Zions Savings Bank & Trust was organized in 1873 by Brigham Young with $200,000 in capital stock. Located just south of ZCMI, it quickly outgrew its quarters and moved to Main Street between South Temple and 100 South. In 1884, bank directors approved the purchase of property on the northeast corner of Main Street and South Temple, which became the Templeton — and later, the Kennecott — building at One Main Street.

The LDS Church owned a majority interest in Zions Savings Bank and its two competitors, which were merged into Zions First National Bank in 1957. Three years later, the church decided to divest itself of its banking interests and a group of businessmen, including Roy W. Simmons, Leland B. Flint and Judson S. Sayre, organized Keystone Insurance & Investment Co. and bought majority control of the bank. Keystone was later renamed Zions Bancorp.

Today, Zions includes eight wholly-owned banks with $47 billion in total assets, doing business in 10 Western states. Zions Bank operates 112 branches in Utah, plus 23 branches in Idaho.

The 18-story, 305,000-square-foot Zions Bank Building will house about 1,000 Zions Bank and Zions Bancorp. employees, as well as the law offices of Callister Nebeker & McCullough.

In his dedicatory prayer, President Hinckley called Zions "one of the great pioneer institutions of this community."

"We commend those who made the decision to locate the bank and its associated properties in this location," he said. "May it ever be a bright and shining star in the business community of Salt Lake City, and may its influence extend and be felt across the nation."

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