Salt Lake-based Zions Bancorp. announced late Monday that the board of governors of the Federal Reserve System last week approved its application to acquire Amegy Bancorporation Inc. and its subsidiary, Amegy Bank N.A.
The proposed transaction was approved by shareholders of Amegy at a special meeting Oct. 11.
Amegy, with $7.74 billion in assets, has 80 full-service branches located throughout the Houston and Dallas metropolitan areas. Zions said in July it planned to acquire Amegy in a $1.7 billion deal that would include cash and stock.
The parties expect to close the transaction on or about Dec. 3, subject to the continued effectiveness of all regulatory approvals and satisfaction of customary closing conditions, according to a statement from Zions.
Zions also announced Tuesday that it approved 659 U.S. Small Business Administration 504 first mortgage loans for the fiscal year ended Sept. 30, ranking it as the largest third-party lender in the nation among 1,800 lenders.
Zions' SBA first mortgage loans totaled more than $597 million during the year, which represented 7 percent of the 9,100 SBA-backed 504 loans. Zions' fiscal 2005 total was up 88 percent in dollar volume and 49 percent in the number of loans from fiscal year 2004.