Published:
Zions Bancorporation's Subsidiary, Nevada State Bank Acquires Insured Deposits of Failed Silver State Bank
SALT LAKE CITY, Sept. 5 /PRNewswire-FirstCall/ -- Zions Bancorporation
(Nasdaq: ZION) announced today that its subsidiary, Nevada State Bank has
acquired the insured deposits of failedHenderson, Nevada-based Silver State
Bank. TheState of Nevada, Financial Institutions Division found that Silver
State Bank was unable to meet the demands of its depositors in the ordinary
course of its business. The transaction includes insured deposits of more than
$800 million. All former branches of Silver State Bank will open Monday
morning as branches of either Nevada State Bank or National Bank ofArizona,
subsidiaries of Zions. Silver State Bank operated 13 full service branches in
southern Nevada, which will become part of Nevada State Bank, and four full
service branches in thePhoenix/Scottsdale, Arizona area, which will become
part of National Bank ofArizona. The FDIC will retain most of Silver State's
loan portfolio.
"We want to assure depositors of Silver State Bank that their insured
deposits are safe and will be accessible when the branches open for business
as usual Monday morning as Nevada State Bank and National Bank ofArizona,"
said Harris Simmons, chairman and CEO of Zions Bancorporation. "We look
forward to welcoming former customers of Silver State Bank and earning their
business and trust. We are committed to operating locally managed banks with
a strong focus on service to our customers and the communities in which we do
business."
Simmons added, "This acquisition is consistent with Zions' strategy to use
our strong balance sheet to take advantage of opportunities in the current
economic environment."
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 more than 500 offices in 10 Western and
Southwestern states:Arizona,California,Colorado,Idaho, Nevada,New Mexico,
Oregon,Texas,Utah andWashington. 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
http://www.zionsbancorporation.com.
SOURCE Zions Bancorporation
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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