Zion Bank – Quick Stats

Type – Public (NYSE: ZION)
Founded – 1965 (but with heritage dating to 1873)
Headquarters – Salt Lake City, Utah, USA
Key people – Harris H. Simmons, President and CEO
Industry – Finance and Insurance
Products – Financial Services
Net income – US$$493.75 million (2007)
Total assets – US$53 billion (June, 2008)
Employees – 11,700
Website – zionsbancorporation.com

Brief History

The history of Zions Bank stretches back to the early days of the LDS settlement in Utah. Zions can trace its history to the founding of Zion’s Savings Bank and Trust Company, which was opened in the fall of 1873 by Brigham Young. At the time of the bank’s formation, the first settlers had been in the Salt Lake Valley only 26 years and Utah was still 23 years away from statehood. (Zions First National Bank Utah)

It was the state’s first chartered savings bank and trust company. The bank prospered and grew during the next twenty years. In the panic of 1893, the bank managed not only to remain solvent, but continue to grow.
In September 2008, one of Zions’ subsidiaries, Nevada State Bank, acquired the insured deposits of failed Silver State Bank, which was closed by Nevada state officials. Silver State was the 11th bank to fail in 2008.

On January 26 2009 Zions National Bank CEO Harris Simmons announced a loss of $482.9 million, or $4.36 per share, compared with earnings of $45.5 million, or 39 cents per share, a year earlier. The company also cut its quarterly dividend to four cents a share from 32 cents a share.