National Bank of Arizona
 |
|
| Public company | |
| Traded as |
NASDAQ: ZION S&P 500 Index component |
| Industry | Financial Services |
| Founded | 1873 |
| Founder | Brigham Young |
| Headquarters | Salt Lake City, Utah |
|
Key people
|
Harris H. Simmons, Chairman & CEO PAUL E. BURDISS, CFO |
| Revenue |
 $2.383 billion (2016) |
|
$0.469 billion (2016) |
|
| Total assets |
$63.239 billion (2016) |
| Total equity |
$6.925 billion (2016) |
|
Number of employees
|
10,057 (2016) |
| Subsidiaries | Amegy Bank of Texas California Bank and Trust Nevada State Bank Zions Direct |
| Website | zionsbancorporation |
Zions Bancorporation is a bank holding company headquartered in Salt Lake City, Utah. Zions is on the list of largest banks in the United States.
Zions' history dates back to the founding of Zion's Savings Bank and Trust Company, which was opened in the fall of 1873 by Brigham Young during the Mormon settlement of Utah. It was Utah's first chartered savings bank and trust company.
During the Panic of 1893, the bank managed not only to remain solvent, but continue to grow.
During the early 20th century, Zions financed such firms as:
The Panic of 1907 was the lone interruption in the steady growth of Zions. However, deposits grew from $2 million in 1901 to $9 million in 1918.
On the morning of February 15, 1932, 3 years after the Wall Street Crash of 1929, customers began a run on the bank, waiting in lines that ran out of the building and onto the street. Tellers were instructed to honor all withdrawal requests. In 2.5 days, a total of $1.5 million was withdrawn. Near the end of the second day, bank president Heber J. Grant placed a sign in the bank's window that read, in part:
[The bank] is in a very strong, clean, liquid condition. It can pay off every depositor in full. Fear of its failure is not only without foundation, but positively foolish. There is not a safer bank in the State or the Nation.
Lines of customers that had been as long as a city block began to dwindle, and within five or six days many customers returned to deposit their money. By month's end, total deposits were more than withdrawals, and Zions had survived the Great Depression.
In 1957, Zion's merged with Utah Savings and Trust Company and First National Bank of Salt Lake City. The surviving institution was named Zions First National Bank.
In 1960, Keystone Insurance and Investment Company, which had been founded in 1955, bought a majority stake in Zions from The Church of Jesus Christ of Latter-day Saints and changed its name to Zions Utah Bancorporation. It kept that name until 1987, when it became shortened to Zions Bancorporation, its present name, to reflect the growing presence of the company outside of Utah.
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Wikipedia