Zions Investment Securities Inc. on Monday became the first national bank subsidiary to underwrite a municipal revenue bond offering.

The Salt Lake City-based company, which is a unit of Zions First National Bank, raised $4.2 million for Summit County, Utah.

The bank was the first to take advantage of the Comptroller of the Currency's controversial "op-sub" rule, which lets national bank subsidiaries engage in activities that the parent may not perform directly. The securities unit was formed in December.

W. David Hemingway, executive vice president at Zions Investment Securities, said he wants to serve towns ignored by most investment firms. "We believe we can save small communities substantial amounts of money," he said.

Monday's offering provided funds for a 15,000-square-foot addition to Summit County's office in Coalville. The revenue bonds pay 4.51% a year and mature in 2013. -Bill McConnell

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