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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Val Cor Bancorporation
Target: Tri-State Financial Corporation
Deal Type: Bank & Thrift Company
Agreement Date9/24/1997
Announcement Date9/24/1997
Announced Deal Value ($M)29.20
Completion Date2/27/1998
Announced Deal Value Per Share ($)39.00
Consideration Breakout
Common Stock ($M)30.5
Common Stock Issued710,000
Deal Pricing Ratios
Price / Book (%)343.1358.7
Price / Tangible Book (%)343.1358.7
Price / Earnings (x)13.814.4
Price / Deposits (%)32.3033.78
Price / Assets (%)27.6028.87
Tangible Book Premium/ Deposits (%)22.1722.92
Deal Terms
Description of Consideration
Tri-State shareholders received 710,000 shares of Zions common stock in exchange all outstanding shares. Seller's financials are for Tri-State Bank.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)500
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.948400
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesKeyBanc Capital Markets Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesBaker & Hostetler LLP

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