California Bank & Trust Expands Presence With Eldorado Merger; - Nearly 100 Branches Strong, CB&T Stays Customer-Focused -

Apr 04, 2001, 01:00 ET from California Bank & Trust

    IRVINE, Calif., April 4 /PRNewswire/ -- California Bank & Trust (CB&T) has
 doubled its market share of commercial bank deposits in Orange County and
 further expanded its presence in Southern California by completing a merger
 with Eldorado Bank, headquartered in Orange County, and Antelope Valley Bank,
 headquartered in Lancaster, Calif.
     As a result of the transaction, which closed March 30, CB&T is now the
 fourth-largest bank in Orange County.  The merger also includes Eldorado Bank
 branches in Encinitas, Carlsbad, San Bernardino, Indio, Palm Desert and
 Sacramento, the latter branch doing business as Commerce Security Bank.
     "We welcome the Eldorado and Antelope Valley employees and customers to
 our banking family," said Robert Sarver, president and chief executive officer
 of California Bank & Trust.  "We look forward to working hand-in-hand with new
 clients to provide them flexibility, convenience and control in pursuit of
 their financial goals and in finding solutions to meet diverse banking needs.
 Our growing resources continue to make us strong, but we remain committed to
 the intimacy of personal relationships with our customers that has been a
 California Bank & Trust hallmark."
     Each common share of Eldorado Bancshares, Inc., (Nasdaq:   ELBI), parent
 company of Eldorado Bank and Antelope Valley Bank, was exchanged for 0.23 of a
 share of Zions Bancorporation ("Zions") (Nasdaq:   ZION), CB&T's holding
 company.  Based on Zions' closing price on March 30 of $52.09, each Eldorado
 share was 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 increase
 Zions' cash earnings per share, exclusive of any cost savings.
     CB&T is a growing financial resource for California residents and
 businesses.  With nearly 100 branches and $8 billion in assets, the bank
 operates statewide through four geographic divisions: Northern California
 Division, Los Angeles & Ventura County, Orange County and San Diego.  As a
 subsidiary of Zions, an $18.5 billion bank holding company, CB&T offers
 customers access to financial products, services and solutions to meet a
 variety of customer needs.
     Commenting on the transaction, Paul Rodeno, executive vice president and
 chief administrative officer of Eldorado Bank, said, "Because of the common
 customer service philosophies and continued commitment to the local
 communities we serve, this merger really is a win-win for customers and
 employees.  Our shareholders also benefit from increased liquidity by holding
 stock in one of the country's finest banking companies."
     Through a series of mergers and acquisitions, CB&T has grown to be the
 sixth-largest commercial bank in the state:
     -- CB&T began in 1997 with Zions' acquisition of Grossmont Bank in
        San Diego;
     -- In early 1988, Zions acquired First Pacific National Bank in northern
        San Diego and southern Riverside counties and merged it with Grossmont;
     -- Later in 1998, Sumitomo Bank of California, with offices throughout the
        state, was merged into Grossmont, which then changed its name to
        California Bank & Trust;
     -- The 1999 acquisition of Regency Bancorp provided a Central Valley
        presence;
     -- The March 30 merger with Eldorado Bank expands CB&T's presence in
        Orange County, while the merger with Antelope Valley Bank moves the
        bank into the High Desert area of Southern California.
 
     With a "high-touch, high-tech" philosophy, California Bank & Trust
 provides a variety of products, resources and financing solutions to
 businesses and individuals, including wealth management, small business
 lending, cash management, online access and international banking.  Visit
 CB&T's Web site at www.calbanktrust.com.
 
 

SOURCE California Bank & Trust
    IRVINE, Calif., April 4 /PRNewswire/ -- California Bank & Trust (CB&T) has
 doubled its market share of commercial bank deposits in Orange County and
 further expanded its presence in Southern California by completing a merger
 with Eldorado Bank, headquartered in Orange County, and Antelope Valley Bank,
 headquartered in Lancaster, Calif.
     As a result of the transaction, which closed March 30, CB&T is now the
 fourth-largest bank in Orange County.  The merger also includes Eldorado Bank
 branches in Encinitas, Carlsbad, San Bernardino, Indio, Palm Desert and
 Sacramento, the latter branch doing business as Commerce Security Bank.
     "We welcome the Eldorado and Antelope Valley employees and customers to
 our banking family," said Robert Sarver, president and chief executive officer
 of California Bank & Trust.  "We look forward to working hand-in-hand with new
 clients to provide them flexibility, convenience and control in pursuit of
 their financial goals and in finding solutions to meet diverse banking needs.
 Our growing resources continue to make us strong, but we remain committed to
 the intimacy of personal relationships with our customers that has been a
 California Bank & Trust hallmark."
     Each common share of Eldorado Bancshares, Inc., (Nasdaq:   ELBI), parent
 company of Eldorado Bank and Antelope Valley Bank, was exchanged for 0.23 of a
 share of Zions Bancorporation ("Zions") (Nasdaq:   ZION), CB&T's holding
 company.  Based on Zions' closing price on March 30 of $52.09, each Eldorado
 share was 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 increase
 Zions' cash earnings per share, exclusive of any cost savings.
     CB&T is a growing financial resource for California residents and
 businesses.  With nearly 100 branches and $8 billion in assets, the bank
 operates statewide through four geographic divisions: Northern California
 Division, Los Angeles & Ventura County, Orange County and San Diego.  As a
 subsidiary of Zions, an $18.5 billion bank holding company, CB&T offers
 customers access to financial products, services and solutions to meet a
 variety of customer needs.
     Commenting on the transaction, Paul Rodeno, executive vice president and
 chief administrative officer of Eldorado Bank, said, "Because of the common
 customer service philosophies and continued commitment to the local
 communities we serve, this merger really is a win-win for customers and
 employees.  Our shareholders also benefit from increased liquidity by holding
 stock in one of the country's finest banking companies."
     Through a series of mergers and acquisitions, CB&T has grown to be the
 sixth-largest commercial bank in the state:
     -- CB&T began in 1997 with Zions' acquisition of Grossmont Bank in
        San Diego;
     -- In early 1988, Zions acquired First Pacific National Bank in northern
        San Diego and southern Riverside counties and merged it with Grossmont;
     -- Later in 1998, Sumitomo Bank of California, with offices throughout the
        state, was merged into Grossmont, which then changed its name to
        California Bank & Trust;
     -- The 1999 acquisition of Regency Bancorp provided a Central Valley
        presence;
     -- The March 30 merger with Eldorado Bank expands CB&T's presence in
        Orange County, while the merger with Antelope Valley Bank moves the
        bank into the High Desert area of Southern California.
 
     With a "high-touch, high-tech" philosophy, California Bank & Trust
 provides a variety of products, resources and financing solutions to
 businesses and individuals, including wealth management, small business
 lending, cash management, online access and international banking.  Visit
 CB&T's Web site at www.calbanktrust.com.
 
 SOURCE  California Bank & Trust

RELATED LINKS

http://www.zionsbank.com