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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: California Bank & Trust
Target: Regency Bancorp
Deal Type: Bank & Thrift Company
Agreement Date4/27/1999
Announcement Date4/27/1999
Announced Deal Value ($M)63.40
Completion Date10/6/1999
Announced Deal Value Per Share ($)22.43
Consideration Breakout
Common Stock ($M)58.2
Common Stock Issued985,000
Deal Pricing Ratios
Price / Book (%)262.3230.9
Price / Tangible Book (%)264.5232.9
Price / Earnings (x)17.111.7
Price / Deposits (%)30.6828.69
Price / Assets (%)27.3325.34
Tangible Book Premium/ Deposits (%)23.7421.14
Deal Terms
Description of Consideration
Zions exchanged 0.3669 share for each Regency share of common held.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)33,000
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)4,000
Maximum Termination Fee ($000)1,800
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.366900
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)17.0800
% of Shares Outstanding19.90
Shares Under Option522,374
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesCastle Creek Financial LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesCoudert Brothers LLP

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