History
The history of Zions Bancorporation stretches back to the early days of the Mormon settlement of Utah. Zions can trace its history to the founding of Zion's Savings Bank and Trust Company, which was opened in the fall of 1873 by Brigham Young. At the time of the bank's formation, the first settlers had been in the Salt Lake Valley only 26 years and Utah was still 23 years away from statehood. It was the state's first chartered savings bank and trust company. The bank prospered and grew during the next twenty years. In the panic of 1893, the bank managed not only to remain solvent, but continue to grow.
As the twentieth century began, Zions was making significant contributions to the business community in Utah. Zions helped finance such firms as:
- Bingham Copper Company (later Kennecott Copper)
- Salt Lake and Los Angeles Railroad Company (now Union Pacific)
- Big Cottonwood Power Company (later Utah Power and today Rocky Mountain Power)
- Salt Lake Gas Company (later Mountain Fuel and today Questar Gas)
The depression of 1907 was the lone interruption in the steady growth of Zions. But even with this interruption, deposits grew.
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