FDIC Approves the Payout of the Insured Deposits of Centennial Bank, Ogden, Utah

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Centennial Bank, Ogden, Utah. The bank was closed March 5, 2010 by the Utah Department of Financial Institutions, which appointed the FDIC as receiver.

The FDIC entered into an agreement with Zions First National Bank, Salt Lake City, Utah, to accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments . . . read more

Last year, President Obama signed into law the Credit Card Accountability and Disclosure Act of 2009, which includes many provisions that go into effect Feb. 22. The intent of the Card Act was to establish fair and transparent practices pertaining to credits cards. At Zions Bank we have always believed in treating our clients fairly and we welcome this type of legislation.

While the Card Act has resulted in significant changes for many card issuers, the impact to Zions Bank has been minimal since we have never engaged in the “unfair and deceptive” practices addressed in this new law. Let me share with you a few examples of how we’ve approached some of the issues addressed in the Card Act over the years . . . read more

Zions First National Bank, a subsidiary of Zions Bancorporation, announced today that it will assist the Federal Deposit Insurance Corporation (FDIC) by acting as Payout Agent in the resolution of Barnes Banking Company, based in Kaysville, Utah . . . read more

Helping infuse small businesses with the capital they need to grow and create jobs, Zions First National Bank announced October 15, 2009 its rank as the top lender of U.S. Small Business Administration (SBA) 7(a) loans in Utah for 2009. Zions has ranked as Utah’s No.1 SBA lender for the past 16 consecutive years. It has also ranked as the top SBA lender in Idaho’s Boise District for the past eight consecutive years.

Zions Bank approved 869 SBA 7(a) loans in Utah totaling $58.7 million for the fiscal year ended Sept. 30, 2009. These loans represent 38 percent of the 2,247 SBA-backed loans approved in the state during fiscal year 2009.

“At a time when questions are being raised about banks’ willingness to make loans, Zions Bank is proud to continue to demonstrate our institution-wide commitment to supporting small businesses as they build and drive our economies,” said Zions Bank President and CEO Scott Anderson. “Even in a challenging environment, the fact that we approved just 40 fewer SBA loans than we did in fiscal year 2008 further demonstrates our willingness to lend to small businesses.”

The nation’s banks are among the country’s most heavily regulated industries. Zions Bank, along with all other banks, complies with more than 6,000 pages of regulations intended to protect the safety and soundness of your deposits and the banking system.

So you wouldn’t expect a banker to come out in favor of more regulation. Yet that’s just what I’m doing — up to a point.

In today’s economy, contributing to your child’s college education fund might be causing you more anxiety than peace of mind.

To help you rest at ease, the Utah Educational Savings Plan — in partnership with Zions Bank — has introduced the first-of-its-kind FDIC-insured savings account in the 529 plan realm that doesn’t have minimum deposit or balance requirements and is tax free if you withdraw from it to pay for higher education. Investment-research firm Morningstar Inc. recently named it one of the Top Five 529 savings plans in the country.

Utah business owners anticipate recovery from the effects of the recession will be slow, according to Zions Bank’s latest Utah Quarterly Economic Forecast. The second quarter 2009 study reveals 52 percent of Utah executives say it will take their companies at least one year to bounce back. Another 31 percent of Utah business leaders predict it will take six-to-12 months to recover, and just eight percent believe it can be done in less than six months.

Zions First National Bank, a subsidiary of Zions Bancorporation, was the first financial institution in the nation to receive authorization by the U.S. Small Business Administration (SBA) to extend a new America’s Recovery Capital (ARC) loan to a small business client. Zions Bank received approval of an ARC loan application from the SBA on June 15, 2009, the day SBA began offering these loans that provide an immediate infusion of capital to small businesses to assist with making payments of principal and interest on existing debt.

Zions Bank has won the 2009 Model Bank Award in the category of online account opening from the research and consulting firm Celent. The award was presented at Celent Innovation and Insight Day on June 3 in New York City.

In early 2008, Celent launched its annual Model Bank 2009 award nomination process aimed at answering the question: “What would it look like for a bank to do everything right with today’s technology?” In winning this award, Zions Bank is among 18 financial institutions from across the globe recognized as industry leaders for their best online and technology practices.

On April 20, 2009, Zions Bancorporation, the holding company for Zions Bank, reported a loss of $832.2 million, or $7.29 per diluted common share. Reflected in these results are the continued effects of the worst financial and economic downturn our country has seen in many years.

While the reported loss for the first quarter is significant, it is important to take a look inside the results to get an accurate picture of the strength of the company’s core banking business. Of the reported loss, $634 million ($5.55 per common share) is a noncash accounting matter — writing off an intangible asset called “goodwill.” The writing off of goodwill occurred in Zions’ Texas affiliate, Amegy Bank, and primarily reflects the decline in market values of peer banks in Texas and a weaker economic outlook for the state. Amegy Bank itself continues to demonstrate solid performance.