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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Nevada State Bank
Target: Pioneer Bancorporation
Deal Type: Bank & Thrift Company
Agreement Date5/7/1999
Announcement Date5/7/1999
Announced Deal Value ($M)346.50
Completion Date10/18/1999
Announced Deal Value Per Share ($)35.70
Consideration Breakout
Common Stock ($M)290.7
Common Stock Issued5,600,000
Deal Pricing Ratios
Price / Book (%)513.0418.7
Price / Tangible Book (%)513.0418.7
Price / Earnings (x)26.121.5
Price / Deposits (%)38.5430.89
Price / Assets (%)33.6027.00
Tangible Book Premium/ Deposits (%)35.3227.26
Deal Terms
Description of Consideration
Zions Bancorporation exchanged 0.5667 share with Pioneer for each share of common held.
Accounting MethodPooling of Interests
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)10,000
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.566700
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)28.5000
% of Shares Outstanding19.90
Shares Under Option1,899,894
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesBanc of America Securities LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesGraham & Dunn PC

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