Zions Bancorporation
Zions Bancorporation (NASDAQ: ZION) is a member of the S&P 500, a bank holding company headquartered Salt Lake City, Utah. Its star subsidiary is NSB Public Finance. The rest of the affiliates or subsidiaries are 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 First National Bank, Zions Agricultural Finance, Zions Bank Capital Markets, Zions Credit Corporation, Zions Direct, Zions Management Services Company, Zions Public Finance, Zions Small Business Finance, NetDeposit, and Contango Capital Advisors. It has $47 billion in assets and over 11,000 employees.
History
Zions can trace its history to the founding of Zion's Savings Bank and Trust Company, which was opened in the fall of 1873 by Brigham Young. At the end of 1957, Zion's merged with Utah Savings and Trust Company and First National Bank of Salt Lake City. The surviving institution was named Zions First National Bank.
In 1960, Keystone Insurance and Investment Company, which had been founded in 1955, bought a majority stake in Zions from The Church of Jesus Christ of Latter-day Saints and changed its name to Zions Utah Bancorporation. It kept that name until 1987,[1] when it became shortened to Zions Bancorporation, its present name.
Zions went public in January 1966, and has paid a cash dividend to shareholders every year since.[1]
Throughout the long bear market of the 1970s, its stock performed well, rising from its low, early in that decade, to ten times in value by 1985, with a three-for-two split in 1981. By 1986 the company had a book value of over US$170 million, with steady annual earnings of over US$26 million.
It expanded into Nevada in 1985 and Arizona in 1986.
In 1993, the stock split again, two-for-one, and by then had more than doubled from its 1985 peak high.[1]
By 1996, the company had become a member of the S&P MidCap 400, and the stock was halfway to yet another double from the prior early 1990s peak, with book value of nearly US$420 million, and earnings of over US$80 million.[1]
It expanded into Colorado and New Mexico in 1996, Idaho and California in 1997, Washington in 1998, and Oregon and Texas in 2005, and California in 2007. Today, A. Scott Anderson serves as CEO of Zions Bank.
References
External links
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