Zions Bancorp

Stepping up its expansion in California, Salt Lake City-based Zions Bancorp agreed to buy Escondido-based FP Bancorp for about $90 million. Each FP share will be exchanged for 0.627 Zions share, a value of $27.27 based on Zions closing price Monday. That is a 17% premium over FP's Monday close of $23.38. FP is the holding company for First Pacific National Bank, which has $359 million in assets in San Diego and Riverside counties.

Zions First National Bank confirmed Monday that it is buying a 24.5% stake in Roth Capital Partners LLC, a Newport Beach investment firm specializing in small and mid-size high-tech stock offerings. The Salt Lake City bank, a subsidiary of Zions Bancorporation, said it will pay $16.5 million to become the second-largest shareholder behind Roth Capital's chairman, Byron Roth, who will remain the majority shareholder. Zions will not have a seat on Roth Capital's board.

Zions Bancorp debt ratings may be cut by Moody's Investors Service since the Utah bank agreed this week to buy Sumitomo Bank of California for $546 million in cash, below market value. A downgrade would affect $300 million in debt, the rating agency said. Zions' senior debt is currently rated A3, and its subordinated debt BAA1. Lower ratings increase the cost of selling bonds because investors demand higher rates to purchase riskier debt.

* Zions Bancorp, a Utah bank that announced plans in June to buy local rival First Security Corp. for $5.9 billion in stock, said its investment banker advised it the deal is no longer fair to its shareholders, raising the specter of the merger falling apart. Zions' investment banker, Goldman Sachs, told the bank it can no longer rely on its Feb. 17 fairness opinion of the deal, because First Security's business appears to have taken a turn for the worse, Zions said.

Zions Bancorp, the No. 2 bank in Utah, on Sunday agreed to buy its bigger rival First Security Corp. for $5.9 billion in stock to create the 20th-largest bank in the U.S. Zions, which has about $18 billion in assets, will exchange 0.442 of its shares, or $28.90 a share, for each share of First Security, a 55% premium to First Security's closing price Friday of $18.63 on Nasdaq. First Security has about $22 billion in assets.

* Zions Bancorp, a Utah bank that announced plans in June to buy local rival First Security Corp. for $5.9 billion in stock, said its investment banker advised it the deal is no longer fair to its shareholders, raising the specter of the merger falling apart. Zions' investment banker, Goldman Sachs, told the bank it can no longer rely on its Feb. 17 fairness opinion of the deal, because First Security's business appears to have taken a turn for the worse, Zions said.

Zions First National Bank confirmed Monday that it is buying a 24.5% stake in Roth Capital Partners LLC, a Newport Beach investment firm specializing in small and mid-size high-tech stock offerings. The Salt Lake City bank, a subsidiary of Zions Bancorporation, said it will pay $16.5 million to become the second-largest shareholder behind Roth Capital's chairman, Byron Roth, who will remain the majority shareholder. Zions will not have a seat on Roth Capital's board.

Sumitomo Bank of California shareholders approved a $546-million takeover by Zions Bancorp of Salt Lake City, according to the San Francisco-based unit of Japan's Sumitomo Bank Ltd. Zions agreed in March to buy Sumitomo's shares for $38.25 each. It also agreed to pay $32.26 a share for the Japanese parent's 85% stake. The transaction was controversial when it was announced in March because Zions was to buy the troubled bank for 24% less than its market price.

East West Bancorp, a San Marino-based bank that caters to Chinese American customers, Thursday reported net income of $16.1 million, or 64 cents a share, up 25% from $12.9 million, or 52 cents, in last year's third quarter. Lending income rose 19%, to $37.5 million, with loans up 25% and deposits up 29% year to date.

Zions Bancorp, the No. 2 bank in Utah, on Sunday agreed to buy its bigger rival First Security Corp. for $5.9 billion in stock to create the 20th-largest bank in the U.S. Zions, which has about $18 billion in assets, will exchange 0.442 of its shares, or $28.90 a share, for each share of First Security, a 55% premium to First Security's closing price Friday of $18.63 on Nasdaq. First Security has about $22 billion in assets.

Zions Bancorp debt ratings may be cut by Moody's Investors Service since the Utah bank agreed this week to buy Sumitomo Bank of California for $546 million in cash, below market value. A downgrade would affect $300 million in debt, the rating agency said. Zions' senior debt is currently rated A3, and its subordinated debt BAA1. Lower ratings increase the cost of selling bonds because investors demand higher rates to purchase riskier debt.

Stepping up its expansion in California, Salt Lake City-based Zions Bancorp agreed to buy Escondido-based FP Bancorp for about $90 million. Each FP share will be exchanged for 0.627 Zions share, a value of $27.27 based on Zions closing price Monday. That is a 17% premium over FP's Monday close of $23.38. FP is the holding company for First Pacific National Bank, which has $359 million in assets in San Diego and Riverside counties.