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. Last Updated: 07/27/2016

$5.9Bln Bank Merger

NEW YORK -- Trying to establish banking supremacy in the western United States, the Zions Bancorporation said over the weekend that it was buying the First Security Corp., its longtime rival in regional consumer banking, in a deal worth $5.9 billion.

Under terms of the agreement Sunday, Zions will exchange a little less than half a share for every share of First Security. The price per share is about $28.90, or a 55 percent premium to First Security's closing price of $18.625 on Friday.

The combined assets of the two Salt Lake City banks is $40.5 billion, making Zions, which is taking the First Security name, one of the largest in the country.