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ZIONS BANCORPORATION AND NATIONAL BANCORP OF ARIZONA ANNOUNCE MERGER AGREEMENT

 SALT LAKE CITY, Sept. 20 /PRNewswire/ -- Zions Bancorporation and National Bancorp of Arizona today announced that a definitive agreement had been signed under which National Bancorp of Arizona will be acquired by Zions Bancorporation through an exchange of the two organization's common shares. Harris H. Simmons, president and chief executive officer of Zions Bancorporation, and John J. Gisi, chairman and chief executive officer of National Bancorp of Arizona indicated that the agreement is subject to the affirmative vote of National Bancorp of Arizona shareholders and federal regulatory approvals.
 Simmons noted that under the agreement, Zions Bancorporation's Arizona subsidiary, Zions First National Bank of Arizona, will be merged into National Bank of Arizona. The combined organizations will operate under National Bank of Arizona's name and will retain the National Bank of Arizona's present management. Simmons said, "We believe this is a great opportunity for both companies in that it will create an organization with nearly $500 million in resources to focus on providing banking services in the areas of residential construction lending, small business lending and services for executives and professionals. Zions is well positioned to support the growth of the combined enterprise with capital and with additional products, services and support systems." Gisi stated, "We believe this is a superb opportunity for National Bank of Arizona, its employees and customers. Through this affiliation with Zions Bancorporation, we will not only immediately increase our presence in the Arizona marketplace, but we will also be in a position to offer a broader array of products to our customers, including SBA loans, automobile dealer financing, mortgage banking services, cash management services, investment products for both individuals and institutions, insurance and eventually trust services. We will also be in a much better position to grow with our small business customers by providing larger credit facilities as their needs increase."
 Simmons said, "We are especially pleased that we will have the opportunity of working with John Gisi and Robert Sarver in their roles as chief executive officer and president, respectively, of National Bank of Arizona. John, Robert and their team of managers and employees have demonstrated a remarkable record of growth and service to their communities. Their organization has been one of only a very small handful of banks which remained solidly profitable and which experienced good growth through a very difficult period of economic stagnation in Arizona during the late 1980s. We are strong supporters of the need to provide local managers with the authority and flexibility they need to manage their business and to make local decisions. We have a great deal of confidence in this management team and their ability to continue to build an organization which provides exceptional service to the communities in which it operates." Simmons indicated that Gisi will be named to Zions Bancorporation's executive management committee while Sarver will be named to the parent company's board of directors.
 Simmons and Gisi indicated that the transaction would be accomplished through an exchange of shares, with each National Bancorp of Arizona shareholder receiving .45 shares of Zions Bancorporation common stock, subject to certain collar arrangements.
 National Bancorp of Arizona is the parent company for National Bank of Arizona. National Bank of Arizona is headquartered in Tucson, Ariz., and operates six full-service branches in Tucson and Phoenix.
 Zions Bancorporation is a bank holding company operating 101 full- service banking offices in Utah, Nevada and Arizona. Its subsidiaries include Zions First National Bank, Nevada State Bank, Zions First National Bank of Arizona, Zions Mortgage Company, Zions Credit Corporation, Zions Insurance Agency, Zions Life Insurance Company and Zions Data Service Company. The company's common shares are traded over the counter under the NASDAQ symbol "ZION."
 -0- 9/20/93
 /CONTACT: Gary L. Anderson of Zions Bancorporation, 801-524-4787; or John J. Gisi of National Bancorp of Arizona, 602-571-1500/
 (ZION)


CO: Zions Bancorporation; National Bancorp of Arizona ST: Utah, Arizona IN: FIN SU: TNM

NY-JB -- LA035 -- 3836 09/20/93 16:37 EDT
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Publication:PR Newswire
Date:Sep 20, 1993
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