In Brief: Zions Unveils Deal for Colo.'s Sky Valley

bank holding company, Sky Valley Bank Corp., for $20.3 million of stock. Zions' announcement that it's buying Sky Valley came a week after the $8 billion-asset Utah company completed the acquisition of 27 Wells Fargo branches-with $378 million of deposits-in Arizona, Idaho, Nevada, and Utah. Sky Valley is the parent of First National Bank, Alamosa, Colo., with $120 million of assets and three branches in southern Colorado. Harris H. Simmons, Zions' president and chief executive officer, said he was pleased that it "has been able to expand its franchise of affiliated banks in Colorado." The Sky Valley deal is expected to close in the fourth quarter, pending approval of the Colorado company's shareholders and regulators.