Printer Friendly


 SALT LAKE CITY, Nov. 18 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION) and Rio Salado Bancorp announced today that a definitive agreement had been signed under which Rio Salado Bancorp will be acquired by Zions Bancorporation through an exchange of the two companies' common shares. Harris H. Simmons, president and chief executive officer of Zions Bancorporation, and Elden "E.G." Barmore, president and chief executive officer of Rio Salado Bancorp, indicated that the agreement is subject to the affirmative vote of Rio Salado Bancorp shareholders and federal regulatory approvals.
 In September 1993, Zions Bancorporation announced an agreement to acquire National Bancorp of Arizona and to merge Zions First National Bank of Arizona with that company's operating subsidiary, National Bank of Arizona. Simmons noted that it is planned that Rio Salado Bancorp's operating subsidiary, Rio Salado Bank, will likewise be merged with these other two entities and operated under the National Bank of Arizona name as a wholly owned subsidiary of Zions Bancorporation.
 Simmons said, "The acquisition of Rio Salado Bancorp provides a wonderful fit with the organization we are building in the state of Arizona. Rio Salado Bank is a leading business lender in Tempe, and its operations are very consistent and complementary with our own operations in Arizona. The resulting combined organization will have in excess of $600 million in resources and will be a major force in serving the needs of small- and medium-sized businesses and other targeted market segments in the major markets in Arizona. Rio Salado has also been very active in mortgage banking and SBA lending, both of which are important activities for Zions Bancorporation." Simmons praised the management and staff of Rio Salado Bank, noting that under the leadership of Barmore, the bank had become one of the leading independent banking organizations in Arizona and the largest independent bank in the East Valley of Maricopa County.
 Barmore, president and chief executive officer of Rio Salado Bancorp, said, "We believe this is a great opportunity for Rio Salado Bank as well as its employees and customers. This affiliation with Zions Bancorporation will enable us to participate in a very meaningful way in the creation of Arizona's leading small business banking organization. We will be able to provide a broader array of products to our customers and we will be in a much better position to grow with our customers by providing larger credit facilities as their needs increase. The additional offices of National Bank of Arizona and Zions will also provide a major benefit to our existing customers in meeting their banking needs."
 Simmons indicated that Barmore will continue with the company as executive vice president responsible for the organization's East Valley Region. He noted that Barmore's 35 years of banking experience in Arizona, including 25 years in the East Valley, provide an excellent complement to the strong banking experience of John Gisi and Robert Sarver, who will continue to serve as chief executive officer and president, respectively, of National Bank of Arizona. Simmons commented that, in the market it serves, Zions has been committed to providing a significant degree of local authority and flexibility with respect to management of its banking operations.
 Rio Salado Bancorp is the parent company for Rio Salado Bank of Arizona with its headquarters in Tempe and three branches in Tempe and Mesa.
 Zions Bancorporation is a bank holding company operating 106 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 Co., Zions Credit Corp., Zions Insurance Agency, Zions Life Insurance Co. and Zions Data Service Co. The company's common shares are traded over the counter under the NASDAQ symbol "ZION."
 -0- 11/18/93
 /CONTACT: Harris H. Simmons, president & CEO, or Gary L. Anderson of Zions Bancorporation, 801-524-4787; or Elden "E.G." Barmore, president & CEO, of Rio Salado Bancorp, 602-345-8800/

CO: Zions Bancorporation; Rio Salado Bancorp ST: Utah, Arizona IN: FIN SU: TNM

NY-JL -- LA030 -- 6315 11/18/93 18:23 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters