SALT LAKE CITY, Dec. 3 /PRNewswire-FirstCall/ -- Zions Bancorporation
(Nasdaq: ZION) ("Zions") today announced that it has today completed its
acquisition of Amegy Bancorporation, Inc., ("Amegy") as a result of which
Amegy Bank N.A. has become a subsidiary of Zions Bancorporation. Amegy Bank
N.A. retains its charter, name, board and management team, and becomes the
third largest bank of Zions' eight community banking companies.
"We are excited to have Amegy as part of our collection of great banks,"
said Harris H. Simmons, chairman and chief executive officer of Zions. "This
transaction adds one of the largest and fastest-growing markets in the country
to our already outstanding footprint," added Mr. Simmons. "Amegy's customers
will continue to deal with what we believe is the best team of bankers in
Texas, backed up by the strength of our $40 billion company. We welcome
Amegy's customers and employees to the Zions organization."
"The results of the third quarter -- the highest new loan commitments in
the history of the bank and the largest deposit growth linked quarter --
clearly indicate that the market's reception of this transaction has been very
positive," said Paul B. Murphy Jr., chief executive officer of Amegy Bank. "I
truly believe this affiliation will be great for our customers, our employees
-- and for the state of Texas."
Shareholder Consideration
Based on the average closing price of Zions common stock of $76.1550 for
the ten trading days immediately prior to the closing date of December 3,
2005, former Amegy shareholders will receive, for each Amegy common share,
either $23.88 in cash or 0.3136 of a share of Zions stock, depending on the
election made by that shareholder and the proration and adjustment procedures
described in the merger agreement.
According to the Federal Reserve, the completion of this transaction makes
Zions the 38th largest depository organization in the United States, with
total consolidated assets of approximately $41.7 billion based on data as of
September 30, 2005.
Forward-Looking Statements
Statements contained in this filing which are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include, but
are not limited to, statements about the benefits of the merger between Zions
Bancorporation and Amegy Bancorporation, Inc., including future financial and
operating results and performance; statements about Zions Bancorporation's
plans, objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified by words
such as "expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will," "should," "may" or words of similar meaning. These
forward-looking statements are based upon the current beliefs and expectations
of the management of Zions Bancorporation and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally beyond the
control of Zions Bancorporation. In addition, these forward-looking statements
are subject to assumptions with respect to future business strategies and
decisions that are subject to change. Actual results may differ materially
from the anticipated results discussed in these forward-looking statements.
The following factors, among others, could cause actual results to differ
materially from the anticipated results or other expectations expressed in the
forward-looking statements: (1) the businesses of Zions Bancorporation and
Amegy may not be combined successfully, or such combination may take longer,
be more difficult, time-consuming or costly to accomplish than expected; (2)
the expected growth opportunities and cost savings from the merger may not be
fully realized or may take longer to realize than expected; (3) operating
costs, customer losses and business disruption following the merger, including
adverse effects on relationships with employees, may be greater than expected;
(4) adverse governmental or regulatory policies may be enacted; (5)
competition from other financial services companies; (6) economic conditions,
either nationally or locally in areas in which Zions Bancorporation and its
subsidiaries conduct their operations, being less favorable than expected; (7)
changes in the interest rate environment reducing expected interest margins;
and (8) legislation or regulatory changes, which adversely affect the ability
of Zions Bancorporation or its subsidiaries to conduct the businesses in which
they are engaged. Additional factors that could cause actual results to differ
materially from those expressed in the forward-looking statements are
discussed in the 2004 Annual Reports on Form 10-K of Zions Bancorporation and
Amegy Bancorporation, Inc. filed with the Securities and Exchange Commission
and available at the SEC's Internet site (http://www.sec.gov). Zions
Bancorporation does not undertake any obligation to update any forward-looking
statements to reflect circumstances or events that occur after the date on
which such statements were made.
About Zions Bancorporation
Zions Bancorporation is one of the nation's premier financial services
companies, consisting of a collection of great banks in select high growth
markets. Zions operates its banking businesses under local management teams
and community identities through over 450 offices and 500 ATMs in nine Western
states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon,
Texas, Utah, and Washington. The company is a national leader in Small
Business Administration lending and public finance advisory services. In
addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.
Investor information and links to subsidiary banks can be accessed at
SOURCE Zions Bancorporation
-0- 12/03/2005
/CONTACT: Clark Hinckley of Zions Bancorporation, +1-801-524-4787/
/Web site: http://www.zionsbancorporation.com /
(ZION ABNK)
CO: Zions Bancorporation; Amegy Bancorporation, Inc.
ST: Utah
IN: FIN
SU: TNM SBS
DH
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2393 12/03/200509:00 ESThttp://www.prnewswire.com