BBVA Compass implements disaster-relief program for flood victims as bank's foundation donates $50,000 to Red Cross

- Donation is designed to help recovery efforts in the Houston metro area

- Limited-time offers will be available to consumers, small business clients and employees

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Apr 21, 2016, 09:08 ET

HOUSTON, April 21, 2016 /PRNewswire/ -- BBVA Compass announced today that it is offering a suite of discounted loans and lines of credit to flood victims in Houston to complement the $50,000 donation the bank's foundation is making to the American Red Cross Greater Houston Area Chapter to aid disaster recovery efforts.

Officials say seven people died in the devastating flooding that damaged more than 10,000 houses and left 100,000 homes without power. The news hit close to home for BBVA Compass, with 12 of its area employees reporting flood-related property damage.

BBVA Compass corporate logo

"In the past 24-36 hours, the severe floods have devastated the homes and property of thousands of Houstonians — many of them our own customers and employees — and we want to do what we can to support them during this difficult time," said BBVA Compass Houston CEO Mark Montgomery. "We want to do what we can to help rebuild their homes and their lives."

The latest cost assessment from the American Red Cross to provide its disaster relief and recovery operations is more than $5 million and growing in the region. The BBVA Compass Foundation's donation to the American Red Cross will help support overall response and relief efforts, including shelters' meals, social services, financial assistance for affected families, neighborhood cleanups, and ongoing counseling and casework efforts to determine how many residents have lost their homes.

BBVA Compass is also making limited-time offers available to consumer and small business clients, among them special loan and payment deferral programs, waived late fees and penalty-free CD withdrawals. The offers are available in the nine counties declared a state of disaster by Texas Gov. Greg Abbott, including Austin, Bastrop, Colorado, Fort Bend, Grimes, Harris, Montgomery, Waller and Wharton.

Components of the disaster-relief program, available in the affected areas, include:

Special rates and terms on consumer and small business loans
Discounted rates on auto loans
Discounted rates on home equity, construction and renovation loans and lines of credit
Deferred payments on existing consumer and small business loans and credit cards
Waived late fees
Penalty-free CD withdrawals, for withdrawals made after the first seven days of account origination

For more information on these offers, those affected should contact their local BBVA Compass branch.

Applications for the limited-time offers may be submitted through June 30, 2016, unless otherwise stated. All loans and lines of credit are subject to approval, including credit approval.

Compass Bank, member FDIC, and an Equal Housing Lender

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About BBVA Group

BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at bbva.com.

About BBVA Compass

BBVA Compass is a Sunbelt-based financial institution that operates 666 branches, including 340 in Texas, 89 in Alabama, 73 in Arizona, 61 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (4th). BBVA Compass recently earned top nods for best mobile app and best regional bank in the South & West in Money magazine's annual list of the Best Banks in America. Additional information about BBVA Compass can be found at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.