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By Kent Larsen
Zions Bancorp to be Added to S&P 500
NEW YORK, NEW YORK -- Standard and Poor's announced Tuesday that it
will add Zions Bancorp to its S&P 500 index after the close of
trading on Friday, June 22nd. The change, necessary because Alza
Corp. is being purchased by Johnson and Johnson, will likely make
Zions a more widely held and watched stock.
Zions Bancorp is the bank holding company that owns Zions Bank and
five other banks with 374 offices in the Western US. Headquartered in
Salt Lake City, Utah, the bank's origins lie with Zion's Savings Bank
and Trust Company, founded by LDS Church President Brigham Young in
1873. Now run by church member Harris Simmons, the bank is including
in Mormon News' Mormon Stock Index.
Already the announcement has led to an increase in demand for the
company's stock. In trading Wednesday, Zion was up $2.24 to $58.59,
an increase of 4%. The addition of Zions Bancorp to the S&P 500 also
means that its stock will be purchased by index funds and hedge funds
seeking to mirror the performance of the S&P 500 and hedge changes in
the market.
Sources:
S&P to add Zions Bancorp to index, replacing Alza
Reuters 19Jun01 B4
Zion, Colonial get S&P Index boost
CBS Marketwatch 20Jun01 B4
Standard &Poor's Announces Changes in S&P 500 and S&P MidCap 400
Business Wire 19Jun01 B4
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