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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions First National Bank
Target: Draper Bancorp
Deal Type: Bank & Thrift Company
Agreement Date10/10/2000
Announcement Date10/10/2000
Announced Deal Value ($M)81.50
Completion Date1/26/2001
Announced Deal Value Per Share ($)NA
Consideration Breakout
Common Stock ($M)81.5
Deal Pricing Ratios
Price / Book (%)314.7303.8
Price / Tangible Book (%)314.7303.9
Price / Earnings (x)14.113.9
Price / Deposits (%)34.5835.95
Price / Assets (%)30.4331.27
Tangible Book Premium/ Deposits (%)25.9826.00
Deal Terms
Description of Consideration
Draper shareholders received $81.5 million in Zions common stock for all outstanding shares and options.
Accounting MethodPooling of Interests
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)0
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesHovde Financial Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesLewis Rice

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