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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: National Bank of Arizona
Target: Stockmen's Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date9/8/2006
Announcement Date9/8/2006
Announced Deal Value ($M)198.59
StatusCompleted
Completion Date1/17/2007
Announced Deal Value Per Share ($)570.20
Consideration Breakout
Common Stock ($M)213.8
Common Stock Issued2,600,000
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)326.7326.2
Price / Tangible Book (%)342.0339.5
Price / Earnings (x)17.325.6
Price / Deposits (%)18.2119.58
Price / Assets (%)16.5217.56
Tangible Book Premium/ Deposits (%)14.3916.30
Deal Terms
Description of Consideration
Zions Bancorporation exchanged 7.3831 shares of its common stock for each share of Stockmen's Bancorp Inc.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)106,128
Estimated Cost Savings (%)22.00
Estimated Cost Savings ($000)6,035
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)9,750
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)7.383100
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)30,600
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1DilutiveNA(0.03)NANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerNoNA
SellerYesHovde Financial Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesStinson Leonard Street LLP

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