Zions Bancorporation Completes Merger With Eldorado Bancshares, Inc.

    SALT LAKE CITY and LAGUNA HILLS, Calif., March 30 /PRNewswire/ -- Zions
 Bancorporation ("Zions") (Nasdaq:   ZION) announced today that it has completed
 its merger with Eldorado Bancshares, Inc. ("Eldorado") (Nasdaq:   ELBI).
 Eldorado's subsidiaries, Eldorado Bank and Antelope Valley Bank, will be
 merged into Zions' subsidiary, California Bank & Trust ("CB&T").
     Each common share of Eldorado will be exchanged for 0.23 of a share of
 Zions.  Based upon Zions' closing price today of $52.09, each Eldorado share
 has been converted into $11.98 in value in Zions' stock.  Using 2001 IBES cash
 earnings per share estimates before goodwill amortization for Zions and
 Eldorado of $3.55 and $1.08, respectively, the merger is expected to be
 immediately accretive to Zions' cash earnings per share, exclusive of any cost
 savings.
     "We welcome the Eldorado employees and customers to our banking family,"
 said Robert Sarver, president and chief executive officer of California Bank &
 Trust.  "Eldorado significantly expands our Southern California footprint.
 With the completion of this transaction, our market share of commercial bank
 deposits in Orange County has doubled to nearly 5 percent, ranking CB&T as the
 county's fourth largest bank."
     Commenting on the transaction, Robert Keller, president and chief
 executive officer of Eldorado, said, "Because of the common customer service
 philosophies, this merger really is a win-win for customers and employees.  At
 the same time, our shareholders gain additional liquidity by holding stock in
 one of the country's finest banking companies."
 
     California Bank & Trust is the sixth-largest commercial bank in the state
 of California with approximately $8.0 billion in assets and 99 branch offices.
 Visit the bank's Web site at www.calbanktrust.com.
 
     Zions Bancorporation is one of the nation's premier financial services
 companies, consisting of a collection of great banks in select high growth
 markets.  Under local management teams and community identities, Zions
 operates nearly 400 full-service banking offices in Arizona, California,
 Colorado, Idaho, Nevada, New Mexico, Utah and Washington.  In addition, Zions
 is the only primary dealer in government securities headquartered in the
 western United States, and is a national leader in SBA lending, public finance
 advisory services, agricultural finance and electronic bond trading.  Through
 its subsidiary, Digital Signature Trust, the company is a leader in providing
 trusted Internet identity credentials.  Forbes magazine recently named Zions
 one of America's best big companies.  Investor information and links to
 subsidiary banks can be accessed at www.zionsbancorporation.com.
 
     Forward-Looking Information
     This news release contains statements regarding the projected performance
 of Zions and Eldorado.  These statements constitute forward-looking
 information within the meaning of the Private Securities Litigation Reform
 Act.  Actual results or achievements may differ materially from the
 projections provided in this release since such projections involve
 significant known and unknown risks and uncertainties.  Factors that might
 cause such differences include, but are not limited to, new operations being
 delayed or such acquisition or activities being prohibited, competitive
 pressures among financial institutions increasing significantly, economic
 conditions, either nationally or locally in areas in which Zions conducts its
 operations, being less favorable than expected, the cost and effort required
 to integrate the companies being more difficult than expected, legislation or
 regulatory changes which adversely affect the ability of the Company to
 conduct, or the accounting for, business combinations and new operations.
 Zions disclaims any obligation to update any such factors or to publicly
 announce the result of any revisions to any of the forward-looking statements
 included herein to reflect future events or developments.
 
 

SOURCE Zions Bancorporation
RELATED LINKS
http://www.zionsbank.com

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