If you’re familiar with Compass bank and their red and yellow logo, prepare yourself for a change!  Compass is being rebranded as “BBVA Compass”.  That’s right, the old Compass is on its way out and will be getting a facelift.

All locations will have new signage and all other aspects of the Compass business will be rebranded.  Officials suggest that they’ll have the job done by the end of 2009’s first quarter.

It will be a big job.  Although Compass Bank doesn’t carry the same name recognition as Bank of America or Chase, it’s a true industry giant.  Compass, now BBVA Compass, boasts 579 different branches and is one of the United States’ ten largest banks.

Why the name change?  Even though Compass has been successful under its existing name, Banco Bilbao Vizcaya Argentaria decided it was time for a change.  BBVA owns Compass Bancshares who, in turn, owns Compass Bank.  According to the Abilene, Texas, newspaper:

“The BBVA Compass brand is more than just a logo, it represents our ongoing commitment to our communities and the future of Compass Bank,” Manolo Sanchez, CEO of Compass Bank, said in a news release. “This new brand is a symbol of strength to those who desire the security of a financial institution strong enough to withstand the economic turmoil, yet diverse enough to meet their financial needs.”

The rebranding isn’t just a Compass matter, though.  The same company is looking to successfully bring a collection of different banks under one roof, as the Birmingham Business Journal explained:

The name change is a harbinger of the company’s year-long effort to fold BBVA’s three other U.S. banks into Compass, which included Laredo National Bank, State National Bancshares and Texas Regional Bancshares.

Online banking has long been a hallmark of Compass Bank.  Online tools have been a priority for the institution and many of its customers maintain a relationship with the bank because it makes banking via the Internet easy.

The name change does not portend a shift in the Internet emphasis at Compass Bank.  Online transactions should remain easy and account-to-account transfers should remain both free and immediate.

CompassPC, the Internet banking software used by Compass may get a name change, but there’s no evidence to suggest that any features will be significantly altered or removed as part of the rebranding efforts.  The changes seem far more cosmetic and branding-oriented than reflective of any real change in insitutional philosophy or practice.

CompassPC is sometimes regarded as one of the best online banking packages available.  The software handles all of the basics as well as many value-added functions.  Users can, for instance, set up email notices for account events, opt out of the receipt of paper checks, and integrate Compass data with all popular money management software packages.

It’s important to remind customers of Compass that the changes are not indicative of any instability or potential insolvency.  Undoubtedly, Compass has been adversely impacted by recent financial circumstances.  However, there is no sign of trouble with respect to the institution’s long-term stability or solvency.  The change from Compass to Compass BBVA is should not be a cause for any customer alarm.

The small banking company that started in 1963 has grown to nearly 600 locations and an enviable position in the hierarchy of full-service US Banks.  Although ownership interests may shift and names change, there’s no reason to believe that this banking Goliath will do anything other than to continue to grow.