“We are Arizona”
25 Years of Home-Grown, Statewide Success
The National Bank of Arizona Story (so far)
Ronald Wilson Reagan was finishing his first term as president. Sarajevo was not a war zone, but host city to the Winter Olympics. The Summer games were staged in Los Angeles, without the boycotting Soviet Union. The Space Shuttle Challenger orbited safely around the Earth. Bishop Desmond Tutu received the Nobel Peace Prize, Jack Nicholson won an Oscar. A Prince (Harry) was born, a Count (Bassie) died.
The year was 1984. In the banking industry, new legislation was introduced that would allow institutions to expand across state lines through holding company acquisitions and mergers with out-of-state banks. These regional interstate agreements would be the first steps toward national banking networks and countrywide branching. Soon banks were popping up everywhere, many started by investors hoping to turn a profit by selling to large corporations after the interstate banking laws were changed.
It was then, in the “Old Pueblo” city of Tucson, Arizona, that an idea for a new type of bank was conceived. The concept was simple: a locally owned bank, providing resources to the community and its people—focused on lending to small businesses, offering services for professionals and extending financing for real estate. A bank established on the foundation of greater capitalization in order to ensure stability and longevity. A bank that would grow and prosper. From that vision, National Bank of Tucson was born.
Getting Started
Four days after Thanksgiving, on November 26, 1984, the doors of National Bank of Tucson opened at the corner of Pennington Street and Stone Avenue. United States Senator, Dennis DeConcini, attended the inaugural festivities, along with nine employees who were prepared for a memorable—and busy—day, ready to open accounts for scores of new customers. But at the end of that first day, they had only one.
The next morning, the bank’s employees hit the streets to drum up business for the fledgling venture. They joined social clubs, civic organizations and business associations—pursuing every opportunity to make contacts for National Bank of Tucson. They worked the phones too, with the goal of “turning cold calls into warm calls.”
The word started to spread about the young bank, founded on a mission of building local relationships and providing exceptional customer service. One central concept was the idea of the bank coming to its customers. National Bank of Tucson hired a young man whose sole function was to go from business to business and pick up their deposits—an innovative service that is still in practice today.
Recession and Expansion
Two years before National Bank of Tucson was established, in November 1982, the country had emerged from a prolonged period of recession. And just as the bank was building a reputation and client base, another recession gripped the economy. But while most banks in the U.S. suffered during the decline, National Bank of Tucson continued to grow. Starting in 1984 with $4.5 million in capital, the bank experienced growth of 30-40% through the economic downturn of the late ‘80s. And in 1990, it was the only bank to make money in all of Arizona.
That same year, National Bank of Tucson purchased its headquarters building at Broadway and Wilmot. And the bank’s growth continued, financially as well as geographically, expanding beyond Tucson. After launching its third and fourth branches in Phoenix in July 1991, the bank officially changed its name to National Bank of Arizona and moved its headquarters to Central Avenue and Earll Drive in downtown Phoenix.
Beyond the state’s two largest cities, National Bank of Arizona recognized the opportunity to move into rural areas, including northern Arizona where the bank opened its seventh branch in Flagstaff. The smaller towns had a growing need for banking services, and these communities proved to bring many loyal customers to National Bank of Arizona, as well as increased profits.
A New Partnership
No longer just a feisty upstart institution, National Bank of Arizona began to attract the attention of the entire banking industry. Among the companies that took notice was Zions Bancorporation, headquartered in Salt Lake City. Zions wondered how this small bank—in business for less than a decade—could be performing so well, while its own branch in Phoenix was struggling. Zions contacted National Bank of Arizona to arrange a meeting.
The two companies held discussions about business ethics and banking philosophies, and a bond soon formed between the institutions. Zions proposed purchasing National Bank of Arizona, and nearly a year of friendly negotiation followed as details of the deal were hammered out. The foundation of the agreement was built around both companies strong commitment to personal service and professional integrity in business.
Ultimately, National Bank of Arizona had only three stipulations to the acquisition: The bank would keep its name, retain its entire team and maintain its strategy. With these conditions fully met, National Bank of Arizona signed off on the agreement, and on January 17, 1994, Zions Bancorporation officially acquired National Bank of Arizona.
Part of the Landscape
From the beginning, National Bank of Arizona has operated from the fundamental principle that any business is built around people. As it has continued to grow over the years, acquiring other banks’ branches and spreading its roots throughout the state from major metropolitan areas to the smaller dots on the map, National Bank of Arizona’s commitment to people has remained at the heart of their approach to serving clients, large and small.
Today, with over $4.8 billion in assets, and more than 75 offices in 55 communities, National Bank of Arizona is part of the state’s landscape. After 25 years, the bank and its 1200 employees statewide remain dedicated to superior customer service, meeting—and exceeding—the needs of the people and businesses that call Arizona home. In marking its silver anniversary, one short sentence sums up the bank’s history, and future: “We are Arizona.” |
