A view of the lobby of Zion’s Savings Bank and Trust Co., later shortened to Zions Bank, in the late 1800s. In the
right foreground is Bernhard Schettler, appointed assistant cashier by Brigham Young in 1873.
In October 1873, at the height of one of the worst banking crises in U.S. history, a pioneer savings bank opened in the Utah Territory. Earlier that year, Church of Jesus Christ of Latter-day Saints President Brigham Young had become concerned about a financial crisis spreading across the nation and gathered a group of prominent citizens to organize a savings bank.
On its first day of business, Oct. 1, 1873, Zion’s Savings Bank and Trust Company recorded deposits of almost $6,000 by 46 depositors. Over the next 150 years, the company, its name eventually shortened to Zions Bank, would go on to serve the financial needs of businesses and individuals across the Intermountain West.
Commemorating its 150th anniversary in 2023, Zions Bank will host community celebrations at each of its 121 branches in October. Earlier this year, the bank dispatched a fleet of Zions Bank Jeeps across its tri-state footprint and rolled out celebratory drone shows at sporting, music and community events in honor of the milestone.
“Over the course of Zions Bank’s 150 years in business, we have remained true to our founding, creating value for depositors, the community and shareholders,” said Scott Anderson, Zions Bank president and CEO, who has served in his position since 1997. “This year, we’ve reaffirmed our commitment to cultivating a landscape of opportunity and growth on our Main Streets and neighborhood lanes by outlining our 'Five Commitments to Create Value for the next 150 years.”
During Utah’s formative years, Zions Bank played a pivotal role in its economic growth and stability. Financial assistance from Zions Bank helped launch railroad, mining and power companies that developed the Intermountain West, including Bingham Copper Co. (Kennecott Copper), Salt Lake and Los Angeles Railroad Co. (Union Pacific), Big Cottonwood Power Co. (Rocky Mountain Power) and Salt Lake Gas Co. (Dominion Energy).
In 1960, The Church of Jesus Christ of Latter-day Saints sold majority control of Zions First National Bank to Keystone Insurance and Investment Co., which later became Zions Bancorporation. At the time of sale, the bank operated only four offices and branches. Under the leadership of Roy W. Simmons, who served as CEO of Zions Bancorporation and Zions Bank from 1964 to 1990, Zions underwent a period of rapid expansion, broadening its geographic reach from Salt Lake City to the entire state of Utah. After changes in federal regulations governing acquisitions, Zions Bank later expanded to Idaho in 1997 and to Jackson, Wyoming, in 2014.
Among Zions Bank’s enduring operating principles has been a focus on building strong ties to the communities within its geographically diverse footprint, Anderson said. Each year, the bank contributes to hundreds of individual organizations through donations and sponsorships. Employees also take part in company-wide giving and service initiatives. Over the past three decades, Zions Bank employees have painted and fixed up 1,287 homes for older adults, people with disabilities and veterans during the annual Paint-a-Thon service project. And since 2002, employees have volunteered in schools to teach more than 230,000 K-12 students their financial ABCs.
While continuing its legacy of local decision-making and community investment, Zions Bank is also pioneering technological advancements in the banking industry. The company recently completed a 10-year project to overhaul all its core processing systems — the largest technology transformation in its history.
Today, Zions Bank operates 121 full-service branches and nearly 200 ATMs throughout Utah, Idaho and in Jackson, Wyoming. It reported $14.3 billion in average loans and $19.2 billion in average deposits, as of June 30. The bank provides jobs for more than 1,500 employees.
Zions Bank is a division of Zions Bancorporation NA, a $90-billion-in-assets bank which operates under local management teams and unique brand identities through nearly 416 branches offices across 11 Western states — Arizona, California, Colorado, Idaho, Nevada, Oregon, New Mexico, Texas, Utah, Washington and Wyoming. The company is a national leader in U. S. Small Business Administration lending and is included in the S&P 500 and NASDAQ Financial 100 indices.