Zions Bancorp. said Wednesday that it has completed its acquisition of Vectra Banking Corp.
The deal for the Denver banking company, announced Sept. 24, was valued at $136 million.
The transaction boosts Zion's Colorado assets to $1.2 billion. Its bank units in the state are Centennial Savings Bank, Pitkin County Bank and Trust, Valley National Bank of Cortez, and Vectra Bank subsidiaries. In addition, Zions has acquisitions pending for First National Bank in Alamosa, State Bank and Trust of Colorado Springs, and Tri-State Bank, which have combined assets of approximately $300 million.
"We are very pleased to extend our Colorado banking franchise into the metro Denver and Boulder markets," said Harris Simmons, president and chief executive officer of Zions. "We look forward to continuing to provide the local decision-making and responsiveness that Vectra's customers have come to expect, augmented with Zions' broader product array and larger credit capacity."
Gary Judd continues as president and chief executive officer of Vectra Bank, the Denver company's lead subsidiary. Zions, which has $9 billion of assets, operates banking offices in seven western states under local management teams and community identities.