Zions Bank's new and outgoing CEOs both said the bank’s investment in its community has kept it afloat through more than a century of turbulence, and will guide it into its next chapter.
Scott Anderson retired last month after 33 years and a turbulent year. His successor says the future looks bright.
The leadership change marks a new chapter for Utah’s first and oldest bank. And it comes on the heels of what could have been — and, for other banks, was — a catastrophic year. The corporation also had less long-term debt by the end of 2023 than it did in any of the five previous years. It had fewer total assets last year than in 2022, but maintained $3.1 billion in revenues.
Like his predecessor, Burdiss points to Zions’ community involvement to explain its relevance and its continued strength. That dedication, Anderson said, is the legacy he stepped into, and has now passed on to Burdiss. Zions’ story, Anderson said, is one of community. Zions is not the only bank to think about its community footprint. Banks have an “obligation” to invest in their communities, said Scott Maxfield, managing director of Goldman Sachs’ Urban Investment Group.
Scott Anderson, president and chief executive officer of Zions Bank, looks through the bank’s original deposit book, once used to keep the signatures of the first customers on Wednesday, Sept. 27, 2023. First name on the list from Oct. 1, 1873 was Brigham Young after he called together a group of citizens to consider the organization of a savings bank, marking the bank’s 150-year history.It was Utah philanthropist Gail Miller who suggested that it was time for Anderson to hand over the reins.
Scott Anderson Paul Burdiss Zions Bancorporation Silicon Valley Bank Goldman Sachs
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