Compass Bancshares Inc., which has 33 branches in Colorado, is being purchased by Spain-based Banco Bilbao Vizcaya Argentaria S.A. in a cash-and-stock deal valued at about $9.6 billion.

Compass will become a subsidiary of Banco Bilbao. It will merge its U.S.-based banking affiliates, all in Texas, with Compass, which operates offices from Arizona to Florida.

"They like the markets we're in, and we do believe with the added capital available - this is a $520 billion institution - it does provide opportunities for us to expand in the markets we're in," said Rafael Bustillo, Compass Bank's Colorado president.

Compass Bank has been widely believed to be on the hunt for properties to buy to add to its Colorado presence. Compass came to the Colorado market in 2000 with deals to buy MegaBank Financial and the original FirsTier Bank and has grown through branch-building since. It has about $800 million in deposits, which would rank it in Colorado's Top 20 banks.

"We're going to be opportunistic," Bustillo said. "We're going to make sure it's a good fit and a good buy - we're not going to overpay for a bank."

After the acquisition is complete, Compass will rank among the top 25 banks in the United States with about $47 billion in total assets, $32 billion in total loans and $33 billion in total deposits.

"BBVA is seeking to become a global and diversified bank, with a focus on high-growth markets," BBVA Chief Executive Jose Ignacio Goirigolzarri said.

Other banks operating in Colorado have foreign owners. Bank of the West is owned by the French BNP Paribas, and LaSalle Bank, which has a commercial-lending office in Denver, is owned by the Dutch ABN Amro.