Profit increases for Zions

Zions Bancorporation of Salt Lake City, owner of Nevada State Bank, today said fourth quarter cash earnings rose to $66.4 million or 77 cents a share from $53.2 million or 63 cents in the year-ago quarter.

Zions, which just acquired Pioneer Citizens Bank in Nevada, plans to merge with First Security Corp. of Salt Lake City this year after resolution of an accounting issue over past mergers.

After merger-related charges of $15.7 million or 18 cents per share, Zions reported net income of $42.5 million or 49 cents per share.

The mean earnings estimate of nine analysts surveyed by Zacks Investment Research was 68 cents per share.

Zions stock traded this morning at $54.69, off 63 cents per share.

"Although the delay in closing our merger with First Security has been frustrating, as we have mapped out our integration plan our enthusiasm has increased for the value creation opportunities that this business combination will have for our shareholders," said Zions Chief Executive Harris Simmons. "We expect to file our restated earnings in accordance with the SEC interpretation within a week and schedule the shareholder vote in March. The transaction should close immediately thereafter."

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