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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: California Bank & Trust
Target: Vineyard Bank NA
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date7/17/2009
Announcement Date7/17/2009
Date Placed in Conservatorship7/17/2009
Estimated Cost to Reg Agency ($000)295,076
Cost to Reg Agency/ Deposits (%)18.57
Cost to Reg Agency/ Assets (%)18.44
Assets Sold/ Assets (%)100.00
Deal Summary
Salt Lake City, Utah-based Zions Bancorporation unit San Diego, Calif.-based California Bank & Trust has assumed certain deposits and purchased all the assets of Corona, Calif.-based Vineyard Bank, National Association. Vineyard Bank had total core deposits of approximately $1 billion as of March 31, 2009. Vineyard Bank, N.A. is the 56th FDIC-insured institution to fail in the nation this year, and the seventh in California.
Deal Terms
Description of Consideration
Zions Bancorporation paid the FDIC a premium of 0.00% to assume certain deposits of Vineyard Bank, National Association. It has been reported to SNL that Zions Bancorporation also purchased substantially all the assets, approximately $1.6 billion, at a discount of $242 million. According to the release, the FDIC will retain the remaining assets for later disposition.
Assets Sold in Resolution ($000)1,600,000
Deposits Transferred ($000)1,455,379
Deposits Liquidated ($000)134,000
Premium Paid ($000)0
Deal Financials
Total Assets at Assumption ($000)1,600,000
Total Deposits at Assumption ($000)1,589,379
Core Deposits at Assumption ($000)1,036,663

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