Salt Lake Tribune business coverage for Salt Lake City and the surrounding area.
From the Panic of 1873 to this year’s troubles, Zions Bank’s evolution ‘is story of Utah’s evolution,’ one business leader says.
Zion’s Savings Bank and Trust officially opened its doors Oct. 1, 1873, in the midst of one of the country’s biggest— called The Panic of 1873 — and as other banks across the country were closing theirs. The bank recorded almost $6,000 in deposits from 46 depositors, according to bank records. Shares of Zions Bancorporation, the bank’s parent company, closed at $33.33 on the Nasdaq exchange Wednesday. The stock hasn’t gone back to the $50 price levels it enjoyed before March’s decline, but it has remained more or less stable since then.
“The story of Zions’ evolution is story of Utah’s evolution,” Starks said. “I’ve learned over the years and in my career, if there’s anything really important taking place in the community, Zions is either leading or supporting that effort in a major way.” It also keeps the bank relevant in the face of rapidly evolving financial technology. Financial services, including finance technology, is Utah’s“You think of all the technology banks have,” Anderson said — from ATMs to mobile banking — “banking has really become a technology company.”
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