The London-based investment firm of Fox-Pitt Kelton has ranked Zions Bancorp. second among all large publicly traded U.S. commercial banking institutions in terms of the investment performance of its common stock in 1990, as measured by the change in market value per share.

Zions ranks second behind United Banks of Colorado, whose stock appreciated during 1990 as a result of the pending acquisition of the company.The copyrighted report listing the investment results was published Jan. 7 by Fox-Pitt Kelton, which tracks the performance of 129 major U.S. banks. FPK also provides corporate finance services to banks and served as a marketmaker in the stock of a number of banks in the U.S. and abroad.

Harris H. Simmons, president and chief executive officer of Zions, said the report attributed Zions' stock performance to the company's earnings momentum. "We are honored to have been so recognized for our investment performance during what was a very difficult year for many financial institutions," Simmons said.

"We believe the comparative economic strength of the Intermountain Region, combined with Zions' strong reserves and greatly strengthened earnings in recent quarters, resulted in this very favorable investment return, which bucked the trend of a declining stock market in recent months," he said.