***FOR IMMEDIATE RELEASE***


FOR:  ZIONS BANCORPORATION                            ZIONS BANCORPORATION
One South Main, Suite 1380                            Contact: Clark Hinckley
Salt Lake City, Utah                                  Tel: (801) 524-4787
Harris H. Simmons                                     May 11, 2001
President/Chief Executive Officer


           DAVID BLACKFORD NAMED CHAIRMAN AND CHIEF EXECUTIVE OFFICER
                           OF CALIFORNIA BANK & TRUST

SALT LAKE CITY; May 11, 2001 -- Zions Bancorporation (Nasdaq: ZION) ("Zions")
announced today that David Blackford has been named chairman, president and
chief executive officer of its subsidiary, California Bank & Trust ("CB&T").

Blackford joined CB&T in 1998 and has been a member of the bank's Board of
Directors and Executive Committee since that time. Prior to his new appointment,
he was managing director of Real Estate Finance and executive vice president of
the Orange County Division. He has been instrumental in propelling CB&T to a
highly regarded position in the field of commercial real estate lending. He has
27 years of experience, including serving as executive vice president at Banc
One Corp. Blackford is a member of the Board of Directors of M.D.C. Holdings,
Inc.

"David brings years of banking expertise to his new position and is a proven
manager," said Harris H. Simmons, president and CEO of Zions. "His experience
and dedication to creating value for customers, employees, communities and
shareholders makes him the perfect choice to lead California Bank & Trust to the
next level."

Blackford succeeds Robert Sarver, who joined the bank as chairman and CEO in
1998. Sarver joined Zions to create a new franchise from the combination of
Grossmont Bank and Sumitomo Bank of California. Having successfully achieved a
significant turnaround, Sarver has elected to retire from his responsibilities
as CEO of CB&T and as a director of Zions Bancorporation.

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"We are very grateful to Mr. Sarver for the excellent work he has done in
building California Bank & Trust," said Simmons. "Robert leaves as a legacy the
sixth largest bank in California, a strong franchise, and a talented group of
employees."

Commenting on his appointment, Blackford stated, "I am excited about the
opportunity to guide CB&T to the next level. We have a strong group of
executives and remarkable employees. Over the past three years we have created a
culture and reputation which will enable us to grow significantly in the
California market place."

"I am delighted that David Blackford has been selected to lead CB&T," said
Sarver. "David was one of the first officers I hired at CB&T, and he has been
instrumental in building a great customer base in the real estate industry as
well as Orange County. He is imminently qualified to lead the bank's future
growth."

California Bank & Trust has over $8 billion in assets and 100 offices throughout
the state of California. Visit the bank's Web site at www.calbanktrust.com.

Zions Bancorporation is one of the nation's premier financial services
companies, consisting of a collection of great banks in select high growth
markets. Under local management teams and community identities, Zions operates
over 400 full-service banking offices in Arizona, California, Colorado, Idaho,
Nevada, New Mexico, Utah and Washington. In addition, Zions is the only primary
dealer in government securities headquartered in the western United States, and
is a national leader in SBA lending, public finance advisory services,
agricultural finance and electronic bond trading. Through its subsidiary,
Digital Signature Trust, the company is a leader in providing trusted Internet
identity credentials. Forbes magazine recently named Zions one of America's best
big companies. Investor information and links to subsidiary banks can be
accessed at www.zionsbancorporation.com.

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