SALT LAKE CITY - (05/04/06) This year is turning out to bea very good one for Harris Simmons and his banking company, ZionsBancorp, which he heads as president and CEO. When ZionsBoard, with Simmons as its chairman, declared a 36-cents a sharedividend Monday, it meant more than $180,000 in quarterly dividendsfor Simmons on the 500,000 shares he owns. With last yearsacquisition of Amegys Bancorp in Texas, Simmons has built Zions,once the bank of the Mormon Church, into a western powerhouse with$43 billion in assets operating 450 branches in 10 states. Profitswere up again 25% in the first quarter and the bank regularlyreports a return-on-average assets of 1.3% or better, first-rate inthe industry. Over the past year, Zions stock has gone from $66.65a share to over $85 a share, before settling Wednesday at $80.71,boosting the value of Simmons and his familys 2.7million shares by almost $40 million, to over $210 million. Lastyear, Zions paid Simmons almost $3 million, according to documentsfiled with the Securities and Exchange Commission. That included asalary of $750,000; long-term incentive plan award of $858,621;bonus of $480,000, other compensation of $92,680; and 53,000options currently in the money to the tune of almost$530,000.
-
A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
9h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
11h ago -
In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
11h ago - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
July 1 -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
July 1 -
The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
July 1