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California Bank & Trust (CB&T), a subsidiary of Zions Bancorporation (Nasdaq: ZION), today officially celebrates the opening of its East Palo Alto branch office located in the Ravenswood 101 Shopping Center. CB&T is the first institution to have a full-service bank in the city in more than 15 years.

Attendees of today's official ribbon-cutting ceremony are expected to include a suite of local dignitaries from the East Palo Alto Chamber of Commerce, the city's Redevelopment Agency and local community groups.

"We look forward to serving the community and working with the families and businesses of East Palo Alto," said Ricardo Ortiz, vice president and manager of CB&T's newest branch. "We're not just in the community, we're part of it — bringing expertise to help local businesses and provide residents with new opportunities."

The branch, which began conducting business on February 25, has already experienced a steady stream of new clients who are pleased to have a local bank that they can call their own. Before the new California Bank & Trust branch opened, East Palo was the largest unbanked city in the United States. In the first few weeks, the number of personal and commercial accounts opened at the new location have exceeded the Bank's expectations.

The City of East Palo Alto has experienced rapid economic growth in recent years. In a recent report published by the California Retail Survey, East Palo Alto was singled out as the fastest-growing California retail market from 1995 to 2000, with compounded retail market growth of 40.9%. By comparison, the statewide average for retail growth during the same period was 8.1%. With its expertise in community development and the fostering of local businesses, CB&T expects to support the city's economic development and provide residents with all of the resources and conveniences of a full-service bank.

"East Palo Alto has its own bank again, for the first time in 20 years," said East Palo Alto Mayor Duane Bay. "We're pleased that California Bank & Trust recognizes the opportunity that East Palo Alto provides and we welcome them to our community."

CB&T has maintained an active role in East Palo Alto since 1998 through a series of community programs, including "Teach Children to Save," which pairs banks and elementary school students; Children's Day Committee, which provides support to low-income families; "Start-Up," a local small business incubation organization; "EPA Can Do," which prepares families for the purchase of a home through education; and "Plugged In," a program at the Technology Access Center that prepares community residents with skills key to competing for jobs in nearby Silicon Valley. CB&T has held numerous seminars on qualifying and applying for a mortgage as a first-time homebuyer; the importance of developing and using equity in a home as a source of funds for other purposes; and ways for owners to create and expand small businesses.

To kick off the new branch, CB&T is offering free checking to residents of East Palo Alto and other area communities for accounts opened at the East Palo Alto Office on or before May 31, 2002. CB&T also has tailored its Friends and Neighbors™ first-time homebuyer assistance program to meet the unique needs of residents in East Palo Alto. The program assists qualified individuals with low-to-moderate incomes in obtaining mortgage loans and checking accounts.

CB&T recently received a rating of "Outstanding" by the Federal Deposit Insurance Corporation (FDIC) for the Bank's record of making loans to, investing in and providing services for underserved communities. This rating is the highest classification given by the FDIC in relation to banks' compliance with the Community Reinvestment Act (CRA).

California Bank & Trust is among the largest commercial banks in the State of California with over $8 billion in assets and nearly 100 branch offices. With local management and decision-making and an emphasis on relationship banking, CB&T provides a variety of products, resources and financing solutions for businesses and individuals, including wealth management, Internet banking, commercial and small business lending, cash management and international banking. Visit CB&T's Web site at www.calbanktrust.com.

Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select high growth markets. Under local management teams and community identities, Zions operates over 400 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. In addition, Zions is a national leader in SBA lending, public finance advisory services, agricultural finance and electronic bond trading. The company is included in the S&P 500 Index. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.