SALT LAKE GROUP BUYS SEATTLE BANK.(Business)

From: Seattle Post-Intelligencer | Date: May 14, 1998| Author: | Copyright information

The Commerce Bancorporation of Washington said yesterday it has agreed to be bought by Zions Bancorporation of Salt Lake City.

Commerce, a privately held bank catering mainly to small businesses and well-to-do individuals, will retain its name, charter and board following the stock deal. Jim Hawkanson, co-managing director, will remain as chief executive officer.

The acquisition is striking in that most large banks no longer buy small community banks, figuring that smaller banks don't bring enough market share to make it worth the time to do a deal.

Zions has branches ...

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