Zions to redeem all $799.5 million series C preferreds Sept. 15

By Marisa Wong

Madison, Wis., Aug. 15 - Zions Bancorp. announced that it will redeem all outstanding shares of its 9.5% series C noncumulative perpetual preferred stock on Sept. 15.

On July 24 Zions had given notice of a partial call of the series C preferreds. The company had planned to redeem $590 million liquidation preference of the series C preferreds on Sept. 16.

Zions said it is now extending the redemption amount to the entire $799.5 million outstanding liquidation preference.

The preferreds will be redeemed at a price of $25.00 per depositary share, with each depositary share representing a fortieth interest in a series C preferred, plus accrued dividends through the redemption date.

The redemption represents 799,467.275 series C preferreds and 31,978,691 related depositary shares.

The amount of dividends payable with respect to the Sept. 15 dividend payment date has been declared and approved and will amount to $0.606944 per depositary share.

Zions First National Bank (888 416-5176) is the redemption agent.

Zions is a Salt Lake City-based bank holding company.

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