National Bank of Arizona/Salt River Pima-Maricopa Community Announce First Section 184 Housing Loan

Jun 22, 2004, 01:00 ET from National Bank of Arizona

    PHOENIX, June 22 /PRNewswire-FirstCall/ -- National Bank of Arizona and
 the Salt River Pima-Maricopa Indian Community commemorated the first Section
 184 home loan closing in partnership with the Salt River Community Housing
 Division during a ceremony earlier today.
     "National Bank of Arizona is pleased to be able to work with the Salt
 River Pima-Maricopa Indian Community and proud to assist more Arizonans
 achieve their home ownership goals," said Gisi. "Section 184 is a great
 program which razes the barriers for tribal homeownership and opens the doors
 to outstanding partnerships like this one."
     The Housing and Urban Development (HUD) Section 184 Indian Housing Loan
 Guarantee Program was established by Congress in 1994 to promote affordable
 housing opportunities to Native Americans. Section 184 offers home ownership
 opportunities to Native Americans by creating a leasehold estate on tribal
 lands. The eligible individual borrower leases the land property from the
 tribe on a lease approved by the Bureau of Indian Affairs (BIA) and HUD. The
 leasehold interest and the home are then mortgaged through a lender. This is
 the fourth Section 184 loan in the Salt River Pima-Maricopa Indian Community;
 however, it is the first loan closed in full partnership with the Salt River
 Community Housing Division.
     "We are pleased to extend housing opportunities for our members through
 our partnership with National Bank of Arizona," said Leonard Rivers, Vice
 President, Salt River Pima-Maricopa Indian Community. "This program allows
 community members to invest in homeownership through an affordable basis."
     National Bank of Arizona is the preferred lender of the Salt River
 Pima-Maricopa Indian Community Housing Division and has provided support and
 guidance in the areas of financial education and Individual Development
 Accounts (IDA).
     In addition, National Bank continues to be a statewide leader and a
 partner with Arizonans by providing affordable housing opportunities. In 1999,
 National Bank of Arizona became the first bank in Arizona to introduce an IDA.
 The IDA is designed to assist low-to-moderate income families in accumulating
 funds necessary to purchase their own home. National Bank of Arizona waives
 all fees and minimum balance requirements. The IDA also accrues interest and
 funds are matched by a participating agency at the end of the authorized time
 period. In 2002, National Bank was instrumental in paving the way for the
 first Section 8 mortgage in the state of Arizona in Yuma and also the first
 Section 8 in Metro Phoenix (Mesa).
     About National Bank of Arizona
     National Bank of Arizona, a wholly-owned subsidiary of Zions
 Bancorporation (Nasdaq:   ZION), was founded in Tucson in 1984 as a community
 bank specializing in real estate, serving professionals, and meeting the needs
 of small and mid-sized Arizona businesses. Since that time, the bank has
 experienced dramatic growth becoming Arizona's fourth-largest bank with
 approximately $3 billion in assets. National Bank has also been named the
 Number One Bank in the state for the third consecutive year by, "Ranking
 Arizona: The Best of Arizona Business." National Bank has 51 offices in 36
 communities throughout the state. For more information, visit National Bank
 online at:
     About Salt River Pima-Maricopa Indian Community
     The Salt River Pima-Maricopa Indian Community was created by Executive
 Order on June 14, 1879 by President Rutherford B. Hayes. The Community is
 located on 53,600 acres in Maricopa County, aside the boundaries of Mesa,
 Tempe, Scottsdale, Fountain Hills and Metro Phoenix. The Community population
 is more than 7,000 members.

SOURCE National Bank of Arizona