A shining star in business community
Among President Thomas S. Monson's recent activities was the dedication of the Zions Bank Financial Center in Provo, Utah, on May 14.
The Church President, who was accompanied by his wife, Sister Frances J. Monson, joined elected officials, business leaders and prominent Utah County residents for the dedication of the eight-story center located at 180 N. University Ave. In addition to housing the bank and its offices, the building will be occupied by restaurants, shops and other businesses.
The Church has a long history with Zions Bank. In 1873, under President Brigham Young's direction, Zion's Saving Bank and Trust Co. was created.
The financial panic of 1893, brought on in part by the collapse of silver prices, put extreme pressure on the bank. However, President Wilford Woodruff, who had headed the bank since 1887, declared: "I believe if we go ahead the bank will stand, will be sustained by the people and the Lord. We believe we should pay our depositors all we owe them."
The bank withstood the panic and emerged solvent and growing.
Through the 1890s Zion's helped launch Bingham Copper Co. (now Kennecott), the Salt Lake and Los Angeles Railroad Co. (later the Union Pacific mainline to the West Coast), Deseret News, Salt Lake Gas Co. (a predecessor of Questar Corp.), Utah Sugar Co., Inland Salt Co. and many more businesses.
Zion's survived the Wall Street crash of 1929 and the ensuing financial pressures of the Great Depression.
President David O. McKay was elected bank president on April 13, 1951. In 1957, Zion's Savings Bank and Trust Co., Utah Savings and Trust Co. (founded 1889) and First National Bank of Salt Lake City (founded 1890) merged to form Zions First National Bank, dropping the familiar apostrophe from the name.
By 1960, Church leaders decided the Church should divest itself of its banking interests and on April 22, majority control was sold to Keystone Insurance and Investment Co., a Utah corporation. The holding company's name was changed in 1965 to Zions Bancorp., and in 1966 it became a publicly owned company. In 1972, the last of minority shareholders holding shares in Zions First National Bank had their shares exchanged for stock in the holding company.
Prior to offering the prayer to dedicate the Zions Bank and Financial Center, President Monson commented, "You can rest assured that this Church doesn't put its investments and its confidence in anything that isn't stable, honorable and has a record of performance and integrity."
In dedicating the building, President Monson prayed, "May it ever be a bright and shining star in the business community of Provo, and may its influence extend far and wide."
— Historical background: Deseret News, Nov. 29, 1998, M-1
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