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: Nevada State Bank
Target: Great Basin Bank of Nevada
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date4/17/2009
Announcement Date4/17/2009
Date Placed in Conservatorship4/17/2009
Estimated Cost to Reg Agency ($000)20,924
Cost to Reg Agency/ Deposits (%)9.45
Cost to Reg Agency/ Assets (%)9.15
Assets Sold/ Assets (%)92.66
Deal Summary
Salt Lake City, Utah-based Zions Bancorporation unit Las Vegas, Nev.-based Nevada State Bank has assumed certain deposits and purchased certain assets of Elko, Nev.-based Great Basin Bank of Nevada. Great Basin Bank of Nevada had total core deposits of approximately $158 million as of December 31, 2008. Great Basin Bank of Nevada is the 25th FDIC-insured institution to fail in the nation this year, and the second in Nevada.
Deal Terms
Description of Consideration
Zions Bancorporation paid the FDIC a premium of $4.86 million to assume certain deposits of Great Basin Bank of Nevada. Zions Bancorporation also purchased certain assets of the failed bank at a certain discount. According to the release the FDIC will retain the remaining assets for later disposition.
Assets Sold in Resolution ($000)212,000
Deposits Transferred ($000)209,000
Deposits Liquidated ($000)12,400
Premium Paid ($000)4,860
Deal Financials
Total Assets at Assumption ($000)228,800
Total Deposits at Assumption ($000)221,400
Core Deposits at Assumption ($000)158,010

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