SALT LAKE CITY, June 29, 2016 /PRNewswire/ -- The Board of
Governors of the Federal Reserve System has notified Zions
Bancorporation (NASDAQ: ZION) that the Federal Reserve does not
object to Zions Bancorporation's board-approved 2016 capital plan,
as submitted to the Federal Reserve on April
5, 2016.
Zions' capital plan for the period spanning July 1, 2016 through June
30, 2017 include the following capital actions:
- The increase of the common dividend to $0.08 per share per quarter or approximately
$65 million in total common dividends
over the four quarter period (an increase from the current rate of
$0.06 per share per quarter)
- Up to $180 million of common
stock redemption
- Up to $144 million of preferred
equity redemption
Capital actions are subject to final approval by Zions
Bancorporation's board of directors, which may be influenced by,
among other things, actual earnings performance and prevailing
economic conditions. Such capital actions are expected to reduce
fixed charges and improve Zions' return on equity.
Zions Bancorporation is one of the nation's premier financial
services companies with total assets of approximately $60 billion. Zions operates under local
management teams and unique 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.
Forward-Looking Information
Statements in this press release that are based on other than
historical data or that express the Company's expectations
regarding future events are forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not guarantees of future
performance, nor should they be relied upon as representing
management's views as of any subsequent date. Forward-looking
statements involve significant risks and uncertainties and actual
results may differ materially from those presented, either
expressed or implied, in this press release. Factors that could
cause actual events to differ materially from those expressed in or
implied by the forward-looking statements include achieving
earnings levels that are consistent with or exceed the baseline
level of earnings as included in Zions' 2016 capital plan and
economic conditions that are materially consistent with the
baseline economic scenario, as well as other factors that are
discussed in the Company's most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q, filed with the Securities and
Exchange Commission ("SEC") and available at the SEC's Internet
site (http://www.sec.gov). 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.
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SOURCE Zions Bancorporation