Zions Bancorp. has completed its acquisition of Southern Arizona Bancorp, according to Harris H. Simmons, president and chief executive officer of Salt Lake-based firm.
In conjunction with the transaction, Southern Arizona Bancorp's subsidiary, Southern Arizona Bank, has been merged with National Bank of Arizona, a subsidiary of Zions, and the resulting bank will operate under the National Bank of Arizona name.Simmons said the acquisition significantly extends Zions' coverage in the Arizona market. "Southern Arizona Bank has a strong market share in one of Arizona's fastest-growing communities. With this acquisition, we now have full-service banking offices in each of Arizona's larger metropolitan areas," said Simmons.
John E. Byrd, former president and chief executive officer of Southern Arizona Bank, said the deal will have benefits for the bank's customers in Yuma County.
"National Bank of Arizona is an outstanding bank, with particularly strong skills in small-business lending, and a great set of products to match. As a result of this combination, we will be able to offer a greater range of services to customers, including new investment products, lease financing insurance, electronic banking services and cash management products, to name a few" he said.
Byrd will serve as executive vice president of the National Bank of Arizona, with responsibility for the bank's operation in Yuma County.
John J. Gisi, president and chief executive officer of the National Bank of Arizona, praised Southern Arizona Bank employees, who have done plenty to build the economy in their area.
Southern Arizona Bank, with assets of $130 million, operated four offices in Yuma and one in San Luis. When combined with the National Bank of Arizona, the new bank has assets of $950 million and 17 offices in Arizona's larger communities.