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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Vectra Bank Colorado, N.A.
Target: Citizens Banco, Inc.
Deal Type: Bank & Thrift Company
Agreement Date8/14/1998
Announcement Date8/14/1998
Announced Deal Value ($M)11.60
Completion Date12/1/1998
Announced Deal Value Per Share ($)NA
Consideration Breakout
Common Stock ($M)12.7
Common Stock Issued251,225
Deal Pricing Ratios
Price / Book (%)199.8218.7
Price / Tangible Book (%)199.8218.7
Price / Earnings (x)16.217.7
Price / Deposits (%)26.6128.18
Price / Assets (%)23.9025.36
Tangible Book Premium/ Deposits (%)14.0416.17
Deal Terms
Description of Consideration
Zions exchanged 251,225 shares for all outstanding shares of Citizens Banco. Seller's financials are for Citizens Bank.
Accounting MethodPooling of Interests
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)400
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
SellerYesNewbill & Company

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesRothgerber Johnson & Lyons LLP

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