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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions Bancorporation
Target: Kersey Bancorp
Deal Type: Bank & Thrift Company
Agreement Date5/8/1998
Announcement Date5/8/1998
Announced Deal Value ($M)28.20
Completion Date8/31/1998
Announced Deal Value Per Share ($)NA
Consideration Breakout
Common Stock ($M)28.2
Common Stock Issued620,000
Deal Pricing Ratios
Price / Book (%)337.9319.0
Price / Tangible Book (%)350.4329.1
Price / Earnings (x)18.216.9
Price / Deposits (%)22.5821.17
Price / Assets (%)20.7919.50
Tangible Book Premium/ Deposits (%)18.8417.01
Deal Terms
Description of Consideration
Zions paid stock worth $28.2 million, less certain adjustments, for all outstanding shares of Kersey Bancorp. Seller's financials are for Independent Bank.
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)500
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)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesHowe Barnes Hoefer & Arnett

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesRobinson Waters & O'Dorisio, P

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