July 20, 2009 (FinancialWire) — Zions Bancorporation’s (NASDAQ: ZION) California Bank & Trust subsidiary has acquired the banking operations of Vineyard Bank in a transaction facilitated by the Federal Deposit Insurance Corp.

The transaction includes $1.4 billion in loans and $1.5 billion of deposits, which includes all current deposits, both insured and uninsured, except brokered deposits.

Corona, California-based Vineyard Bank operated 16 branches, mainly in eastern Los Angeles County and western San Bernardino County. Under the terms of the transaction, CB&T will enter into a loss sharing agreement with the FDIC on all loans and real estate owned.

Bank branches previously operated by Vineyard Bank will reopen on Saturday or Monday, according to their prior normal operating hours, as branches of California Bank & Trust.

San Diego-based California Bank & Trust operates 93 branches and seven loan production offices statewide. Last February, it acquired the banking assets and deposits of Alliance Bank in Culver City, California.

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