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The Salt Lake City company was a prolific acquirer through the 1990s but has been quiet on the M&A front for several years. It's likely to stay that way in the near term, Chairman and CEO Harris Simmons said.
May 22 -
Zions Bancorp earned $73.2 million in the fourth quarter, compared to a loss of $59 million in the same period of 2013, when it recorded a large Volcker Rule-related charge on debt investments.
January 26 -
Zions Bancorp. in Salt Lake City is planning to raise $525 million in fresh capital to satisfy regulators' concerns about its ability to withstand a severe economic downturn.
July 28
Zions Bancorp. in Salt Lake City will consolidate its seven bank charters into one and create the position of chief banking officer to cut costs and improve returns.
The $57.1 billion-asset company will
Zions said the changes are intended to help it improve its efficiency ratio to the low 60% range by 2017; increase returns on tangible common equity; and achieve pretax cost savings of $120 million yearly by 2017.
The restructuring "will allow us to increase our profitability by streamlining our ability to get work done, and to remain competitive in a fast-changing banking industry," Harris Simmons, chairman and CEO, said in a statement.
As part of the restructuring, Zions promoted Keith Maio from CEO of National Bank of Arizona to chief banking officer for Zions. In the new position of chief banking officer, Maio will be responsible for retail banking, wealth management, and residential mortgage lending. Maio will remain chairman of National Bank of Arizona. Mark Young, executive director of real estate at National Bank of Arizona, was named that bank's CEO.
Additionally, Zions gave its holding company's president, Scott McLean, the additional title of chief operating officer. Zions also promoted LeeAnne Linderman from executive director of retail and omni-channel banking at Zions Bank, to executive vice president of retail banking for the holding company.
Zions also said Monday that it has sold $81 million of amortized-cost collateralized debt obligations during the second quarter, realizing a pretax loss of $25 million.
Zions has had an ongoing process of selling off its collateralized debt obligations, as a way to improve its capital ratios. The Federal Reserve in 2014 rejected Zions' capital plan as part of the Comprehensive Capital Analysis Review, or CCAR. This year, Zions passed, although with a 5.1% Tier 1 common capital ratio, just above the required 5% minimum.
