Welcome to Zions Bank

October 1, 1873, the bank’s cashier and tellers recorded deposits of $5,876.20, placed there by 46 depositors. Notably, five of the 15 depositors listed on the original ledger were women and another was an organization for women. At the time, many financial institutions did not allow women to open their own accounts.

On July 10, 1883, the Deseret News reported that two young men loitered in front of the premises, and then entered the bank at about 4 p.m. One of them carried a long iron bar and suddenly dealt the assistant cashier a violent blow to the forehead. They scooped up about $200 in gold, escaped, then were arrested that evening.

Prior to, and just after, the turn of the century, Zions’ financial assistance helped in the initiation of such industrial firms as Bingham Copper Company (Kennecott Copper); Salt Lake and Los Angeles Railroad Company (Union Pacific); Big Cottonwood Power Company (Rocky Mountain Power); and Salt Lake Gas Company (Dominion Energy).

The Panic of 1907 was the first worldwide financial crisis of the twentieth century and led to the establishment of the Federal Reserve System. The depression of 1907 was the lone interruption in the steady, progressive growth of the bank, which grew deposits from just over $2 million in 1901 to a healthy $9 million in 1918.

Zions Bank’s Vernal office was built from 80,000 bricks, each individually wrapped, packaged, and sent 407 miles by Parcel Post. To ship the bricks by freight wagon would have cost four times their worth. The cost-saving move prompted the U.S. Postal Service to impose a limit on the weight of its daily shipments.

In 1923, the bank celebrated its 50th anniversary. Bank resources had grown from an initial $5,876.20 at founding, to $12 million. One year earlier, in 1922, bank investments began to exceed loans for the first time as the bank’s source of revenue.

Amidst a growing tide of involuntary bank closures across the U.S., worried Zion’s depositors withdrew nearly $1.5 million over two days. A sign was placed in the window that read: “[The Bank] is in a strong, clean, liquid condition. It can pay off every depositor in full. Fear of its failure is not only without foundation, but positively foolish.”

World War II contracts and 14 military installations boosted the Utah economy. Utah coal and metals mines expanded to meet industry demand. A steel plant rose in Utah Valley and small arms were manufactured on Redwood Road. As soldiers returned home to start families, go to work, buy homes, and build businesses. Zion’s grew its deposits and loans.

On December 31, 1957, Zion’s Savings Bank and Trust Company (1873), Utah Savings and Trust Company (1889) and First National Bank of Salt Lake City (1890) merged to form Zions First National Bank. The newly enlarged institution had a total of $109.5 million in deposits. At this time the long-familiar apostrophe in Zion’s was dropped.

Authorities of the Church of Jesus Christ of Latter-day Saints decided it should divest of its banking interests, and on April 22, 1960, sold majority control of Zions First National Bank to Keystone Insurance and Investment Company, owned by Leland B. Flint, Roy W. Simmons and Judson S. Sayre. Total deposits were just under $120 million.

Zions Utah Bancorporation, the bank’s holding company, became a public company in January 1966 through an initial public offering.

Zions Bank’s swift growth continued, as ten new offices were added in 1970. Company founder and bank president Roy Simmons expanded across the Utah footprint with acquisitions of banks in the Uintah Basin, St. George, and Central Utah. By the close of 1970, Zions had 25 branches and total resources nearing $316 million.

In 1973, Zions commemorated its centennial year – 100 years in business. Commencing on Oct. 1, the 900 bank employees wore vests, string ties, long pioneer skirts, eye shades and arm bands to commemorate their pioneer banking predecessors. A 200-pound layered fruit cake went on display in the lobby of the headquarters office.

After national banking laws were liberalized in the 1980s, allowing out-of-state acquisitions in states with reciprocity laws, Zions Utah Bancorporation (shortened to Zions Bancorporation in 1987) started to expand across state lines, first into Nevada then into Arizona. Harris H. Simmons was promoted to president of Zions Bank in 1986.

In June 1991, Zions Bank employees traded balance sheets for paint brushes during the inaugural year of the annual Paint-a-Thon community service event. Over the past 31 years, Zions has mobilized more than 30,000 volunteers to participate in sprucing up 1,287 homes of elderly, disabled and veteran residents in Idaho, Utah and Wyoming.

In July 1997, Zions Bancorporation announced the purchase of Tri-State Bank, which had three offices in Eastern Idaho, and the purchase of 10 Wells Fargo Bank branches in rural locations throughout Idaho. Zions Bank’s strong commitment to Idaho is exemplified by its prominent Idaho headquarters building at 8th and Main streets in downtown Boise.

In 2004, Zions Bank President and CEO Scott Anderson embarked on an aggressive campaign to reach the booming population of Hispanic/Latino consumers in Utah and Idaho, creating a new, bilingual retail department designed to focus on serving these clients. Serving clients from all diverse backgrounds continues today through all retail branches.

In July 2014, Zions opened a new Commercial Services Office in Jackson Hole, Wyoming. Seasoned relationship managers at the office provide commercial lending, treasury management, private banking, commercial real estate lending and residential mortgage services to help Teton County businesses reach their full potential.

As businesses and nonprofits struggled with shutdowns during the 2020 COVID-19 pandemic, Zions Bank acted quickly to provide them relief, approving 22,000 Paycheck Protection Program (PPP) loans totaling $2.4 billion by the program’s end in May 2021. Zions Bancorporation ranked tenth in the nation in overall PPP loan approvals.

Now in its 150th year, Zions Bank has grown to operate 121 full-service branches and nearly 200 ATMs throughout Utah, Idaho and in Jackson, Wyoming. The bank provide jobs for 1,528 employees. It reported $13.9 billion in average loans and $20.9 billion in average deposits, as of March 31, 2023.