On July 2, 2008, Zions completed an offering of its Series C non-cumulative perpetual preferred stock led by its own regional, retail broker-dealer, Zions Direct. The dividend is a fixed rate of 9.50% and the preferred stock can be redeemed by Zions beginning in five years. The total amount subscribed, $45.7 million, was in line with our expectations of $40-50 million for this placement. Zions designated a total number of shares of its preferred stock as Series C with a maximum liquidation amount of $150 million so as to be able to issue additional shares of Series C in the future. Zions has not determined at this point whether it will issue additional shares of Series C.
"We are pleased to have been able to use our own broker-dealer to raise this capital in what remains a very difficult capital markets environment," said chairman and CEO Harris Simmons. "This will enable us to continue to support loan growth, and the design of the instrument may allow us to raise additional amounts of this capital in the future."
We believe this is the only successful issuance by a regional bank of perpetual preferred stock in the past several weeks.
At December 31, 2012, Zions had approximately $55.5 billion in total assets and approximately 10,200 employees. The company operates 480 banking offices in ten Western and Southwestern states – Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington.
Zions Bank Corporate Trust Department, One South Main Street, 12th Floor, Salt Lake City, Utah 84133-1109. You may contact the transfer agent via email at
zionsctops@zionsbank.com or phone at (888) 415-5176.
Yes. A prospectus may be obtained by writing to: Zions Bancorporation, Dividend Reinvestment Plan, P.O. Box 30880, Salt Lake City, UT 84130. You may contact the Plan directly by email at ZionsCTOps@zionsbank.com.
Zions Savings Bank was founded in 1873 in Salt Lake City (then the capital of the Territory of Utah).
