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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report October 22, 1997
Commission File Number 1-6906
FIRST SECURITY CORPORATION
(Exact name of registrant as specified in its charter)
State of incorporation Delaware
I.R.S. Employer Identification No. 87-6118148
Address of principal executive offices 79 South Main, P.O. Box 30006
Salt Lake City, Utah
Zip Code 84130-0006
Registrant's telephone number, including area code (801) 246-5706
Item 5. Other Information
On October 20, 1997, First Security Corporation (FSCO) issued a press release
announcing that FSCO has signed a definitive agreement to acquire Rio Grande
Bancshares, Inc. and its subsidiaries First National Bank of Dona Ana County
and First National Bank of Chaves County, a copy of which is attached to this
report as Exhibit A.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST SECURITY CORPORATION
(Registrant)
[SIGNED] October 22, 1997
_______________________________________________________ ____________________
Scott C. Ulbrich (Date)
Executive Vice President, Finance and Capital Markets
and Chief Financial Officer
(Principal Financial and Accounting Officer)
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EXHIBIT A
FIRST SECURITY NEWS
FOR RELEASE AT 5 P.M. MDT Contact: Scott Nelson
October 20, 1997 (801) 246-5603
FIRST SECURITY TO ACQUIRE $400 MILLION RIO GRANDE BANCSHARES
SALT LAKE CITY -- First Security New Mexico announced today that First
Security Corporation has signed a definitive agreement to acquire Rio Grande
Bancshares, Inc. and its subsidiaries First National Bank of Dona Ana County
and First National Bank of Chaves County.
The holding company, Rio Grande Bancshares, had year-end 1996 assets of $407
million and equity of $44.6 million. The company has a diversified portfolio of
loans and deposits. Rio Grande has been in business in southern New Mexico for
more than 90 years and its banks have 10 branches in Dona Ana County and one in
Chaves County.
The merger is expected to be closed during the first quarter of 1998, though
terms of the agreement will not be disclosed.
"We are extremely pleased with this pending merger," said Scott Nelson,
First Security Corporation executive vice president. "The addition of the
offices and customers of First National Bank of Dona Ana County and First
National Bank of Chaves County will expand the reach of our financial services
in the state and will build upon First Security's long-standing commitment to
New Mexico.
"The organization's management and owners are well respected, and its
employees are committed to customer service and the betterment of the New
Mexico communities in which they do business. Their values are consistent with
the values that drive First Security's operations."
"This partnership will be beneficial for the residents and businesses of
southern New Mexico," said Ben H. Haines Jr., president and chief executive
officer of First National Bank and member of the Rio Grande Bancshares board of
directors. "First Security has the same customer-driven focus as our
organization, and we're excited about the benefits that will be provided to our
customers. Our branches will maintain or improve their already quick turnaround
on loan decisions. And, after the merger, there will be a greater selection of
products and services to choose from, as well as more convenient banking."
First Security Corporation is enjoying the most successful year in its 70-
year history, and during the 1990's has increased net income by an annual
compounded growth rate of more than 35%. First Security is the largest
financial services organization headquartered in the Intermountain West.
Incorporated in 1928, it is the oldest multistate banking holding company in
the United States.
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