Zions Bancorporation/UT – ‘3’ on 11/22/96 re: Aspen Bancshares Inc.

As of:  Friday, 11/22/96   ·   Accession #:  1024739-96-79   ·   File #:  0-19376

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Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Initial Statement of Beneficial Ownership of           3     14K 
                Securities by an Insider                                         

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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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                                                                 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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   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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                                                        [Enlarge/Download Table]

                                                                                                        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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   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   
---------------------------------------------            -----------------------
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.

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘3’ Filing		Date		First		Last			Other Filings
		4/30/97		1
Filed on:		11/22/96							8-K,  SC 13D
		11/19/96		1		3			8-K
									List all Filings