Market Fund 4,203,020 4,203,020 1.00 4,203,020
=========== =======
Loans to participants 146,051 147,195 1.00 146,051
=========== ------------- ======= ------------
$ 33,880,176 68,564,605
============= ============
</TABLE>
<PAGE>
<TABLE>
(4) Investments, Continued
The net unrealized appreciation (depreciation) of investments included in
plan equity is as follows:
<CAPTION>
Other Combined
Fund A Fund B Fund M funds funds
------------ --------- ------------ ------- ------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1990 $ (159,999) 18,780 5,942,819 - 5,801,600
Less: Portion included in
distributions to participants 1,239 19,500 30,640 - 51,379
Add: 1991 increase 2,466,066 260,190 17,245,491 - 19,971,747
------------ --------- ------------ ------- ------------
Balance at December 31, 1991 2,304,828 259,470 23,157,670 - 25,721,968
Less: Portion included in
distributions to participants 183,238 (19,531) 2,442,515 (198) 2,606,024
Add: 1992 increase (decrease) 1,432,748 202,273 9,934,806 (1,342) 11,568,485
------------ --------- ------------ ------- ------------
Balance at December 31, 1992 3,554,338 481,274 30,649,961 (1,144) 34,684,429
Less: Portion included in
distributions to participants 199,882 - 2,585,956 (1,144) 2,784,694
Add: 1993 increase (decrease) (637,696) 371,059 (3,534,204) - (3,800,841)
------------ --------- ------------ ------- ------------
Balance at December 31, 1993 $ 2,716,760 852,333 24,529,801 - 28,098,894
============ ========= ============ ======= ============
</TABLE>
Realized gains for the year ended December 31, 1993, 1992 and 1991 were
comprised of the following:
<TABLE>
<CAPTION>
1993
----------------------------------
Sales Aggregate Realized
proceeds cost gain
--------- --------- -----------
<S> <C> <C> <C>
Common stock - Compass Bancshares, Inc. $ 224,566 148,137 $ 76,429
Compass Bank, Inc. common trust funds 101,048 83,869 17,179
-----------
$ 93,608
===========
</TABLE>
<TABLE>
<CAPTION>
1992
----------------------------------
Sales Aggregate Realized
proceeds cost gain
--------- --------- -----------
<S> <C> <C> <C>
Common stock - Compass Bancshares, Inc. $ 98,316 53,066 $ 45,250
Compass Bank, Inc. common trust funds 6,079 6,000 79
-----------
$ 45,329
===========
</TABLE>
<TABLE>
<CAPTION>
1991
----------------------------------
Sales Aggregate Realized
proceeds cost gain
--------- --------- -----------
<S> <C> <C> <C>
Common stock - Compass Bancshares, Inc. $ 604,907 291,997 $ 312,910
Compass Bank, Inc. common trust funds 30,000 26,886 3,114
-----------
$ 316,024
===========
</TABLE>
<PAGE>
(5) Reconcilement of Audited Financial Statements to Form 5500
Distributions payable to employees who have withdrawn from participation in
the Plan of $1,789,684 and $1,248,549 as of December 31, 1993 and 1992
have been included in net assets available for plan benefits in the
financial statements. These amounts are reflected as a liability in the
Form 5500.
<PAGE>
<TABLE>
SCHEDULE I
----------
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Allocation of Net Assets Available for Plan Benefits to Investment Programs
December 31, 1993
<CAPTION>
Fund C - Fund D - Fund M -
Fund A - Fund B - Employee Employee Employer
Employee Employee Guaranteed Money Company
Company Equity Income Con- Market Stock Unallocated Combined
Assets Stock Fund Fund tract Fund Fund Fund Funds Funds
------ ------------ ----------- ----------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments at fair value:
Compass Bancshares, Inc.
common stock $ 8,183,450 - - - 48,488,440 - 56,671,890
Compass Bank, Inc. common trust funds - 4,413,906 - - - - 4,413,906
Deposit administration contract - - 5,155,623 - - - 5,155,623
Short-term investments 9,539 2,921 9,785 2,312,227 8,920 45,051 2,388,443
Loans to participants - - - - - 68,777 68,777
------------ ----------- ----------- ----------- ------------ ----------- ------------
8,192,989 4,416,827 5,165,408 2,312,227 48,497,360 113,828 68,698,639
Dividends and interest
income receivable 70,957 53 23,494 5,988 419,482 105 520,079
Cash 2 - - 1 31 51 85
Employee contributions receivable 32,847 22,713 18,843 4,002 - - 78,405
Employer contributions receivable - - - - 660,409 - 660,409
------------ ----------- ----------- ----------- ------------ ----------- ------------
Total assets 8,296,795 4,439,593 5,207,745 2,322,218 49,577,282 113,984 69,957,617
------------ ----------- ----------- ----------- ------------ ----------- ------------
Liabilities
-----------
Cash overdraft 8,166 - - - - - 8,166
Other liabilities - - - - - - -
------------ ----------- ----------- ----------- ------------ ----------- ------------
Total liabilities 8,166 - - - - - 8,166
------------ ----------- ----------- ----------- ------------ ----------- ------------
Net assets available for plan benefits $ 8,288,629 4,439,593 5,207,745 2,322,218 49,577,282 113,984 69,949,451
============ =========== =========== =========== ============ =========== ============
</TABLE>
<PAGE>
<TABLE>
SCHEDULE I
----------
2
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Allocation of Net Assets Available for Plan Benefits to Investment Programs
December 31, 1992
<CAPTION>
Fund C - Fund D - Fund M -
Fund A - Fund B - Employee Employee Employer
Employee Employee Guaranteed Money Company
Company Equity Income Con- Market Stock Unallocated Combined
Assets Stock Fund Fund tract Fund Fund Fund Funds Funds
------ ------------ ----------- ----------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments at fair value:
Compass Bancshares, Inc.
common stock $ 7,708,470 - - - 50,162,795 - 57,871,265
Compass Bank, Inc. common trust funds - 3,173,717 - - - - 3,173,717
Deposit administration contract - - 3,170,552 - - - 3,170,552
Short-term investments 81,227 77,400 40,300 3,970,501 6,800 26,792 4,203,020
Loans to participants - - - - - 146,051 146,051
------------ ----------- ----------- ----------- ------------ ----------- ------------
7,789,697 3,251,117 3,210,852 3,970,501 50,169,595 172,843 68,564,605
Dividends and interest
income receivable 54,890 137 16,523 12,300 338,421 1,008 423,279
Cash 33,571 - - - 29,338 242,673 305,582
Expense reimbursement
receivable from employer - - - 414 3,120 - 3,534
Interfund receivable (payable) 1,321 - - - (1,321) - -
------------ ----------- ----------- ----------- ------------ ----------- ------------
Total assets 7,879,479 3,251,254 3,227,375 3,983,215 50,539,153 416,524 69,297,000
------------ ----------- ----------- ----------- ------------ ----------- ------------
Liabilities
-----------
Cash overdraft - 58,588 64,606 209,734 - - 332,928
Other liabilities - - - - 263,606 - 263,606
------------ ----------- ----------- ----------- ------------ ----------- ------------
Total liabilities - 58,588 64,606 209,734 263,606 - 596,534
------------ ----------- ----------- ----------- ------------ ----------- ------------
Net assets available for plan benefits $ 7,879,479 3,192,666 3,162,769 3,773,481 50,275,547 416,524 68,700,466
============ =========== =========== =========== ============ =========== ============
</TABLE>
<PAGE>
<TABLE>
SCHEDULE II
-----------
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Allocation of Changes in Net Assets Available
for Plan Benefits to Investment Programs
Year Ended December 31, 1993
<CAPTION>
Fund C - Fund D - Fund M -
Fund A - Fund B - Employee Employee Employer
Employee Employee Guaranteed Money Company
Company Equity Income Con- Market Stock Unallocated Combined
Stock Fund Fund tract Fund Fund Fund Funds Funds
------------ ----------- ----------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends - Compass Bancshares, Inc.
common stock $ 266,853 - 231,751 - 1,680,773 208 2,179,585
Interest 4,269 746 - 82,296 3,798 29,266 120,375
------------ ----------- ----------- ----------- ------------ ----------- ------------
Net investment income 271,122 746 231,751 82,296 1,684,571 29,474 2,299,960
Net realized gain on sale of investments 17,114 17,179 - - 59,315 - 93,608
Unrealized appreciation (depreciation)
of investments (637,696) 371,059 - - (3,534,204) - (3,800,841)
------------ ----------- ----------- ----------- ------------ ----------- ------------
(349,460) 388,984 231,751 82,296 (1,790,318) 29,474 (1,407,273)
------------ ----------- ----------- ----------- ------------ ----------- ------------
Contributions:
Employee 974,886 655,301 489,749 116,293 - 288 2,236,517
Employer - - - - 3,864,833 - 3,864,833
------------ ----------- ----------- ----------- ------------ ----------- ------------
974,886 655,301 489,749 116,293 3,864,833 288 6,101,350
------------ ----------- ----------- ----------- ------------ ----------- ------------
Distributions paid to participants (672,851) (249,261) (159,738) (337,866) (2,682,044) (128,151) (4,229,911)
Rollovers and transfers 456,575 451,903 1,483,214 (1,311,986) (90,736) (204,151) 784,819
------------ ----------- ----------- ----------- ------------ ----------- ------------
Net increase (decrease) 409,150 1,246,927 2,044,976 (1,451,263) (698,265) (302,540) 1,248,985
Net available for plan benefits:
Beginning of year 7,879,479 3,192,666 3,162,769 3,773,481 50,275,547 416,524 68,700,466
------------ ----------- ----------- ----------- ------------ ----------- ------------
End of year $ 8,288,629 4,439,593 5,207,745 2,322,218 49,577,282 113,984 69,949,451
============ =========== =========== =========== ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
SCHEDULE II
-----------
2
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Allocation of Changes in Net Assets Available
for Plan Benefits to Investment Programs
Year Ended December 31, 1992
<CAPTION>
Fund C - Fund D - Fund M -
Fund A - Fund B - Employee Employee Employer
Employee Employee Guaranteed Money Company
Company Equity Income Con- Market Stock Unallocated Combined
Stock Fund Fund tract Fund Fund Fund Funds Funds
------------ ----------- ----------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends - Compass Bancshares, Inc.
common stock $ 209,261 - - - 1,352,082 - 1,561,343
Interest 2,607 629 187,666 186,133 6,465 47,641 431,141
------------ ----------- ----------- ----------- ------------ ------------ ------------
Net investment income 211,868 629 187,666 186,133 1,358,547 47,641 1,992,484
Net realized gain on sale of investments 45,234 79 - - 16 - 45,329
Unrealized appreciation (depreciation)
of investments 1,432,748 202,273 - - 9,934,806 (1,342) 11,568,485
------------ ----------- ----------- ----------- ------------ ------------ ------------
1,689,850 202,981 187,666 186,133 11,293,369 46,299 13,606,298
Contributions:
Employee 802,046 578,453 433,065 127,526 3,524 45,461 1,990,075
Employer - - - - 3,273,785 2,872 3,276,657
------------ ----------- ----------- ----------- ------------ ------------ ------------
802,046 578,453 433,065 127,526 3,277,309 48,333 5,266,732
------------ ----------- ----------- ----------- ------------ ------------ ------------
Distributions paid to participants (2,196,589) - ( 96) - (2,650,949) (93,614) (4,941,248)
Rollovers and transfers 1,970,699 526,808 (204,953) (1,415,191) 4,651 415,506 1,297,520
------------ ----------- ----------- ----------- ------------ ------------ ------------
Net increase (decrease) 2,266,006 1,308,242 415,682 (1,101,532) 11,924,380 416,524 15,229,302
Net assets available for plan benefits:
Beginning of year 5,613,473 1,884,424 2,747,087 4,875,013 38,351,167 - 53,471,164
------------ ----------- ----------- ----------- ------------ ------------ ------------
End of year $ 7,879,479 3,192,666 3,162,769 3,773,481 50,275,547 416,524 68,700,466
============ =========== =========== =========== ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
SCHEDULE II
-----------
3
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Allocation of Changes in Net Assets Available
for Plan Benefits to Investment Programs
Year Ended December 31, 1991
<CAPTION>
Fund C - Fund D - Fund M -
Fund A - Fund B - Employee Employee Employer
Employee Employee Guaranteed Money Company
Company Equity Income Con- Market Stock Combined
Stock Fund Fund tract Fund Fund Fund Funds
------------ ----------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends - Compass Bancshares, Inc.
common stock $ 167,658 - - - 1,135,370 1,303,028
Interest 2,701 2,351 95,889 61,692 15,930 178,563
------------ ----------- ----------- ------------ ------------ ------------
Net investment income 170,359 2,351 95,889 61,692 1,151,300 1,481,591
Net realized gain on sale of investments 27,794 3,114 _ - 285,116 316,024
Unrealized appreciation of investments 2,466,066 260,190 - - 17,245,491 19,971,747
------------ ----------- ----------- ------------ ------------ ------------
2,664,219 265,655 95,889 61,692 18,681,907 21,769,362
Contributions:
Employee 689,313 320,756 493,294 234,438 63,133 1,800,934
Employer - - 12,522 - 2,794,294 2,806,816
------------ ----------- ----------- ------------ ------------ ------------
689,313 320,756 505,816 234,438 2,857,427 4,607,750
------------ ----------- ----------- ------------ ------------ ------------
Distributions paid to participants (436,394) (75,194) (113,644) - (3,582,358) (4,207,590)
Rollovers and transfers 89,337 471,119 1,401,783 4,578,883 (1,167) 6,539,955
------------ ----------- ----------- ------------ ------------ ------------
Net increase 3,006,475 982,336 1,889,844 4,875,013 17,955,809 28,709,477
Net assets available for plan benefits:
Beginning of year 2,606,998 902,088 857,243 - 20,395,358 24,761,687
------------ ----------- ----------- ------------ ------------ ------------
End of year $ 5,613,473 1,884,424 2,747,087 4,875,013 38,351,167 53,471,164
============ =========== =========== ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
At December 31, 1993 and 1992
<CAPTION>
December 31, 1993
------------------------------------------------
Fair
value
per
Number of share Fair
shares/units Cost or unit value
------------ ------------- ------- ------------
<S> <C> <C> <C> <C>
Common stock -
Compass Bancshares, Inc. 2,575,995 $ 29,425,329 22.00 56,671,890
=========== =======
Compass Bank, Inc. common
trust funds-*
Employee Benefit Capital
Growth Fund - Sterling 22,299 1,154,112 62.69 1,397,815
Employee Benefit Capital
Growth Fund - Wedge 31,340 1,200,203 47.91 1,501,445
Employee Benefit Capital
Growth Fund - Birmingham
Capital 53,685 1,207,259 28.21 1,514,646
----------- ------------- ------------
107,324 3,561,574 4,413,906
===========
Deposit administration
contract 5,155,623 5,155,623 1.00 5,155,623
=========== =======
Short-term investments -
Compass Bank, Inc. Starburst
Money Market Fund* 2,388,443 2,388,443 1.00 2,388,443
=========== =======
Loans to participants 68,777 68,777 1.00 68,777
=========== ------------- ======= ------------
$ 40,599,746 68,698,639
============= ============
</TABLE>
<TABLE>
<CAPTION>
December 31, 1992
------------------------------------------------
Fair
value
per
Number of share Fair
shares/units Cost or unit value
------------ ------------- ------- ------------
<S> <C> <C> <C> <C>
Common stock -
Compass Bancshares, Inc. 2,462,607 $ 23,666,966 23.50 57,871,265
=========== =======
Compass Bank, Inc. common
trust funds-*
Employee Benefit Capital
Growth Fund - Sterling 17,729 868,511 59.34 1,052,091
Employee Benefit Capital
Growth Fund - Wedge 25,038 908,253 42.05 1,052,744
Employee Benefit Capital
Growth Fund - Birmingham
Capital 42,924 915,679 24.90 1,068,882
----------- ------------- ------- ------------
85,691 2,692,443 3,173,717
===========
Deposit administration
contract 3,170,552 3,170,552 1.00 3,170,552
=========== =======
Short-term investments -
Compass Bank, Inc. Starburst
Money Market Fund* 4,203,020 4,203,020 1.00 4,203,020
=========== =======
Loans to participants 146,051 147,195 1.00 146,051
=========== ------------- ======= ------------
$ 33,880,176 68,564,605
============= ============
</TABLE>
* The common trust funds and the Starburst Money Market Fund are managed by
Compass Bank, a party-in-interest to the Plan.
<PAGE>
<TABLE>
SCHEDULE IV
-----------
COMPASS BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1993
<CAPTION>
Number Aggregate
of purchase
shares cost (1)
-------- ------------
<S> <C> <C>
Purchase of investments:
Compass Bancshares, Inc. common stock 255,199 $ 6,212,326
</TABLE>
(1) All common stock was purchased through the NASDAQ market system.
<PAGE>
SIGNATURES
----------
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
COMPASS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
------------------------------------------------------
(Name of the Plan)
Date June 29, 1994 /s/Garrett R. Hegel
------------- --------------------
GARRETT R. HEGEL
CHIEF FINANCIAL OFFICER
<PAGE>
EXHIBITS
--------
Exhibit (23) - Consents of experts and counsel
Exhibit (23)
Consents of experts and counsel
Accountants' Consent
--------------------
The Board of Directors
Compass Bancshares, Inc.
We consent to incorporation by reference in the Registration Statement (No. 33-
7784) on Form S-8 of Compass Bancshares, Inc. of our report dated June 7, 1994,
relating to the statements of net assets available for plan benefits of Compass
Bancshares, Inc. Employee Stock Ownership Plan as of December 31, 1993 and 1992
and the related statements of changes in net assets available for plan benefits
and related schedules for each of the years in the three-year period ended
December 31, 1993, which report appears in the December 31, 1993 annual report
on Form 11-K of Compass Bancshares, Inc. Employee Stock Ownership Plan.
/s/KPMG Peat Marwick
Birmingham, Alabama
June 28, 1994
