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November 27, 2009

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Merger won’t force sale of local branches

Thursday, Dec. 9, 1999 | 11:42 a.m.

The U.S. Justice Department ruled the merger of Zions Bancorporation and First Security Corp. doesn't require either bank to sell any branches in Nevada.

In June, Salt Lake City-based First Security and Zions -- parent of Nevada State Bank and recently acquired Pioneer Citizens Bank -- announced their intention to merge operations under the First Security banner. That merger triggered an antitrust review by the Justice Department.

First Security spokesman Mike Kelley said the bank has not reached a decision about which Nevada branches may close because of overlap created by the merger.

In Nevada, Zions-owned Nevada State Bank currently operates 45 branches, while First Security and Pioneer Citizens have 22 and 13 offices, respectively.

The banks today said the Justice Department ordered the two banks to divest a total of 68 branches in Utah and Idaho. Assets to be sold include a total of $660 million in commercial, consumer, and agricultural loans in these markets.

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