Spotlight: Utah-based Zions Bancorp to Acquire FP Bancorp

Stepping up its expansion in California, Salt Lake City-based Zions Bancorp agreed to buy Escondido-based FP Bancorp for about $90 million. Each FP share will be exchanged for 0.627 Zions share, a value of $27.27 based on Zions closing price Monday. That is a 17% premium over FP’s Monday close of $23.38. FP is the holding company for First Pacific National Bank, which has $359 million in assets in San Diego and Riverside counties. Earlier this year, Zions bought San Diego-based GB Bancorp for $173 million.