COMPASS BANK CONTRIBUTES $1M TO ESTABLISH
CHARLES E. MCMAHEN CHAIR AT UH
Gift Is the College’s First Million-dollar Donation
Made by a Company on Behalf of an Alumnus
HOUSTON, Sept. 9, 2004 – Compass Bank has contributed a
$1 million endowment to establish the Charles E. McMahen Chair in
Accountancy & Taxation at the University of Houston’s
Bauer College of Business. The contribution is the largest gift
that Bauer College has received from a company on behalf of an alumnus.
In addition, the university is conducting a national search to fill
the chair, named for the Texas banker.
“In just four years, we’ve seen our accountancy and
taxation enrollment increase by more than 200 percent. The McMahen
Chair will help us attract a faculty member with outstanding qualifications
and a prominent reputation to help lead those students,” said
Arthur Warga, dean of the Bauer College of Business. “We are
honored that Compass Bank is recognizing Charles for his commitment
to Compass, the Houston community and the University of Houston
with the establishment of this chair.”
McMahen began his career with Compass Bank in 1990 as chairman
and chief executive officer of Compass Banks of Texas. In 1999,
he was named vice chairman of Compass Bank, and in 2003 he was named
to the Board of Directors as vice chairman of Compass Bancshares,
Inc. McMahen retired from Compass Bank in December of 2003, but
continues to serve as vice chairman on the Board of Directors of
Compass Bancshares, Inc.
McMahen, who graduated from UH in 1962 with a bachelor’s
of business administration in accounting, remains dedicated to the
university. He was appointed by former Gov. Bush to the UH System
Board of Regents, where he served from 1995-2001, and was chair
from 1998-2000. He is the recipient of the Distinguished Alumnus
Award from UH, and in 2002 he was awarded an Honorary Doctorate.
McMahen has been an active member of numerous civic organizations
including the Greater Houston Partnership, Center for Houston’s
Future, Houston International Festival, Houston Symphony, Society
for the Performing Arts and the American Red Cross. Further, in
2001, he was appointed chair of the Governor’s Business Council
by Gov. Perry.
“We are extremely proud to make this donation to UH on behalf
of Charles and his outstanding service to Compass over the past
14 years,” said D. Paul Jones, Jr., Compass’ chairman
and chief executive officer.
In addition to the $1 million gift for the Accounting Chair, McMahen
has spearheaded more than $300,000 in Compass donations to UH. Additional
beneficiaries include the Yates High School Outreach Initiative
and the Bob Lanier Endowed Chair in Urban Public Policy.
“I am extremely pleased that my commitment to education will
carry on through the accounting and taxation chair established at
UH,” McMahen said. “It has always been my goal to blend
education and business development in Texas, especially in Houston.
This donation gives the Bauer College of Business another tool to
use in helping students achieve their own goals of higher learning
and developing skills to lead businesses in our community.”
About the Bauer College of Business
The C.T. Bauer College of Business has been in operation for more
than 60 years at the University of Houston main campus. Through
its five academic departments, the college offers a full-range of
undergraduate, masters and doctoral degrees in business. The Bauer
College is fully accredited by the Association to Advance Collegiate
Schools of Business. In August 2000, Houston business leader and
philanthropist Charles T. (Ted) Bauer endowed the College of Business
with a $40 million gift. In recognition of his generosity, the college
was renamed the C.T. Bauer College of Business.
About the University of Houston
The University of Houston, Texas’ premier metropolitan research
and teaching institution, is home to more than 40 research centers
and institutes and sponsors more than 300 partnerships with corporate,
civic and governmental entities. UH, the most diverse research university
in the country, stands at the forefront of education, research and
service with more than 35,000 students.
About Compass Bank
Compass Bank is a subsidiary of Compass Bancshares, Inc., a Southwestern
financial holding company with $28 billion in assets and 376 full-service
banking offices in Alabama, Arizona, Colorado, Florida, New Mexico
and Texas. Compass Bancshares is among the top 40 U.S. bank holding
companies by asset size and ranks among the top earners of its size
based upon return on equity. The company's earnings per share have
increased for 16 consecutive years and dividends per share have
increased for 23 consecutive years.
For more information about UH visit the universitys
Newsroom at www.uh.edu/admin/media/newsroom.
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