Federal Reserve Does Not Object To Zions Bancorporation 2014 Capital Plan
SALT LAKE CITY, July 28, 2014 /PRNewswire/ -- The Federal Reserve's Board of Governors has notified Zions Bancorporation (NASDAQ: ZION) that it did not object to the capital actions as outlined in its 2014 capital plan, as resubmitted to the Federal Reserve on April 30, 2014.
Capital actions contemplated by the plan included the continued payment of preferred and common dividends at the current rates. The resubmitted plan included a proposed issuance of $400 million of common equity in the third quarter of 2014, however, Zions has determined to increase that amount.
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 $55 billion. Zions operates its banking businesses under local management teams and community identities in 11 western and southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. 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.
Statements in this press release that are based on other than historical data or that express the Company's expectations regarding future events are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual events to differ materially from those expressed in or implied by the forward-looking statements are discussed in the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission ("SEC") and available at the SEC's Internet site (http://www.sec.gov). 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