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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions Bancorporation
Target: National Bancorp of Arizona Inc.
Deal Type: Bank & Thrift Company
Agreement Date9/20/1993
Announcement Date9/20/1993
Announced Deal Value ($M)61.20
Completion Date1/17/1994
Announced Deal Value Per Share ($)18.90
Consideration Breakout
Common Stock ($M)54.8
Common Stock Issued1,456,440
Deal Pricing Ratios
Price / Book (%)310.9278.3
Price / Tangible Book (%)310.9278.3
Price / Earnings (x)12.611.3
Price / Deposits (%)15.7714.12
Price / Assets (%)14.8513.29
Tangible Book Premium/ Deposits (%)11.669.86
Deal Terms
Description of Consideration
National Bancorp of Arizona's shareholders received .45 shares of Zions common for each share held. The ratio was collared by Zions price of $36.00 and $44.00.
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)NA
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.450000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesGoldman Sachs & Co. LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesMetzger Hollis Gordon & Alprin
SellerYesHogan & Hartson LLP

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