Zions Bancorp acquires FP Bancorp of California

Zions Bancorp has acquired FP Bancorp based in Southern California for $90 million in Zions stock.

FP Bancorp is the parent company of 16 First Pacific bank branches in San Diego and Riverside counties.Those banks will merge into Grossmont Bank, a subsidiary of Zions.

The deal is structured to be tax-free and will be accounted for as a pooling of interests. Each share of FP Bancorp will be exchanged for 0.627 share of Zions.

Harris Simmons, president and CEO of Zions Bancorp., said the merger will complement Zions' recently acquired Grossmont Bank franchise in California.