Zions Bancorp. said it has a $341 million stock deal to buy $1 billion-
The acquisition would double Zions' Nevada asset size to $2.1 billion
"We think small-business is a very attractive segment to pursue, and
The deal, announced late Friday, would bring Salt Lake City-based Zions
But the acquisition is not cheap, analysts said. The $35.70 per-share
"It's a full price, but this is the last remaining independent in the
Combining the two banking companies' operational and administrative
Zions would incur roughly $9 million in after-tax charges related to the
Zions, which has $17.1 billion of assets, has generally favored
In Nevada, however, its 40 locations are mostly standard retail and
"We really catered more to the retail client in Nevada," Mr. Gibbons
This deal would significantly increase Zions' market share in the state,
However, increasing market share is not a major priority for Zions.
"We have no particular goal of getting into the top couple of spaces in
The real goal is to gain the critical mass to attract small businesses,
"They tend to focus on the small-business customers," Mr. Tejera said.
Zions entered Nevada in 1985 when it bought Nevada State Bank.
George Hofmann, Nevada State's president and chief executive officer,
Pioneer's CEO, William Martin, would oversee Zions' Nevada operations.
The $35.70 per share price tag on the deal would be adjusted if Zions'