[Congressional Record Volume 160, Number 134 (Thursday, September 18, 2014)]
[Senate]
[Pages S5859-S5860]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         RECOGNIZING ZIONS BANK

 Mr. LEE. Mr. President, next week, the Department of Defense 
will honor 15 companies with the prestigious Secretary of Defense 
Employer Support Freedom Award. This award is the highest honor given 
by the Department of Defense to employers in recognition of exceptional 
support of National Guard and Reserve employees. One of the 15 
companies to be honored at this event is Utah's own Zions Bank. I would 
like to take this opportunity to recognize this company for its 
contribution to my home State and our Nation.
  Zions Bank was founded 22 years before Utah gained her statehood. On 
July 10, 1873, under the direction of Brigham Young, Zion's Savings 
Bank and Trust Company was incorporated. It was the first chartered 
savings bank and trust company in the Utah Territory. Soon after its 
highly successful opening day, Brigham Young wrote to a fellow Mormon 
in England: Zion's Savings Bank and Trust Company opened for business 
on Thursday last. This institution is a cooperative one, and we think 
it is likely to meet with favor.
  President Young and the other bank founders were right. Even though 
the bank opened just months before America's Long Depression, 1873-
1879, was underway, the bank thrived.
  Such economic tenacity was woven into the character of Zions Bank. 
During the Great Depression, the bank's livelihood was threatened when 
in February of 1932, depositors withdrew $1.5 million in 2\1/2\ days. 
In order to quell the panic and reassure depositors that the bank was 
sound, bank President Heber J. Grant ordered signs to be posted at 
branch locations. The signs noted that the bank was ``in a very strong, 
clean, liquid condition,'' and that it could ``pay off every depositor 
in full.'' The note ended, ``There is no safer bank in the state or the 
nation.'' Because of the trust that the bank developed with customers 
over previous decades, the panic was subdued and deposits quickly 
exceeded withdrawals. The bank stood firm in the midst of an extended 
national economic struggle. During every significant economic downturn 
since 1873, Zions Bank has weathered the storm and come out stronger 
for it. This success speaks to the impeccable leadership and business 
acumen of bank leaders and the hard work of Zions Bank employees.
  While it is always important to look to foundational virtues, an 
organization cannot long survive without emulating those virtues in the 
present and perpetuating them into the future. Zions Bank continues to 
be a steadfast partner, not only with businesses and individuals but 
also with community and charitable organizations in Utah and throughout 
the Western United States. A large part of Utah's success--what we 
champion as the ``Utah model''-- are the Utah businesses that conduct 
their affairs with integrity and purpose. Zions Bank's famous motto, 
``We haven't forgotten who keeps us in business,'' speaks both to its 
integrity as a corporation and its purpose of creating lasting value 
for the customer and the community.
  One excellent example of this community spirit is Zions' annual 
Paint-a-Thon. Starting in 1991, Zions Bank employees volunteered for 1 
week each year to paint the homes of those in need, including the 
elderly, disabled citizens, and veterans. This year, 59 homes in Utah 
and Idaho will be painted, pushing the program past the milestone of 
1,000 homes painted since its inception. In addition to the many hours 
volunteered by its employees, Zions Bank pays for all the paint and 
materials needed for the projects.
  The Zions Bank example of service, which mirrors the spirit of 
service that one finds throughout Utah, is rooted in a love for fellow 
man, for country, and for goodness. Such love is the essence of the 
civil society and the key to real progress in our Nation. I believe 
that a crucial element of this love is showing appreciation for the men 
and women who willingly fight to secure our natural rights; for if our 
rights are taken from us, the civil society and rule of law are not 
possible.
  Zions Bank shows their appreciation by making a special effort to see 
that their servicemembers' families are properly cared for when 
deployed. The bank provides internships and training for servicemembers 
and veterans through its innovative professional development program. 
For these reasons

[[Page S5860]]

and others, the bank was nominated for the Secretary of Defense 
Employer Support Freedom Award by Army National Guard 1LT Helaman 
Hurtado. Over 2,800 nominations were submitted for the award.
  It is with heartfelt gratitude that I congratulate Zions Bank on 
being honored as one of the 15 recipients of this award. I thank the 
bank's president, Scott Anderson, and his predecessors, and I thank the 
many hard-working employees who have served their fellow Utahns and 
others for over 140 years. Zions Bank and the extraordinary people who 
work and serve there strengthen my faith in the American dream and hope 
for a strong civil society. I urge my colleagues to come together in 
reducing the size, scope and burden of our government and regulations 
on free markets and civil society so that more companies are able to 
emulate the success and positive impact of principled and caring 
companies like Zions Bank.

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