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ZIONS BANCORPORATION ANNOUNCES THE ACQUISITION OF NATIONAL BANCORP OF ARIZONA

 SALT LAKE CITY, Jan. 17 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION) today announced the completion of its acquisition of National Bancorp of Arizona. The acquisition was originally announced this past September, calling for the exchange of .45 shares of Zions Bancorporation stock for each share of National Bancorp of Arizona stock.
 The transaction consummates the merger of National Bank of Arizona and Zions First National Bank of Arizona and creates an organization with over $500 million in assets operating under the National Bank of Arizona name, headquartered in Tucson, as a wholly owned subsidiary of Zions Bancorporation. The bank will continue to operate under the existing management team of National Bank of Arizona.
 John J. Gisi, chairman and chief executive officer of National Bank of Arizona, said, "This affiliation with Zions Bancorporation will result in the creation of the sixth largest bank in Arizona. Our plans are to continue to specialize in lending to the business and professional communities throughout Arizona. We will now be in a position to continue to grow with our customers by providing larger credit facilities as the need arises. The additional offices of National Bank of Arizona located in the Mesa area will provide more convenient locations for our existing customers."
 Harris H. Simmons, president and chief executive officer of Zions Bancorporation, stated, "We are delighted with this new partnership with the management and employees of National Bank of Arizona and look forward to working with them to bring additional services and capabilities to their customers."
 Zions Bancorporation is a bank holding company operating 113 full- service banking offices in Utah, Arizona and Nevada. Its subsidiaries include Zions First National Bank, National Bank of Arizona, Nevada State Bank, 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- 1/17/94
 /CONTACT: Gary L. Anderson, Zions Bancorporation, 801-524-4787; or John J. Gisi, chairman/CEO, National Bancorp of Arizona, 602-571-1500/
 (ZION)


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

JP-LS -- LA009 -- 2332 01/17/94 06:00 EST
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Publication:PR Newswire
Date:Jan 17, 1994
Words:358
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