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Stock Market & Financial Investment News

News Breaks
September 26, 2012
12:00 EDTZIONZions Bancorp redeems its remaining $700M of TARP
Zions Bancorporation announced that it has redeemed its remaining $700M Series D preferred stock, more commonly referred to as TARP funds. The shares were redeemed at their full face value; in addition, Zions has paid to the U.S. Treasury a cumulative total of $253M in dividends on its investment in Zions from November 2008 through today. The redemption of the preferred shares will result in a one-time dividend expense of $16.6M related to the TARP warrants, which will be booked in the quarter ended September 30, 2012. Assuming no further subordinated debt conversions, beginning in the 4Q12, Zions' quarterly preferred dividend expense is expected to be approximately $23M, compared to $37M recorded in the 2Q12 results.
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