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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: National Bank of Arizona
Target: Frontier State Bank
Deal Type: Bank & Thrift Company
Agreement Date8/16/2002
Announcement Date8/16/2002
Announced Deal Value ($M)10.67
Completion Date11/25/2002
Announced Deal Value Per Share ($)11.58
Consideration Breakout
Common Stock ($M)8.1
Common Stock Issued204,000
Deal Pricing Ratios
Price / Book (%)155.9118.4
Price / Tangible Book (%)155.9118.4
Price / Earnings (x)NMNM
Price / Deposits (%)12.349.37
Price / Assets (%)NANA
Tangible Book Premium/ Deposits (%)4.801.58
Deal Terms
Description of Consideration
Zions issued 204,000 shares to acquire Frontier State. The consideration was subject to reduction if deposits or equity at Frontier State fell below certain levels.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)3,900
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)500
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.216000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesRyley Carlock & Applewhite

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