Zions Bancorporation Board Declares Dividends And Announces The Full Redemption Of Series F 7.90% Non-Cumulative Perpetual Stock
Zions Bancorporation Board Declares Dividends And Announces The Full Redemption Of Series F 7.90% Non-Cumulative Perpetual Stock
PR Newswire
SALT LAKE CITY, April 27, 2017
SALT LAKE CITY, April 27, 2017 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION) announced today that its board of directors declared a regular quarterly dividend of $0.08 per common share. The dividend is payable May 25, 2017 to shareholders of record on May 18, 2017. The board of directors also declared regular quarterly cash dividends on the company's various perpetual preferred shares. The cash dividend on the Series A, F, G, H and I shares are payable June 15, 2017 to shareholders of record on June 1, 2017, while the cash dividend on the Series J is payable on September 15, 2017 to shareholders of record on September 1, 2017.
Additionally, Zions announced today that it will redeem all outstanding shares of its 7.90% Series F Non-Cumulative Perpetual Preferred Stock (NYSE: ZB Pr F; CUSIP 989701867), and the related depositary shares (the "Depositary Shares"), each representing a 1/40th interest in a share of Series F Preferred, on June 15, 2017 (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 143,750.00 Series F Preferred shares and the related 5,750,000 Depositary Shares. After the redemption date, the Series F Preferred shares and related Depositary 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 amount of dividends payable with respect to the June 15, 2017 dividend payment date has been declared and approved, and will amount to $0.49375 per Depositary Share.
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.
About Zions Bancorporation 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. Investor information and links to local banking brands can be accessed at zionsbancorp.com.
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SOURCE Zions Bancorporation
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