Mergers & Acquisitions

Investor Search

  • Entire IR Site
    Press Releases Only
    Filings Only
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions Bancorporation
Target: Silver State Bank
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date9/5/2008
Announcement Date9/5/2008
Date Placed in Conservatorship9/5/2008
Estimated Cost to Reg Agency ($000)721,342
Cost to Reg Agency/ Deposits (%)41.62
Cost to Reg Agency/ Assets (%)38.23
Assets Sold/ Assets (%)3.51
Deal Summary
Salt Lake City-based Zions Bancorp. has assumed the insured deposits and purchased certain assets of Henderson, Nev.-based Silver State Bank. Silver State Bank had total core deposits of approximately $1.3 billion as of June 30, 2008. Silver State Bank is the 11th FDIC-insured institution to fail this year, and the second in Nevada.
Deal Terms
Description of Consideration
Zions Bancorp. paid a premium of 1.3% to assume all of the insured deposits of Silver State Bank. Zions Bancorp. also purchased $66 million in assets of the failed bank.
Assets Sold in Resolution ($000)66,192
Deposits Transferred ($000)737,000
Deposits Liquidated ($000)996,091
Premium Paid ($000)9,581
Deal Financials
Total Assets at Assumption ($000)1,887,000
Total Deposits at Assumption ($000)1,733,091
Core Deposits at Assumption ($000)1,317,651

Copyright 2018, © S&P Global Market Intelligence  Terms of Use