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Audit ordered by Zions shows no irregularities

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Zions Bancorp. said Monday that the audit it ordered following the arrest and subsequent resignation last month of its chief financial officer, Dale Moroni Gibbons, has been completed and that "nothing improper" was found.

Zions spokesman Rob Brough said the audit was overseen by the company's Los Angeles-based legal firm, Sullivan & Cromwell, along with its accounting firm, Ernst & Young, and "other professionals."

"As we expected, there were no indications that any of the behavior which generated charges against Mr. Gibbons has impacted his work at the bank," Brough said.

Brough said it doesn't appear that the charges against Gibbons have had any impact on the company's stock, nor has the incident generated much negative reaction from shareholders or customers.

Gibbons was arrested at his home on June 21 after Salt Lake County sheriff's deputies served a search warrant on the house. The investigation stemmed from a June 11 call by Gibbons to 911 after which paramedics found Gibbons' 15-year-old daughter and a 19-year-old woman identified as Gibbons' "girlfriend" intoxicated and "comatose."

Gibbons was immediately suspended from his job as CFO at the bank, and on June 28 he resigned.

W. David Hemingway, an executive vice president at Zions, is serving as interim CFO while a search for a permanent replacement for Gibbons is undertaken.