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OMB APPROVAL
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OMB Number 3235-0104
Expires: April 30, 1997
Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Zions Bancorporation
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(Last) (First) (Middle)
1380 Kennecott Building
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(Street)
Salt Lake City, Utah 84133
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
November 19, 1996
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3. IRS or Social Security Number of Reporting Person (Voluntary)
87-0227400
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4. Issuer Name and Ticker or Trading Symbol
Aspen Bancshares, Inc. (OTC: ASBK)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Year)
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
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3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
N/A
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
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FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 7. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Security Exer- tion of Derivative (I) Ownership
(Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Stock Option * * Common stock, 739,825 $18.875 D
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par value
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$.01 per share
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Explanation of Responses:
*In connection with a definitive agreement dated November 19, 1996
whereby Aspen will merge with Zions, Aspen has granted Zions an option
to purchase 739,825 shares of Aspen's common stock. The option is
exercisable only in the event of certain circumstances involving
transactions with third parties, acts of third parties, or break-up of
the merger agreement. If the option were exercised in full, Zions would
own 16.6% of Aspen's then outstanding common stock. Zions disclaims
beneficial ownership of these securities, and this report shall not be
deemed an admission that Zions is the beneficial owner of such
securities for purposes of Section 16 or for any other purpose.
/s/ Dale M. Gibbons November 19, 1996
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Senior Vice President of Zions Date
Bancorporation
** Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient. See Instruction 6 for procedure.