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This is an archive article published on June 8, 1999

Zions, FS Corpn plan merger

SALT LAKE CITY, UTAH, JUNE 7: US Banks Zions and First Security Corporation announced a 5.9 billion merger today to create a company wi...

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SALT LAKE CITY, UTAH, JUNE 7: US Banks Zions and First Security Corporation announced a 5.9 billion merger today to create a company with assets of some 40 billion.

The tie-up will result in the nation8217;s 20th largest bank holding company, to be called First Security Corporation, the banks said in a statement.

The new company will be headquartered here and will offer a range of financial services to customers in the western United States.

Under the terms of the agreement, first security shareholders will receive 0.442 of a share of the new stock, while Zions shareholders will receive one share.

Based on Zions8217; closing stock value on the Nasdaq Friday, the transaction values each first security share at 28.90, a premium of 55 per cent to First Security8217;s closing price that day.

 

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