ALL the News about
Mormons, Mormonism
and the LDS Church
Mormon News: All the News about Mormons, Mormonism and the LDS Church
For week ended March 26, 2000 Posted 24 Feb 2001
Most Recent Week
Front Page
Local News
Arts & Entertainment
·New Products
·New Websites
·Mormon Stock Index
Letters to Editor
Continuing Coverage of:
Boston Temple
School Prayer
Julie on MTV
Robert Elmer Kleasen
About Mormon News
News by E-Mail
Weekly Summary
Submitting News
Submitting Press Releases
Volunteer Positions
Bad Link?

News about Mormons, Mormonism,
and the LDS Church
Sent on Mormon-News: 23Mar00

Summarized by Kent Larsen

First Security Shareholders Say Yes, But Zions' May Not
Deseret News 23Mar00 B4
By Max Knudson: Deseret News business editor


First Security shareholders approve merger
Deseret News 22Mar00 B4
By Max Knudson: Deseret News business editor
But First Security OK may be moot unless Zions follows suit

SALT LAKE CITY, UTAH -- Shareholders of First Security Corp. approved its proposed merger with Zions Bancorp Wednesday, as expected, leaving the fate of the deal up to Zions shareholders, who will vote on the deal March 31st. However, the Zions shareholder vote could be a big hurdle, since recent events have made the deal much less appealing to them, and recent comments by Zions executives put even their support of the pact in doubt. Both banks have pioneer Mormon roots and are run by predominantly Mormon management teams.

Since the deal was first approved, First Security Corp.'s share price has fallen to the point that many Zion's shareholders don't think they are getting much out of the merger. But if the deal falls apart, First Security may be ripe for another suitor, since analysts see the the stock's current price as "cheap."

Since a dramatic stock drop less than two weeks ago, First Security and Zions executives have been sniping at each other over the merger, Zion's suggesting that the deal be renegotiated so that the amount Zion's is paying for First Security shares is lower.

But First Security CEO Spencer F. Eccles dismissed any possibility of a hostile takeover by another bank, and indicated that First Security would be fine if Zions' shareholders fail to approve the deal. He also said that in spite of earlier threats, First Security has no intention of suing Zions for breach of contract if shareholders fail to approve the deal.

The share prices of both companies have fallen even further recently, as stockholders evaluate the deal.


[an error occurred while processing this directive]

Copyright 1998, 1999, 2000, 2001 Kent Larsen · Privacy Information