This page is centered upon the Zions Bank. The article looks at the history of Zions Bank, as well as some of the products and services offered by the bank.
History Of Zions Bank
Zions Savings Bank and Trust Company was officially incorporated under the government and laws of the Utah Territory. This took place in 1873 under the direction of Brigham Young and became Utah’s very first savings bank and trust company. During Zion’s first day of business operation in October 1 1873, the banks’ tellers and cashiers recorded a total deposit of nearly $6,000. This started the bank on a path of continuous growth. As a matter of fact, Zions Bank was also able to withstand one of the major threats of the US economic history: the depression that was caused by the crash of the stock market in 1929.
A very significant event (for the Zions Bank of today) took place in 1957 when three companies joined together. These companies were the Utah Savings and Trust Company, First national Bank of Salt Lake City, and Zions Bank and Trust Company. These three companies merged together and formed Zions First National Bank. The newly enlarged financial company had a total of almost $110 million worth of deposits during that time.
Some time in 1960, the Church of Christ of the Latter Day Saints decided to divest itself of its banking interests. That is why in 1960 it sold its majority control of Zions First national Bank to KIIC or Keystone Insurance & Investment Company. The Keystone Company was owned by a team of businessmen: Leland B. Flint, Judson S. Sayre and Roy W. Simmons. When the bank was sold on that year, its total deposits were under $120 million.
Zions First National Investment Company was soon incorporated in the State of Nevada in 1961 and became the principal owner of the bank stock which was controlled by the Keystone Company. In the year 1965, the name ‘investment company’ was replaced by Zions Bancorporation.
Zions Bank Services
As of the present days Zions Bancoroporation operates in a full service manner in ten of America’s Western states like Arizona, Texas, Nevada, Idaho, Colorado, New Mexico, Oregon, Washington, Utah, and California. Zions Bank also has 103 branches throughout Utah, 27 branches in Idaho and 150 ATM branch locations within the each. Aside from the various traditional banking products offered by Zions Bank, a wide range of mortgage and investment services are also available.
Zions Bank has number of offices dedicated to loans for small businesses and has also shown itself to be a pioneer in providing electronic banking services as well as electronic municipal trading of bonds.