Vectra Bank parent to cut 500 jobs, close branches

SALT LAKE CITY — A Utah-based bank that operates Vectra Bank Colorado has announced plans to close some branches and lay off 500 employees.

Zions Bancorporation (Nasdaq: ZION) announced the moves to employees, Oct. 21, and elaborated in an earnings conference call, Oct. 22. Zions employs about 10,000 people in 11 states, putting the workforce reduction at 5 percent.

It’s unclear how many of the job cuts or branch closings might occur in Colorado.

The cuts were attributed in part to lower net interest margins.

Zions reported assets of $70 billion as of June 30, 2019, with total deposits of $54.3 billion. Deposits for Vectra Bank totaled $2.75 billion statewide, for a deposit market share of 1.92 percent, according to data filed with the Federal Deposit Insurance Corp.

Vectra operates 36 branches in Colorado, including four locations in Boulder, Broomfield and Longmont, which account for $354.13 million in deposits.

Zions expects to incur $25 million in expenses in the fourth quarter related to severance expenses and other restructuring costs, the company said.

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