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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Nevada State Bank
Target: Sun State Capital Corporation
Deal Type: Bank & Thrift Company
Agreement Date5/22/1997
Announcement Date5/22/1997
Announced Deal Value ($M)37.40
Completion Date10/17/1997
Announced Deal Value Per Share ($)NA
Consideration Breakout
Unclassified ($M)39.1
Deal Pricing Ratios
Price / Book (%)311.1297.8
Price / Tangible Book (%)311.1297.8
Price / Earnings (x)16.816.6
Price / Deposits (%)25.8726.39
Price / Assets (%)23.7024.08
Tangible Book Premium/ Deposits (%)21.3318.84
Deal Terms
Description of Consideration
Sun State shareholders received approximately $39 million in cash and Zions common stock for all outstanding shares. At least 51% of the total consideration was in common stock.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)1,000
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesHoefer & Arnett Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesRothgerber Johnson & Lyons LLP

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