Las Vegas Sun

November 11, 2009

Currently: 69° | Complete forecast | Log in

Bank owner’s earnings fall

Monday, April 24, 2000 | 11:17 a.m.

First Security Corp. reported first quarter net income of $35 million or 17 cents per share, down from $65 million or 34 cents per share one year ago.

The Salt Lake City-based bank said its earnings were hurt by costs for its aborted merger with Zions Bancorporation. The bank said merger-related activities cost $36 million; excluding that cost, First Security reported first quarter earnings of $58.4 million or 29 cents per share.

The bank's earnings per share fell well below the mean estimate of 24 cents per share expected by analysts surveyed by Zacks Investment Research.

Wells Fargo & Co. announced it planned to buy First Security in a stock purchase this month. Wells said each share of First Security stock will be converted into .3555 of a share of Wells Fargo stock. The deal is estimated to be worth about $3 billion.

First Security Corp. Chief Executive Officer Spencer Eccles said a "rapidly rising interest rate environment" hurt the bank's mortgage business and contributed to its weak performance.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 11 Wed
  • 12 Thu
  • 13 Fri
  • 14 Sat
  • 15 Sun

All events on Wednesday »