ZION Bancorporation (ZION) is a diversified financial service provider operating across 520 branches and about 628 ATMs, as of September 30, 2007, in 10 western and southwestern states (Utah, Idaho, California, Nevada, Arizona, Colorado, Texas, New Mexico, Washington, and Oregon). ZION operates under a community banking model, offering its services through local banking identities using local management teams. ZION offers a full range of traditional banking services, as well as small business administration lending, public finance advisory, and electronic bond trading. Tax-equivalent net interest income represented 76% of net revenue in 2006, with the balance coming primarily from service charges, loan sales and servicing, and other commissions and fees.

ZION's strategy centers on three key factors: (1) focus on high-growth markets (2) keep decisions about customers local and (3) centralize technology and operations to achieve economies of scale. In December 2005, ZION completed the purchase of Amegy Bancorporation (formerly Southwest Bancorp of Texas) for roughly $1.7 billion in stock and cash. This was a rather large bite to take (nearly a 25% increase in assets at the announcement date), but ZION wanted to get into Texas for some time, and there was a clear strategic fit. In January 2007, ZION completed the acquisition of Arizona-based Stockmen's Bancorp, Inc. in a $200 million all-stock deal, adding $700 million in net loans, $1.1 billion in deposits, and 43 offices, including some in smaller and more rural markets in Arizona and California. In September 2007, ZION completed the acquisition of Inter Continental Bank Shares Corporation located in San Antonio, Texas, which added $50 million in loans and $105 million in deposits including $98 million in core deposits, to the company's balance sheet.

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