Zions' Arm to Acquire Four FirstBank Branches, Boost Presence

Core Viewpoint - Zions Bancorporation's California Bank & Trust has agreed to acquire four branches from FirstBank, enhancing its market presence in Coachella Valley and expanding its customer base [1][2][4]. Acquisition Details - The acquisition involves approximately $730 million in deposits and $420 million in loans, expected to be completed in Q1 2025, pending customary approvals [2]. - The branches will initially continue operating under the FirstBank name and will be re-branded as California Bank & Trust after the deal's completion [3]. Strategic Rationale - This acquisition will increase Zions' physical locations in Coachella Valley to six and add around 15,000 new customers, resulting in a combined market share of 7% in the region [4]. - The transaction aligns with Zions' growth strategy to deepen its footprint and expand market share, following a previous acquisition of three branches in Northern Nevada in 2022 [4]. Market Performance - Year-to-date, Zions' shares have increased by 7.8%, compared to an 8.6% rise in the industry [6].