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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Grossmont Bank
Target: FP Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date12/29/1997
Announcement Date12/29/1997
Announced Deal Value ($M)87.40
Completion Date5/26/1998
Announced Deal Value Per Share ($)27.28
Consideration Breakout
Common Stock ($M)106.7
Common Stock Issued1,956,240
Deal Pricing Ratios
Price / Book (%)284.1325.2
Price / Tangible Book (%)344.6369.6
Price / Earnings (x)20.821.9
Price / Deposits (%)27.6332.33
Price / Assets (%)24.2729.30
Tangible Book Premium/ Deposits (%)22.9626.85
Deal Terms
Description of Consideration
FP shareholders received 0.627 common shares for each share held.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)57,000
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)2,000
Maximum Termination Fee ($000)1,800
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.627000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesSandler O'Neill & Partners LP

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesHiggs Fletcher & Mack LLP

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