June 6, 1999

Say goodbye to Zions Bank! Zions and First Security are announcing a merger.

Together, they'll become the nation's 20th largest bank holding company. News Specialist Pamela Davis has details of the surprise announcement.

Harris Simmons, Zions Bank CEO: "IT'S AN EXCITING DAY FOR ME, IT'S AN EXCITING DAY FOR UTAH."

At a surprise news conference on a Sunday afternoon, two bank executives reveal the deal they've been working on for the last two and a half months.

Spencer Eccles, First Security CEO: "HARRIS, PARTNER?" (men shake hands).

First Security and Zions Bank will merge into a company they promise will be a powerhouse.

Eccles: "A JUGGERNAUT, IF YOU WILL. OR IN STAR WARS PARLANCE, 'A FORCE TO BE RECKONED WITH.'"

Each bank operates about 320 branches, and there will be some overlap in the new company.

Simmons: "THERE WILL BE SOME JOB REDUCTIONS."

For now, they're saying most of those reductions will be handled by attrition and hiring freezes.

THE ZIONS BANK NAME -- WHICH HAS BEEN AROUND FOR MORE THAN 125 YEARS -- WILL DISAPPEAR. THE NEW MERGED COMPANY WILL BE CALLED FIRST SECURITY CORPORATION.

For many bank customers, the biggest change may be the loss of that old familiar name.

Simmons: "THE ZIONS NAME IS A PROUD GREAT OLD PIONEER NAME HERE IN UTAH."