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ZIONS FIRST NATIONAL BANK RECEIVES OCC APPROVAL TO PROCEED WITH DISCOUNT CORP. TRANSACTION

 SALT LAKE CITY, NEW YORK, July 14 /PRNewswire/ -- Zions First National Bank, a wholly owned subsidiary of Zions Bancorporation (NASDAQ-NMS: ZION), said today that it has received approval from the Office of the Comptroller of the Currency (OCC) to proceed with its previously announced plans to acquire Discount Corporation of New York (NYSE: DCY) for approximately $65 million, or $8 per share, subject to adjustment, as described in the proxy materials currently being mailed to Discount stockholders. Approval by the OCC was a condition of a definitive merger agreement the two companies signed May 20.
 In a related announcement, Discount said that it has set Tuesday, Aug. 10 as the date for a special meeting of its stockholders to vote on the transaction. Approval of the holders of two-thirds of Discount's stock is required for the merger agreement to be adopted. The record date for determining Discount stockholders eligible to vote at the stockholders' meeting has been reset to July 6, 1993.
 -0- 7/14/93
 /CONTACT: Steve Thomas, vice president of Zions Bancorporation, 801-524-2125; or Phebe Miller, general counsel of Discount Corporation, 212-248-5057; or Jeffrey Z. Taufield or Mary Horne of Kekst and Company, 212-593-2655, for Zions Bancorporation/
 (ZION DCY)


CO: Zions Bancorporation; Discount Corporation of New York ST: Utah, New York IN: FIN SU: TNM

SH-MP -- NY018 -- 1241 07/14/93 09:13 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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