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Zions Bancorporation, 9.50% Dep Shares Series C Non-Cumul Perp Preferred Stock
Ticker Symbol: ZB-C* CUSIP: 989701503 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/15/2013
Security has been Called for: Sunday, September 15, 2013
Aug. 15, 2013 -- Zions Bancorporation announced today that it will redeem all outstanding shares of its 9.50% Series C Non-Cumulative Perpetual Preferred Stock (NYSE: ZB Pr C; CUSIP 989701503), and the related depositary shares, each representing a 1/40th interest in a share of Series C Preferred, on September 15, 2013 at the price per Depositary Share of $25.00, plus accrued and unpaid dividends through the redemption date. On July 24, 2013, Zions had given notice of a partial call of the Series C shares with respect to an aggregate of $590.0 million liquidation preference of the Series C shares, and is now extending the redemption to the entire $799.5 million outstanding amount of the Series C shares and related Depositary Shares. At the redemption amount, the redemption represents 799,467.275 Series C Preferred shares and the related 31,978,691 Depositary Shares. After the redemption date, the Series C 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 September 15, 2013 dividend payment date has been declared and approved, and will amount to $0.606944 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.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Zions Bancorporation, 9.50% Depositary Shares each representing 1/40th interest in a share of Series C Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 9/15/2013 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 9.50% ($2.375) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-25 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (ZION)
IPO - 7/7/2008 - 1.88 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $46.9 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One South Main, 15th Floor, Salt Lake City, UT 84133 |
| Main Phone Number |
801-524-4787 |
| Fax Number |
801-524-4659 |
| Investor Relations
James Abbott
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801-844-7637
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Toll Free Phone Number |
Unknown |
| CEO - Harris H. Simmons |
CFO - Doyle L. Arnold |
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