On July 10, 1873, Zion’s Savings Bank and Trust Company was incorporated under the laws of the Utah Territory by the direction of Brigham Young, becoming Utah’s first chartered savings bank and trust company. During its first day of business on October 1, 1873, the bank’s cashier and tellers recorded deposits of $5,876.20. The bank prospered and grew, surviving its only major threat – the depression caused by the stock market crash of 1929.
A major event happened on Dec. 31, 1957. Zion’s Savings Bank and Trust Company (1873) , Utah Savings and Trust Company (1889) and First National Bank of Salt Lake City (1890) merged to form Zions First National Bank. The newly enlarged institution had a total of $109.5 million in deposits. At this time, the long-familiar apostrophe in Zion’s was dropped.
In early 1960, authorities of The Church of Jesus Christ of Latter-day Saints decided to divest itself of its banking interests, and on April 22, 1960, the church sold majority control of Zions First National Bank to Keystone Insurance and Investment Company. Keystone was owned by a group of businessmen headed by Leland B. Flint, Roy W. Simmons and Judson S. Sayre. At the time of the sale, the bank had total deposits of just under $120 million.
On Feb. 17, 1961, Zions First National Investment Company was incorporated in Nevada and became the majority owner of the bank stock controlled by the Keystone group. In 1965, the name of the investment company was changed to Zions Bancorporation.
Today, Zions Bancorporation operates full-service banking offices in 10 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. Zions Bank operates locations in communities throughout Utah and Idaho, and more than 200 ATMs in the two states. In addition to a wide range of traditional banking services, Zions offers a comprehensive array of investment and mortgage services, and has a network of loan origination offices for small businesses nationwide. The company is also a leader in providing electronic banking services, including electronic municipal bond trading. Founded in 1873, Zions has been serving the communities of the Intermountain West for more than 140 years.
From the vision of founder Brigham Young to the reality of one of the nation’s most impressive banking organizations, Zions continues to be a pioneer in banking.
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