Zions Bancorp. announced a takeover deal this week and said shareholders have approved another one announced earlier.
Zions said it has an agreement to buy FP Bancorp of Escondido, Calif., for about $90 million in stock-or about three times its book value. It also said that the acquisition of Vectra Banking Corp. of Denver had been approved by Vectra shareholders.
FP's subsidiary, First Pacific National Bank, would be merged into Grossmont Bank, a subsidiary of Zions, under terms the agreement.
At Sept. 30, First Pacific had $359 million of assets in eight offices in San Diego and Riverside counties; Grossmont Bank had $780 million of assets in 16 offices in San Diego County.
The transaction, which is expected to close in the second quarter, is structured to be tax-free and to be accounted for as a pooling of interests. It is expected to be immediately accretive to Zions' earnings.
Zions, with more than $9 billion of assets, has offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, and Utah. Vectra is Colorado's second-largest independent bank holding company, with 17 offices in the Denver-Boulder area.