U.S. Treasury: Zions Bancorp Securities Sale to Reap $7.7 Million
November 30 2012 - 8:40AM
Dow Jones News
WASHINGTON--The U.S. Treasury Department Friday said it planned
to reap nearly $7.7 million in the sale of Zions Bancorp (ZION)
securities as it continues to wind down programs dating to the 2008
financial crisis.
Treasury said it priced the 5,789,909 warrants, securities that
give the right to purchase common stock, at $1.35 per warrant. It
expects to close the sale Dec. 5. Deutsche Bank Securities is
managing the book for the sale.
Treasury said the proceeds provide an additional return to the
U.S. taxpayer from its investment in the company beyond the
dividend payments received related to the preferred stock.
The government has turned a profit on the investments it made in
banks under the Troubled Asset Relief Program. But the overall
program, which also includes the auto bailout and housing
initiatives, is likely to cost taxpayers. The Congressional Budget
Office has estimated the final price tag will be $24 billion.
Write to Ian Talley at ian.talley@dowjones.com
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