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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions Bancorporation
Target: Commerce Bancorporation, The
Deal Type: Bank & Thrift Company
Agreement Date5/14/1998
Announcement Date5/14/1998
Announced Deal Value ($M)89.40
Completion Date9/9/1998
Announced Deal Value Per Share ($)30.70
Consideration Breakout
Common Stock ($M)89.4
Deal Pricing Ratios
Price / Book (%)374.2365.2
Price / Tangible Book (%)374.2365.2
Price / Earnings (x)20.118.5
Price / Deposits (%)37.9236.44
Price / Assets (%)29.9527.05
Tangible Book Premium/ Deposits (%)33.1232.21
Deal Terms
Description of Consideration
Zions paid $30.70 in stock for each Commerce share held.
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)2,000
Maximum Termination Fee ($000)2,000
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)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesKeefe Bruyette & Woods Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesFoster Pepper PLLC

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