Zions Bancorp said Wednesday it has agreed to acquire Pacific Century Financial Corp., holding company for nine branches of Pacific Century Bank located throughout Arizona.
Terms of the merger were not disclosed but Pacific Century has some $400 million in deposits and $225 million in loans outstanding.
The Pacific Century branches and its 75 employees will become part of another Zions' subsidiary, National Bank of Arizona, the fourth largest bank in that state. No layoffs are expected, the company said.
John Gisi, president and CEO of National Bank of Arizona, described his company as a "locally managed, large community bank" and that the addition of Pacific Century, a similar operation, will strengthen and expand National's presence in the state.
The deal is expected to close in the second quarter of 2001, pending regulatory approvals.
The branches operated by Pacific Century are in Phoenix, Mesa, Green Valley, Scottsdale, Tucson and Yuma.
Zions Bancorp stock gained 13 cents Wednesday to $61.63. Pacific Century closed up $1.06 at $18.06. In early trading Thursday, Zions' shares were up 0.20 percent to $61.75.