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Zions Bancorporation Posts Increase in Income
SALT LAKE CITY, UTAH -- Zions Bancorporation reported last week that
its fourth-quarter net income increased 9% over the prior year. For
the year net income increased 75% over 2000. The company credited
strong local business for its increased earnings, mainly due to the
merger of competing First Security Bank with Wells-Fargo, which
allowed Zions to pick up some disgruntled customers who left First
Security after the merger. "We're very pleased with the solid
operating results we achieved in 2001," remarked Zions' President and
Chief Executive Officer Harris H. Simmons, who is an LDS Church
member. "We had very strong core revenue growth with remarkably
stable net interest margins in a very volatile interest rate
environment and during a period of increasing economic uncertainty."
Source:
Zions Bancorporation Reports 9.0% Increase In Net Income for the Fourth Quarter
PRNewswire 24Jan02 US UT SLC B4
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