Zion's Bank and Trust, which officially opened for business on Oct. 1, 1873, would outlast most of its competitors of the era and this year will celebrate its 150th anniversary.
Zions Bank President and CEO Scott Anderson shows a gift that he received from members of the Navajo Nation that he has on display in his office in Salt Lake City on Sept. 20. Just a couple of weeks before the new bank opened its doors, in a turn of events that had a lot in common with the recent failures of U.S. banks over-leveraged in tech investments, the Philadelphia-based bank Jay Cooke & Co.
Signatures of Brigham Young and other leaders of The Church of Jesus Christ of Latter-day Saints in a bank ledger at the Zions Bank corporate offices in Salt Lake City on Sept. 20. For its first 87 years, the bank was owned by The Church of Jesus Christ of Latter-day Saints and in those decades the bank's story closely paralleled the growth of the church, Anderson said. Up until 1957, the bank had a succession of nontraditional bank presidents — all of them leaders of the church. The appointment as bank president was generally a lifetime position for them, corresponding with their tenure as church president.In 1960, a group of investors led by Roy W.
Small banks on display in the office of Zions Bank President and CEO Scott Anderson in Salt Lake City on Sept. 20. In a Deseret News interview, Harris Simmons said that early on in the bank's history, President Young predicted that Zion's Bank and Trust would eventually expand throughout the Utah territory, an area whose borders encompassed most of Utah, Nevada and parts of California, Oregon, Idaho, Wyoming, New Mexico, Colorado and California. As it turns out, that's exactly what would come to pass, and then some.
"So much of the transactional part of the business is taking place via phones, devices and the internet," Simmons said. "We're intent on, and committed to, doing that well."
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