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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: California Bank & Trust
Target: Alliance Bank
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date2/6/2009
Announcement Date2/6/2009
Date Placed in Conservatorship2/6/2009
Estimated Cost to Reg Agency ($000)125,779
Cost to Reg Agency/ Deposits (%)12.58
Cost to Reg Agency/ Assets (%)10.48
Assets Sold/ Assets (%)93.33
Deal Summary
Salt Lake City-based Zions Bancorporation unit San Diego-based California Bank & Trust has assumed all the deposits and purchased certain assets of Culver City, Calif.-based Alliance Bank. Alliance Bank had total core deposits of approximately $671 million as of December 31, 2008. Alliance Bank is the 8th FDIC-insured institution to fail this year.
Deal Terms
Description of Consideration
Zions Bancorporation assumed all the deposits of Alliance Bank. Zions Bancorporation also purchased $1.12 billion of assets at a discount of $9.9 million. According to the release, the FDIC will retain the remaining assets for later disposition.
Assets Sold in Resolution ($000)1,120,000
Deposits Transferred ($000)1,000,000
Deposits Liquidated ($000)0
Premium Paid ($000)NA
Deal Financials
Total Assets at Assumption ($000)1,200,000
Total Deposits at Assumption ($000)1,000,000
Core Deposits at Assumption ($000)670,754

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