Zions Bancorporation Announces Results Of Regulatory Actions

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Sep 12, 2018, 17:48 ET

SALT LAKE CITY, Sept. 12, 2018 /PRNewswire/ -- Zions Bancorporation ("Zions" or "the Company" andNASDAQ: ZION) announced today that it has been notified of the final decision by the Financial Stability Oversight Council (FSOC) to grant Zions' appeal for relief from the designation of Zions or its successor as a systemically important financial institution, or SIFI, under the Dodd-Frank Act. Zions has now received the material requisite regulatory approvals to complete the merger of its holding company with and into its bank, ZB, N.A., with the resulting bank to be known as Zions Bancorporation, N.A. (the "Bank"). As described in its proxy materials filed with the Securities and Exchange Commission, Zions will hold a special shareholder meeting on September 14, 2018 with respect to shareholder approval of the merger. Assuming receipt of shareholder approval at the meeting, it is anticipated that the merger will be completed effective as of September 30, 2018. The merger is expected to result in the elimination of duplicative regulatory efforts, leaving the Office of the Comptroller of the Currency as the Bank's primary federal regulator. Additional detail may be found within the proxy materials at Zionsbancorporation.com (link).

Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western 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 top recipient of Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.

Forward Looking Information

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Statements in the press release that are based on other than historical information or that express Zions's expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect, among other things, the current expectations of Zions, all of which are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements.

Without limiting the foregoing, the words "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "projects," "should," "would," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the potential timing or consummation of the merger described in this press release, actions to be taken by Zions and the Bank or receipt of any required approvals or determinations. Actual results and outcomes may differ materially from those presented, either expressed or implied, in the press release. Important risk factors that may cause such material differences include, but are not limited to, uncertainties related to the ability to obtain shareholder approval, or the possibility that such approval may be delayed; the ability of Zions to achieve anticipated benefits from the consolidation; and legislative, regulatory and economic developments that may diminish or eliminate the anticipated benefits of the consolidation. These risks, as well as other factors, are discussed in Zions's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC") and available at the SEC's Internet site (http://www.sec.gov), and in the definitive proxy statement filed with the SEC in connection with the merger on July 24, 2018.

Except as required by law, Zions specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Important Additional Information and Where to Find It

Zions filed a definitive proxy statement on July 24, 2018, and other relevant documents concerning the merger with the SEC. INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Zions free of charge by contacting: Investor Relations, Zions Bancorporation, One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637.

Participants in Proxy Solicitation

Zions and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Zions's shareholders in connection with the merger. Information about the directors and executive officers of Zions and their ownership of Zions stock is set forth in Zions's Annual Report on Form 10-K for the year ended December 31, 2017 and the proxy statement for Zions' 2018 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the definitive proxy statement for the proposed merge, which was filed with the SEC on July 24, 2018.

SOURCE Zions Bancorporation