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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: National Bank of Arizona
Target: Southern Arizona Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date1/17/1996
Announcement Date1/17/1996
Announced Deal Value ($M)25.30
Completion Date5/31/1996
Announced Deal Value Per Share ($)NA
Consideration Breakout
Common Stock ($M)27.1
Common Stock Issued363,885
Deal Pricing Ratios
Price / Book (%)285.6283.9
Price / Tangible Book (%)285.6283.9
Price / Earnings (x)12.713.6
Price / Deposits (%)22.0523.61
Price / Assets (%)19.8621.27
Tangible Book Premium/ Deposits (%)16.1817.28
Deal Terms
Description of Consideration
Southern Arizona shareholders received 0.287347 share of Zions common for each outstanding share.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)16,900
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)800
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.287300
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesM One Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesMetzger Hollis Gordon & Alprin
SellerYesO'Connor Cavenagh Anderson

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