Zions Bancorp. Monday said its acquisition of Rio Salado Bancorp., announced in November, has been completed at a purchase price of $12.5 million, to be paid through the exchange of Zions common stock of Rio Salado shares.
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A Zions spokesman said Rio Salado Bancorp's wholly owned subsidiary, Rio Salado Bank, will be merged into Zions' subsidiary, National Bank of Arizona, and will result in an organization with approximately $700 million in assets.