Zions Bancorp said Wednesday that it agreed to purchase Amegy Bancorp, the third-largest independent commercial bank in Texas, for about $1.7 billion in cash and stock in a move to enter the Texas market.
Under terms of the agreement, Amegy shareholders will get a combination of cash and stock valued at $23.32 at Tuesday’s closing prices for each Amegy share, a 1.5 percent premium. Amegy shares have risen in recent days on takeover speculation.
