Press release from PR Newswire
Zions Bancorporation Announces the Full Redemption of Series C 9.50% Non-Cumulative Perpetual Preferred Stock
Thursday, August 15, 2013
Zions Bancorporation Announces the Full Redemption of Series C 9.50% Non-Cumulative Perpetual Preferred Stock16:11 EDT Thursday, August 15, 2013
SALT LAKE CITY, Aug. 15, 2013 /PRNewswire/ -- Zions Bancorporation ("Zions") announced today that it will redeem all outstanding shares of its 9.50% Series C Non-Cumulative Perpetual Preferred Stock (NYSE: ZB Pr C; CUSIP 989701503), and the related depositary shares (the "Depositary Shares"), each representing a 1/40th interest in a share of Series C Preferred, on September 15, 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. On July 24, 2013, Zions had given notice of a partial call of the Series C shares with respect to an aggregate of $590.0 million liquidation preference of the Series C shares, and is now extending the redemption to the entire $799.5 million outstanding amount of the Series C shares and related Depositary Shares.
At the redemption amount, the redemption represents 799,467.275 Series C Preferred shares and the related 31,978,691 Depositary Shares. After the redemption date, the Series C Preferred shares and related Depositary Shares 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 payable with respect to the September 15, 2013 dividend payment date has been declared and approved, and will amount to $0.606944 per Depositary Share.
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.
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 Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select Western U.S. markets with combined total assets exceeding $50 billion. Zions operates its banking businesses under local management teams and community identities in 10 western and southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The company is a national leader in Small Business Administration lending and public finance advisory services and is a consistent recipient of numerous Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.
SOURCE Zions Bancorporation
For further information: James Abbott, (801) 844-7637