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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: First Security Corporation
Target: First Security Corporation
Deal Type: Bank & Thrift Company
Agreement Date6/6/1999
Announcement Date6/6/1999
Announced Deal Value ($M)5,824.40
Completion Date4/1/2000
Announced Deal Value Per Share ($)28.90
Deal Pricing Ratios
Price / Book (%)343.0NA
Price / Tangible Book (%)417.5NA
Price / Earnings (x)22.8NA
Price / Deposits (%)45.25NA
Price / Assets (%)26.12NA
Tangible Book Premium/ Deposits (%)38.66NA
Deal Terms
Description of Consideration
First Security shareholders would have received 0.442 share and Zion shareholders would have received 1.0 share of the newly formed First Security's common.
Accounting MethodPooling of Interests
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)NA
Estimated Cost Savings (%)8.00
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)210,000
Maximum Termination Fee ($000)0
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)21.5000
% of Shares Outstanding19.90
Shares Under Option38,798,410
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesGoldman Sachs & Co. LLC
SellerYesJ.P. Morgan Securities Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesWachtell Lipton Rosen & Katz

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