Zions Bancorp: Calm, angst after the storm

(SALT LAKE TRIBUNE) -- Early in 2008, Harris Simmons wrote a letter to Zions Bancorp shareholders that would prove to be prophetic.

Reflecting on the year that had just ended, Simmons, chairman and CEO of the Intermountain West's largest regional banking company, said 2007 had come in "like a lamb and went out like a lion" as storm clouds gathered over Zions and other financial services companies.

"Excesses in the 'subprime' mortgage market," Simmons said, led to unusual levels of loan defaults early in the year that were putting profits under pressure at many financial institutions, including venerable Zions, whose origins date to 1873 and founder Brigham Young.  Original Article