|For immediate release|
The Federal Reserve Board today announced its approval of the proposal of First Security Corporation, Salt Lake City, Utah, to merge with Zions Bancorporation, Salt Lake City, Utah ("Zions"), and thereby acquire all of the subsidiary banks and nonbanking subsidiaries of Zions.
The Board's approval is conditioned on the divestiture of 64 branches, controlling total deposits of more than $2 billion, located in 21 banking markets in Utah and Idaho. First Security also must report to the Federal Reserve System semiannually during the two-year period after consummation of the merger all branch closings that occur as a result of this proposal.
Attached is the Board's Order relating to this action.
Order (156 KB PDF)
1999 Orders on banking applications