Press release from PR Newswire
Zions Bancorporation Announces the Redemption of $590 Million of Series C 9.50% Non-Cumulative Perpetual Preferred Stock
Wednesday, July 24, 2013
Zions Bancorporation Announces the Redemption of $590 Million of Series C 9.50% Non-Cumulative Perpetual Preferred Stock17:55 EDT Wednesday, July 24, 2013
SALT LAKE CITY, July 24, 2013 /PRNewswire/ -- Zions Bancorporation ("Zions") announced today that it will exercise its right to redeem $590,000,000 of its 9.50% Series C Non-Cumulative Perpetual Preferred Stock (NYSE: ZB Pr C), and the related depositary shares (the "Depositary Shares") each representing a 1/40th interest in a share of Series C Preferred, on September 16, 2013 (the "redemption date") at the price per Depositary Share of $25.00 (the "redemption amount"), plus accrued and unpaid dividends through the redemption date. At the redemption amount, the redemption represents 590,000 Series C Preferred shares and the related 23,600,000 Depositary Shares. After the redemption date, the Series C Preferred shares and related Depositary Shares that are redeemed will cease to be entitled to dividends and the holders of such shares will not be entitled to exercise any right with regard to such shares except that of receiving the redemption amount. The amount of dividends that may be payable on September 16, 2013 have not been declared or approved. The Series C Preferred shares and related Depositary Shares eligible for redemption will be selected on a pro rata basis in accordance with Zions' Amended and Restated Articles of Incorporation and the deposit agreement relating to the Depositary Shares.
Shareholders will receive official notice of the redemption in accordance with the provisions of Zions' Amended and Restated Articles of Incorporation and the deposit agreement relating to the Depositary Shares.
The Series C Preferred shares are redeemable in whole or in part beginning September 15, 2013. As previously announced, Zions may redeem up to $800,000,000 of its Series C Preferred shares subject to first issuing an equivalent amount of new preferred shares.
Zions First National Bank is the redemption agent. For more information, registered shareholders of the securities may contact Zions First National Bank at (888) 416-5176 or write to Zions First National Bank at One South Main Street, Suite 1200, Corporate Trust Operations, Salt Lake City, UT 84133. Shareholders owning shares through a broker, bank or other nominee should contact that party for information. Funds for the redemption will be deposited with Zions First National Bank on or before the redemption date.
Zions is one of the nation's premier financial services companies, consisting of a collection of great banks in select Western U.S. markets. Zions operates its banking businesses under local management teams and community identities through approximately 475 offices in 10 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington.
This press release contains statements that relate to the projected or modeled performance or condition of Zions and elements of or affecting such performance or condition, including statements with respect to forecasts, opportunities, models, illustrations, scenarios, beliefs, plans, objectives, goals, guidance, expectations, anticipations or estimates, and similar matters. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual facts, determinations, results or achievements may differ materially from the statements provided in this press release since such statements involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions; economic, market and business conditions, either nationally, internationally, or locally in areas in which Zions conducts its operations, being less favorable than expected; changes in the interest rate environment reducing expected interest margins; changes in debt, equity and securities markets; adverse legislation or regulatory changes and/or determinations; and other factors described in Zions' most recent annual and quarterly reports. In addition, the statements contained in this press release are based on facts and circumstances as understood by management of the company on the date of this press release, which may change in the future. Except as required by law, Zions disclaims any obligation to update any statements or to publicly announce the result of any revisions to any of the forward-looking statements included herein to reflect future events, developments, determinations or understandings.
SOURCE Zions Bancorporation
For further information: James Abbott, (801) 844-7637