Zions Bancorporation Announces the Redemption of 11% Series E Preferred Shares

SALT LAKE CITY, May 9, 2012 /PRNewswire/ -- Zions Bancorporation ("Zions", Nasdaq: ZION) announced today that it will exercise its right to redeem all outstanding shares of its 11% Series E Preferred shares (NYSE: ZB Pr E) on June 15, 2012 (the "redemption date") at the price per share of $25.00 (the "redemption amount"), plus accrued and unpaid dividends through the redemption date.  After the redemption date, the Series E Preferred 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 approved and declared dividend payable on June 15, 2012 is $0.6875 per depositary share to shareholders of record as of the close of business on June 1, 2012.

Shareholders of the Series E Preferred shares will receive official notice of the redemption in accordance with the provisions of Zions' Amended and Restated Articles of Incorporation.

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. Zions operates its banking businesses under local management teams and community identities through nearly 500 offices 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. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.

This press release contains statements that relate to the projected or modeled performance or condition of Zions Bancorporation 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 presentation 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 Bancorporation 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 Bancorporation's most recent annual and quarterly reports.  In addition, the statements contained in this presentation 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 Bancorporation 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



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