Zions Bank is officially 150 years old! The bank, originally known as Zion's Savings Bank and Trust Company, was incorporated on July 5, 1873, with a capital stock of $200,000. The idea for the bank was conceived by Brigham Young, who gathered a group of influential citizens to discuss its formation four days prior.
At the time of its establishment, the Salt Lake Valley had witnessed the growth of farms, basic businesses, and a few operating banks. More pioneers were arriving, and families were spreading across the Utah Territory. In light of a financial crisis in the eastern United States, Young emphasized the importance of saving money and preparing for the future.
During the initial meeting, the bank's first directors were elected, and H.B. Clawson was appointed treasurer pro tempore. Twenty-three individuals subscribed to 4,000 shares. Young described the bank as a cooperative institution that would likely find favor among the community. He stressed the advantages of saving money, including an annual interest rate of ten percent, compounded semi-annually.
Over its 150-year history, Zions Bank (which eventually shortened its name) has been committed to creating value for depositors, the community, and shareholders. Zions Bank has played a significant role in supporting industrial firms such as Kennecott Copper, Union Pacific, Rocky Mountain Power, and Dominion Energy through its financial assistance. In 1960, the majority control of the bank was sold by The Church of Jesus Christ of Latter-day Saints to Keystone Insurance and Investment Company, which later became Zions Bancorporation. Today, Zions Bank operates 121 full-service branches and nearly 200 ATMs across Utah, Idaho, and Jackson, Wyoming, and employs 1,528 individuals.
