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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: California bank
Target: Sumitomo Bank of California
Deal Type: Bank & Thrift Company
Agreement Date3/25/1998
Announcement Date3/25/1998
Announced Deal Value ($M)545.70
Completion Date10/1/1998
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)545.7
Deal Pricing Ratios
Price / Book (%)127.4127.2
Price / Tangible Book (%)127.4127.2
Price / Earnings (x)13.318.4
Price / Deposits (%)12.5313.31
Price / Assets (%)10.7011.57
Tangible Book Premium/ Deposits (%)3.653.87
Deal Terms
Description of Consideration
Sumitomo Bank, Ltd. received $32.36 per share for its 85.21% stake in Sumitomo Bank of California. The remaining outstanding shares received $38.25. Sumitomo redeemed its $75M preferred issue prior to close.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)107,000
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)20,000
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
BuyerYesMerrill Lynch & Co.
SellerYesGoldman Sachs & Co. LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSullivan & Cromwell LLP
SellerYesSkadden Arps Slate Meagher

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