April 29--Birmingham, Ala.-based lender BBVA Compass said Monday it is entering the Charlotte market by opening an office focused on business lending. The office will be in the same building that houses the Charlotte Chamber of Commerce in uptown.
BBVA Compass is part of Houston-based BBVA Compass Bancshares, the 33rd largest U.S. bank holding company by assets, according to federal data. The company's Charlotte location is part of its strategy to open commercial loan production offices in other U.S. cities, including Raleigh, as it seeks to make such loans beyond its Sunbelt footprint.
In Charlotte, the company plans to take up the entire, roughly 12,000-square-foot fourth floor of the five-story building at 330 S. Tryon St. this summer. A company official could not immediately provide a figure for how many employees will work in the Charlotte office.
The company plans to eventually move from a temporary office in the 19-story uptown building at 525 N. Tryon St., where one BBVA Compass employee has been working.
In addition to the office in Charlotte and one in Raleigh, BBVA Compass said it has also received approval to open loan production offices in Los Angeles; Nashville, Tenn.; Columbus, Ohio; Seattle; and San Francisco. The company said it opened loan production offices last year in New York; Washington, D.C.; and Tampa, Fla.
Scott Cox, the company's Eastern U.S. commercial banking manager, in a statement Monday described Charlotte as "a major financial hub" and said the company is "proud to be a part of the city's vibrant banking sector."
The company has said the loan production offices will have offerings tailored to each market and include commercial real estate lending, working capital, equipment finance and international trade services.
The company's push to open the offices comes as banks are seeking to increase their lending to businesses, which is helping offset lower demand for residential mortgage lending.
BBVA Compass Bancshares is part of Spain-based parent company BBVA.
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