Zions Bank Buying Into Roth Capital Partners
Associated Press
Zions First National Bank confirmed Monday that it is buying a 24.5% stake in Roth Capital Partners LLC, a Newport Beach investment firm specializing in small and mid-size high-tech stock offerings.
The Salt Lake City bank, a subsidiary of Zions Bancorporation, said it will pay $16.5 million to become the second-largest shareholder behind Roth Capital’s chairman, Byron Roth, who will remain the majority shareholder. Zions will not have a seat on Roth Capital’s board.
Members of Roth Capital’s management team, including newly appointed President Patrick J. Allen, are investing an additional $2.5 million.
