Zion Bank

Zions Bancorporation is headquartered at One South Main Street Salt Lake City, Utah 84133.  Zions Bancorporation is a publicly traded company.  The company’s common shares are traded on the NASDAQ Stock Market under the symbol ZION.  As of September 30, 2008, Zions Bancorporation had assets of $54.3 billion.

Zions Bancorporation originated as Keystone Insurance and Investment Co., a Utah Corporation, in April 1955.  In April 1960, Keystone, together with several individual investors, acquired a 57.5 percent interest in Zions First National Bank from the LDS Church.  In 1965, the name of the company was changed to Zions Bancorporation.  The first public offering of shares in Zions Bancorporation was made in January 1966.

Zions First National Bank is a wholly owned subsidiary of Zions Bancorporation and operates over 500 offices and 600 ATMs in 10 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington.  Zions Bank operates 114 full-service branches throughout Utah, 24 full-service branches in Idaho, and nearly 200 ATMs in the two states.

Zions Bancorporation owns the following subsidiaries:

Zions First National Bank (Utah and Idaho)
Amegy Bank of Texas
California Bank & Trust
National Bank of Arizona
Nevada State Bank
The Commerce Bank of Oregon
The Commerce Bank of Washington
Vectra Bank Colorado

Zions Bancorporation has made the following acquisitions in the past five years:

Silver State Bank a Nevada bank on 9/05/2008  
Intercontinental Bank Shares Corporation, a Texas Bank, completed on 9/6/2007  
Stockmen’s Bancorp, Inc. an Arizona bank on 9/08/2006
Amegy Bancorporation, Inc. a Texas bank on 7/05/2005

Other businesses and affiliates owned by Zions Bancorporation include;

Zions Agricultural Finance
Zions Bank Capital Markets
Zions Credit Corporation
Zions Direct
Zions Management Services Company
Zions Public Finance
Zions Small Business Finance
NetDeposit
Contango Capital Advisors

ZION offers a full range of traditional banking services including home mortgages, bankcard, student and other installment loans, real estate mortgage loans, home equity lines of credit, checking accounts, savings accounts, time certificates of various types and maturities, trust services, safe deposit facilities, direct deposit, and 24-hour ATM access primarily to individuals.  The bank offers construction and commercial real estate financing cash management, and depository services to businesses.

In addition to a wide range of traditional banking services, Zions offers a comprehensive array of investment services that include fixed income trading, correspondent banking, public finance and trust, investment advisory, liquidity, and hedging services; wealth management services; capital markets, public finance, and financial technologies.  The company is also provides electronic banking services, including electronic municipal bond trading.

The bank furthermore has a network of loan origination offices for small businesses nationwide.  Through which it handles mortgage services, small business administration (SBA) lending services, which include SBA 7(a) loans to small businesses and SBA 504 financing; secondary market agricultural real estate mortgage loans, cash management, community development services.and municipal finance advisory and underwriting services.

On October 16, 2008 Zions Bancorporation reported third quarter net earnings, highlights from that repost include the following.  Net earnings applicable to common shareholders of $33.4 million compared to $132.0 million for the third quarter of 2007.  Year-to-date net earnings applicable to common shareholders were $207.4 million compared to $437.2 million for the same period in 2007.

On-balance-sheet net loans and leases of $41.9 billion at September 30, 2008 were unchanged from the balance at June 30, 2008, and increased approximately $4.1 billion or 10.7% from $37.8 billion at September 30, 2007.  The Company actively managed loan growth during the quarter in accordance with its stated desire to conserve capital and build capital ratios in the current uncertain economic environment.  The growth of loan volumes in certain geographies, particularly Texas, was offset by declines in other markets.

Average core deposits for the third quarter of 2008 increased $0.8 billion or 10.8% annualized to $33.2 billion compared to $32.4 billion for the second quarter of 2008, and increased $2.2 billion or 7.1% compared to $31.0 billion for the third quarter of 2007.
The increase for the third quarter of 2008 was $0.7 billion or 9.0% annualized compared to the second quarter of 2008.  Average core deposit growth for the quarter was concentrated in money market accounts.  Average total deposits for the third quarter of 2008 increased $0.5 billion to $37.3 billion or 6.0% annualized compared to $36.8 billion for the second quarter of 2008, and increased $1.5 billion or 4.4% compared to $35.8 billion for the third quarter of 2007.

At September 30, 2008, estimated regulatory Tier 1 risk-based capital and total risk-based capital were $3,982 million and $6,073 million compared to $3,685 million and $5,732 million at June 30, 2008, respectively.  Estimated ratios at September 30, 2008 for Tier 1 risk-based capital and total risk-based capital were 8.09% and 12.33% compared to 7.45% and 11.58% at June 30, 2008, respectively.

This entry was posted on Tuesday, November 11th, 2008 at 8:47 pm and is filed under Bank Profiles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.