Salt Lake businessman Roy W. Simmons, who with a group of partners acquired Zions First National Bank in 1960 and turned the business into one of the state's most profitable companies, died Tuesday evening at his Kaysville home. He was 90 years old.
In 1955, Mr. Simmons and his business partners organized Keystone Insurance and Investment Co., which acquired a controlling interest in Zions First National Bank, then owned by The Church of Jesus Christ of Latter-day Saints. Keystone later changed its name to Zions Bancorp. Mr. Simmons served as chief executive officer of Zions Bancorp. and Zions First National Bank from 1964 until 1990 and retired as chairman of the board in 2002. Since then he served as an emeritus director.
Born Jan. 24, 1916, in Portland, Ore., the future banker learned at an early age to work hard. His mother died when he was 8 years old, and his father died shortly thereafter.
A friend of the family agreed to raise the young boy, but Mr. Simmons never considered himself a "victim" of life's circumstances, son Harris Simmons, currently chairman, president and chief executive officer of Zions Bancorp., told the Deseret Morning News in 1993.
Mr. Roy Simmons attended South High School, where he was vice president of the student body, and also attended the University of Utah from 1934-37. After working a couple years as an insurance salesman, Mr. Simmons began his banking career in 1940 as a teller at the First National Bank at Layton.
"He was really a remarkable man," said Clark Hinckley, senior vice president of Zions investor relations. "Roy was an individual who had a tremendous ability to deal with the details of the business and who yet understood that in the end this was all about personal relationships. He understood that this was a people business."
In the mid-1970s, Hinckley said, he accepted a job offer from Michigan National Corp. based on Mr. Simmons' advice.
"He was very open and candid and helpful, and I ended up moving to Michigan," Hinckley said. "The end of that story is, though, after eight or nine years in Michigan, Roy hired me to come to Zions."
In addition to his responsibilities at Zions Bank, Mr. Simmons was appointed bank commissioner for the state of Utah in 1949 and served as a director on the boards of numerous companies, including Kennecott Copper, Denver and Rio Grande Western Railroads and Questar Corp.
In 2005, Zions Bancorp. was ranked as the state's No. 3 revenue growth company in terms of actual dollars, according to MountainWest Capital Network. The Salt Lake-based company in April said it had net income of $137.6 million, or $1.28 per diluted share, for the first quarter, which ended March 31. That compares with $110.2 million, or $1.20 per diluted share, in the same quarter a year ago. At the end of the quarter, Zions had deposits totaling $32.9 billion, up 37.7 percent from a year ago.
"Roy Simmons was one of the nation's most respected and admired bankers and was prominent in numerous community affairs," Doyle L. Arnold, Zions vice chairman and chief financial officer, said in a prepared statement. "He will be deeply missed by all who knew him."
Mr. Simmons is survived by his wife, Elizabeth "Tibby" Ellison Simmons, and their six children. Services are scheduled for Saturday.
E-mail: danderton@desnews.com