OCR Text |
Show Citizen, Press, Review - Wed., Feb. 24, 1993 Page 13 Wasatch Bank to merge with Zions Bank Mutual funds come in Officials of Zions First National Bank and Wasatch Bank have announced that the two institutions have signed a Letter of Intent outlining a plan for the merger of the latter into Zions First National. Wasatch Bank was founded in 1972, with headquarters in Orem and branches in American Fork, Lehi, Pleasant Grove and Santaquin. The bank had assets of $68.3 million at the end of 1992. Zions First National Bank was founded in 1873 and now has 78 branches throughout the state of Utah. On Dec. 31, 1992, the bank had total assets of $3,264 billion. The bank is a subsidiary of Zions Bancorporation, a holdingcompany operating 99 banking offices in Utah, Nevada and Arizona. Common shares are traded full-servi- over the counter under the NASDAQ symbol "ZION." Upon approval of the merger, shareholders of Wasatch Bancorp, parent company of Wasatch Bank, would receive a common shares of Zions Bancorporation in a transaction designed to maintain the cur- rent investment basis of the Wasatch shareholders. Harris H. Simmons, president and chief executive officer of Zions Bancorporation and Zions First National Bank, said that themerger would erih ance the presence of Zion Bank in the northern half of Utah County, and, at the same time, provide a wide range of additional products and service to Wasatch customers. "Wasatch Bank has done an especially fine job of financing residential construction and providing credit to small businesses and consumers in Utah County," said Simmons. "We are anxious to continue building on their strengths. We fast-growi- Fred Meyer sole county location By RUSS DALY "It was a tough and sad decision to m ake. Our employees were doing a good job," said Rob Boley, assistant vice president of public relations for the Fred Meyer company, about the recent closing of the company's Orem store. Originally partofthe 1984 Grand Central acquisition, the company had 17 stores in Utah. The Utah County stores were located in American Fork, Orem and Spanish Fork. The Spanish Fork store closed in May 1990, and the Orem store's January closing reduces the company's Utah operations to 12. Burlington Coat Factory will assume the Orom location. Boley indicated that there are no plans for any changes in the American Fork store. "It will be business as usual," said Rayona Butterfield, store director for the American Fork unit. Ms. Butterfield said th at she h as regular customers from Salt Lake who enjoy shopping in American Fork, and also said that customers who were buying items at the Orem Fred Meyer could purch ase th e same items at American Fork. institution's Employee of the Month for December. f Her duties include theoften frustrating and ance V She has developed a reputation as a "magic worker." Carol Hadlock, TQM manager said that Ms. Jolley "anticipates your needs and delivers ahead of customer," she said. Early sales figures have shown some increase, possibly indicating that some Orem have also detime." scribed her as "extremely well organized." Originally from Shelley, Idaho, Kris graduated from LDS Business College with an administrative secretary degree. Prior to working at American Fork Hospital, she was employed for 13 years as a legal secretary for both a private law firm and the Salt Lake City Attorney General's office. She and her husband, Merrell, live in Pleasant Grove with their three daughters, Aubrey, 11, Katherine, 9, and Lacey, 4. She said that being a working mom and trying to juggle everything is her biggest challenge, but also the most rewarding. Local tire company signs contract Tire Recyclers, Inc. has signed an exclusive agreement with Holm an Inc. Devil Slide Plant, to supply chipped tires for fuel in the of cement. manufacturing ' The Utah County business has been collecting waste tires an d storing them for eventual recycling and now provides tire pick-u- p service from Tremonton to St. George. Craig E. Wayman, president of Tire Recyclers, Inc. said that they will be in full operation by April 20. Additional equipment has been ordered and their location in a commercial zone in the county is being finalized. Tire legislation currently before the state legislature will have a direct impact on resolving the tire dilemma faced in the state and across the nation. Wayman said that using tires as a source of fuel in the manufacture of cement is the best option currently available for cleaning up the tire problem. Patterson Construction welcomes new agent Linda Breinholt has joined Patterson Construction Company of American Fork and will oversee "Autumncrest," the company's newest project of 200 choice lots in American Fork. During the past two years, Ms. Breinholt sold property for Woodside Homes of Salt Lake valued at more than three million dol lars. "We are pleased tohave Linda as f nt full-servi- LeBaron opens American Fork law practice "Utah Subway Sandwich fran- Hunter, Subway development agent. Sales and shipment figures were given at $101. 1 million and 337,000 tons, respectively, with previous year's figures comparing at $97.2 million and 308,000 tons. Increased sales in the first fiscal quarter of 1993 were offset in part by lower average selling prices. In recent weeks, Geneva has experienced significant increases in order levels at approximately 194,235 tons, as compared to 92,737 tons for the same period last year. two-pa- Jackson Howard, president of Wasatch Bank, said that Zion's customer-drivemanagement and operational style match the foundation of Wasatch Bank's business n rt away. I advised him to look tween the couch cushions. As he walked away he mumbled something about never getting rich in this house and preferring Ross Perot's sofa to ours. Sojusthowcan an individual improve their financial position. Lots of creative ideas spring to mind. Unfortunately, I'm writing a newspaper column here and not a book. Lets concentrate on one aspect. Mutual Funds are gaining in popularity as a repository for investments and savings. What is a mutual fund you ask ? be- philosophy. "I am convinced that our banking institutions will complement each other," he said. "As part of a $3.3 billion organization, we will be in an excellent position to compete effectively in Utah County's rapidly expanding financial Publication receives award Amutualfundisnothingmore than a pool of investor money which is invested in varying securities (stocks, bonds, etc.) as decided by the investment objectives of the fund management. Each investor in themutualfund portfolio owns an interest on a basis. Each investor's share in the performance of the portfolio is based on the number of shares owned. The mutual fund is a professionally managed investment portfolio of securities. When you buy into a mutual fund, you generally do so at public offering price (Pop) and you count the value of your shares at net asset value (Nav). The "Pop" and "Nav" are listed in many daily newspaper as columns in the mutual fund section. In a fund you generally buy in, in the followingfashion There Covenant Communications, Inc. of American Fork has announced of "Before the that the Blood Tribunal" have received the 1992 Biography Award from The Association for Mormon Letters. The book, published by Covenant, tells the true story of Rudi Wobbe and his ordeal in Nazi Germany during World War II. He and his two friends, all Mormon youths, published material they received from BBC radio reports about the war. Caught by the Gestapo, the three were found guilty of treason. Much of the book is about how Wobbe survived prison camps and eventually immigrated to Salt Lake City in 1953. pro-rate- d . Minding your Money FOREST By TOM Estate Planner John Hancock Mutual Life Insurance are "A" shares or front-enload, shares or back-enload, and funds. load means you A front-enpay the sales fees or commisload sions up front. Back-enmeans the sales fees or commissions are taken out when you redeem money from the fund. This type of fund may also offer declining costs on an annual basis that can be reduced to zero after an extended period of time (up to 8 years generally). funds simply mean that there is no sales fee or commission cost listed for the fund. A mutual fund is sold to theinvestor directly by thefunds own sales force. There is a myth about funds. The general public conmutual fund ception of a seems to be that there is no coct to the investment borne by the individual investor. And the Titanic was unsinkable In a fund the cost of capital equi salaries, advertising and overhead has to be paid somehow. Be certain to ask how those costs of operation are paid for. I d "B" no-loa- d d d d No-loa- no-loa- d d no-loa- d no-loa- d ! no-loa- d have yet to meet anyone who works for free. related X matters. C w) X rUAVAM Vi,linn Mr. LeBaron, the of son Charles SECURITY and V FOOD & XSUPTIILS Shirley LeBaron Fork, grew up in Orem and Am erican Fork and graduated from American Fork High School. He earned a bachelor's degree from BYU in political science and communications and later attend law school at Louisiana State University in Baton Rouge. Interestingly, Mr. LeBaron is proficient in American Sign Language forthehearingimpaired and has a telephone device for the deaf (TDD) to assist clients. The offices are located at 75 N. Center, American Fork and areopen from 8:30 a.m. until 5 p.m. Monday through Friday. Appointments and initial telephone consultations at no charge or can be made by calling Evening, Saturday and home appointments are also available. .im J, i ' -- J. izLi F " C3fff ll3E3 Iff! rnHas III Is Now Open To Serve You Even Better! im 6WN Get to Know Him ' IHli BULK FOODS e, Before You Need Him ZJ Y SFS 756-166- 6 toll-fre- P American of '' chises are providing continued improvements in healthy food choices, good customer service and competitive pricing to keep our large customer base coming back and to attract new consumers," said Reid Editor's note: This is the first article about muof a tual funds. My son asked me for money the other day. I informed him that payday was still a week ees." Shirl Don LeBaron has announced the opening of his law office in American Fork, specializing in personal injury, family law, criminal law and other individual andbusi-nes- s Patterson, owner of the company that has been chosen as the Business of the Month by the American Fork Chamber of Commerce. A native Utah County resident, she currently resides in Provo with her husband Dan and son Jason. Geneva Steel reports net loss of $3.9 million Geneva Steel has reported net losses of $3.9 million, or 26 cents per common share, for the first fiscal quarter ended Dec. 3 1, 1992. This compare's with figures of $4.8 million and 32 cents, respectively, for the same period one year previous. After adjusting for depreciation and amortization, Geneva generated $2.2 million in positive cash flow t'rom m anufacturingoperations during the first quarter. multi-departme- part of our team," said James Subway reports 10 sales volume increase Subway Sand wiches in the Utah development area reported a 10.2 percent increase in average unit volume for 1992. Nationally, Subway Sandwiches reported a six percent increase in volume indicating that Utah Subway figures exceeded the national sales increases for the third year in a row. 8 Fred Meyer, which started as a food store in Oregon in 1922, now operates 123 in seven western states, with the largest concentration in Washington and Oregon. Of those stores, 94 are large stores and 70 include grocery stores. The company has about 24,000 employees and list sales figures at 2.7 billion for 1991. time-consumi- task of insur- busi- "If we don't have an item on hand, we will be able to get it for a Hospital selects Employee of the Month Kris Jolley, a member of the Total Quality Management (TQM) department at American Fork Hos- was pital, named as the customers have shifted their ness to American Fork. many types forward to welcoming their staff into our own family of employlook Fcee: Canning System BUM 13" Packed Autumn Harvest Brand Label (CO2) Pie With$25 si Purchase 'I mmu i3?b Von Welch, M.D., specializing in internal medicine, has recently established practice with Stephen R. Babb, M.D., at the American Fork Internal Medicine Clinic, serving northern Utah County. lEOliB o q o ft 3 ooo ooooo A public open house will be held in his honor. Thursday, March 4 2-- 4 p.m. Refreshments served A. F. Internal Medicine Clinic 120 N. 1220 East, 17 763-380- 0 r'f OTHER IN STORE SPECIALS TOO ,X,D,,, TO MENTION . . . vfrWkwg mm mm mmm mm |