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Zions Bancorp. to acquire Colorado holding company

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Zions Bancorp. said Tuesday it has agreed to acquire Minnequa Bancorp, holding company for the Minnequa Bank of Pueblo, Colo.

Terms of the deal were not disclosed, but it's expected to close in the fourth quarter of 2001. The bank will be merged into Zions' Colorado-based subsidiary Vectra Bank.

The purchase is subject to regulatory approvals and a vote by Minnequa shareholders.

Founded in 1902, Minnequa is the largest independent financial institution in the Pueblo area, with deposits of some $292 million and five banking offices.

"This merger anchors our Colorado banking franchise in the growing region of Southern Colorado," said Bruce Alexander, president and CEO of Zions' Colorado operations, which has $2.2 billion in assets, 54 branches and 900 employees throughout the state.