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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions Bancorporation
Target: Vectra Banking Corporation
Deal Type: Bank & Thrift Company
Agreement Date9/24/1997
Announcement Date9/24/1997
Announced Deal Value ($M)179.10
StatusCompleted
Completion Date1/6/1998
Announced Deal Value Per Share ($)28.17
Consideration Breakout
Common Stock ($M)202.4
Common Stock Issued4,021,303
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)354.8473.5
Price / Tangible Book (%)422.9653.2
Price / Earnings (x)25.429.4
Price / Deposits (%)35.6639.28
Price / Assets (%)26.2429.31
Tangible Book Premium/ Deposits (%)29.9835.97
Deal Terms
Description of Consideration
Vectra shareholders received 0.685 share of Zions common per common share and 7.755 shares of Zions common per convertible preferred share.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)129,000
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)0.00
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.69
Exchange Ratio (Common For Preferred)7.76
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)23.3900
% of Shares Outstanding19.90
Shares Under Option959,462
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerNoNA
SellerYesKeyBanc Capital Markets Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesLewis Rice

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