wsj_0316.xml

WSJ 891101 891101 -0048 WSJ 891101 -0048 = 891101

= 891101

891101-0048 . 891101-0048 . Business Brief -- First Security Corp. : @ Tentative Accord Formed @ To Buy Deseret Bancorp. Business Brief -- First Security Corp. : @ Tentative Accord Formed @ To Buy Deseret Bancorp. 11/01/89 11/01/89

11/01/89

WALL STREET JOURNAL ( J ) WALL STREET JOURNAL ( J ) FSCO FSCO TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) First Security Corp. said it tentatively agreed to acquire Deseret Bancorp. for stock valued at about $ 18 million . Terms call for First Security to issue about 0.55 share of its stock for each Deseret share held , or a total of about 550,000 First Security shares . It has about 12.3 million shares outstanding . Deseret , with about $ 100 million in assets , is the parent of the Deseret Bank , which has six offices and headquarters at Pleasant Grove , Utah . The purchase price is equal to about 1.65 times Deseret 's roughly $ 10.7 million book value , or assets less liabilities . Salt Lake City-based First Security , with $ 5.4 billion in assets , said the agreement is subject to shareholder and regulatory approval , and that it hopes to complete the transaction early next year .