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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions Bancorporation
Target: GB Bancorporation
Deal Type: Bank & Thrift Company
Agreement Date7/7/1997
Announcement Date7/7/1997
Announced Deal Value ($M)174.20
StatusCompleted
Completion Date11/14/1997
Announced Deal Value Per Share ($)84.29
Consideration Breakout
Common Stock ($M)181.2
Common Stock Issued4,647,495
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)388.4313.6
Price / Tangible Book (%)482.2359.9
Price / Earnings (x)30.220.8
Price / Deposits (%)32.2628.32
Price / Assets (%)29.0125.41
Tangible Book Premium/ Deposits (%)29.3923.56
Deal Terms
Description of Consideration
Zions exchanged 2.2478 shares of its common stock for each of the 95.5% of GB Bancorporation common shares that it did not already own.
Accounting MethodPooling of Interests
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)3,000
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)2.247800
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesDeutsche Bank Securities Inc.
SellerYesGoldman Sachs & Co. LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesHogan & Hartson LLP

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