SALT LAKE CITY, Oct. 6 /PRNewswire-FirstCall/ -- Zions Bancorporation
(Nasdaq: ZION) announced today that it has approved plans proposed by Property
Reserve, Inc. (PRI) for renovating the building that serves as the corporate
headquarters for Zions Bancorporation and its subsidiary, Zions Bank, in
downtown Salt Lake City.
(Photo: http://www.newscom.com/cgi-bin/prnh/20031006/LAM095 )
Currently known as the Gateway Tower East Building, and previously known
as the Kennecott Building, the building located on the southeast corner of
Main Street and South Temple will be renamed the Zions Bank Building when
construction on the building is completed. Construction plans include a
"refacing" of the building with a new stone and glass facade, as well as
interior renovations to upgrade the office space to "class A" condition.
Structural upgrades, including seismic reinforcement, will also be completed
to bring the building to current code standards. Preparation of the
building's interior is scheduled to begin this fall, with construction
expected to begin in early summer 2004. Zions Bank will continue to occupy
the building while renovation work is being undertaken.
Harris H. Simmons, chairman and CEO of Zions Bancorporation, parent
company for Zions Bank, stated, "The renovation of this structure, which has
been our headquarters for nearly 40 years, is an affirmation of our commitment
to the vitality of Salt Lake City, and our optimism for the future of the
downtown area. We look forward to serving our customers for many years to
come from our familiar address at One Main Street in the new Zions Bank
Building."
"This renovation represents the first major step in our comprehensive
redevelopment plan for the northern end of Main Street in downtown Salt Lake
City," said H. David Burton, Presiding Bishop of The Church of Jesus Christ of
Latter-day Saints. "We're pleased that Zions Bancorporation shares our
commitment to Main Street as the vital heart of our city."
Property Reserve, Inc. is an investment affiliate of The Church of Jesus
Christ of Latter-day Saints and owns the Gateway Tower East Building. Zions
Bancorporation has committed to a long-term lease of the entire building.
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. Zions' subsidiary, Zions Bank, is Utah's oldest financial
institution and is the only local bank with a statewide distribution of
branches. Founded in 1873, Zions has been serving the communities of Utah for
more than 130 years. Investor information on Zions Bancorporation and links
to subsidiary banks can be accessed at www.zionsbancorporation.com .
SOURCE Zions Bancorporation
-0- 10/06/2003
/NOTE TO EDITORS: Please see accompanying artist's rendering of the
building's new look./
/CONTACT: Rob Brough of Zions Bancorporation, +1-801-594-8268/
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20031006/LAM095
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web site: http://www.zionsbancorporation.com /
(ZION)
CO: Zions Bancorporation; Zions Bank; Property Reserve, Inc.
ST: Utah
IN: FIN CST
SU: PDT
AT
-- LAM095 --
9855 10/06/200318:15 EDThttp://www.prnewswire.com