Zions' Arm to Acquire Four FirstBank Branches, Boost Presence

Zacks09-24

Zions Bancorporation’s ZION arm, California Bank & Trust (CB&T), has agreed to acquire four branches from California-based FirstBank. Details of Acquisition Pursued by ZION Per the agreement, CB&T ...

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The deal is anticipated to be completed in the first quarter of 2025, subject to customary approvals.Further, CB&T will offer employment opportunities to California-based FirstBank employees in its existing team of more than 900 associates.These branches will continue to operate as FirstBank branches, which will be re-branded as California Bank & Trust upon the completion of the deal. The branches are located in Palm Desert and Indio.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","FLIC":"第一长岛","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4141":"半导体产品","BK4211":"区域性银行","BK4585":"ETF&股票定投概念","ZIONO":"Zions Bancorporation NA","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","BK4589":"SVB概念","ZIONP":"Zions Bancorporation NA","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","CNOB":"ConnectOne Bancorp Inc.","ZION":"齐昂银行","CAC":"卡姆登国家银行"},"translate_title":"Zions的子公司将收购FirstBank的四家分行，扩大影响力","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CAC":1,"CNOB":1,"FLIC":1,"ZION":1,"ZIONO":0.9,"ZIONP":0.9},"content_text":"Zions Bancorporation’s ZION arm, California Bank & Trust (CB&T), has agreed to acquire four branches from California-based FirstBank.\nDetails of Acquisition Pursued by ZION\nPer the agreement, CB&T will take over roughly $730 million in deposits and $420 million in loans. The deal is anticipated to be completed in the first quarter of 2025, subject to customary approvals.Further, CB&T will offer employment opportunities to California-based FirstBank employees in its existing team of more than 900 associates.These branches will continue to operate as FirstBank branches, which will be re-branded as California Bank & Trust upon the completion of the deal. The branches are located in Palm Desert and Indio.\nZION’s Rationale Behind This Acquisition\nThis move will expand the company’s physical presence in Coachella Valley to six locations and add roughly 15,000 new customers, leading to a combined 7% market share in the region.Eric Ellingsen, president and CEO of Zions’ arm CB&T, said, “This transaction provides us a team of accomplished banking professionals, four attractive and well-located branches, a sizable customer base and a great deposit franchise.”This strategic initiative aligns with Zions' growth strategy to deepen its footprint and expand market share in the targeted regions. In 2022, the company acquired three Northern Nevada City National Bank branches and their associated deposit, credit card and loan accounts through its division, Nevada State Bank.\nZions’ Zacks Rank & Price Performance\nYear to date, shares of Zions have risen 7.8% compared with the industry’s rise of 8.6%.\nImage Source: Zacks Investment Research\nCurrently, ZION carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nSimilar Steps by Other Banks\nEarlier this month, Camden National Corp. CAC signed an agreement to acquire Northway Financial, Inc. in an all-stock transaction valued at roughly $86.6 million.CAC will likely benefit from expected cost savings of 35% of Northway’s non-interest expense, 75% of which will be phased in 2025, and the rest will be realized thereafter. The entire restructuring costs will be realized upon the completion of the transaction.The deal is anticipated to be 19.9% and 32.7% accretive to CAC’s 2025 and 2026 earnings per share, respectively, assuming the phased-in cost savings. Also, tangible book value is expected to be diluted by 16.2%, with a projected earn-back period of approximately 3.3 years.Similarly, ConnectOne Bancorp, Inc. CNOB agreed to acquire The First of Long Island Corp. (FLIC). The all-stock transaction is valued at $284 million.CNOB will likely benefit from expected cost-savings of 35% of FLIC’s non-interest expense, 50% of which will be phased in 2025, and the rest will be realized thereafter.The deal is anticipated to be 36% accretive to CNOB’s 2025 earnings per share, assuming the execution of cost-savings. Also, tangible book value is expected to be diluted by 12% with a projected earn-back period of approximately 2.9 years.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nZions Bancorporation, N.A. (ZION) : Free Stock Analysis Report\nConnectOne Bancorp, Inc. (CNOB) : Free Stock Analysis Report\nCamden National Corporation (CAC) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2469413954"}