Zions Bancorporation Announces the Redemption of $590 Million of Series C 9.50% Non-Cumulative Perpetual Preferred Stock

  Zions Bancorporation Announces the Redemption of $590 Million of Series C
                9.50% Non-Cumulative Perpetual Preferred Stock

PR Newswire

SALT LAKE CITY, 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
1/40^th 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

Website: http://www.zionsbancorporation.com
Contact: James Abbott, (801) 844-7637
 
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