June 7, 1999 |
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.
March 14, 2000
* 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.
February 13, 2001 |
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.
July 30, 1998
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.
October 17, 2003 |
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.