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Zions Bancorporation, 5.75% Dep Shares Fixed Rate Non-Cumul Pfd Stock Ser H
Ticker Symbol: ZIONN* CUSIP: 989701834 Exchange: NGS
* NOTE: This security is no longer trading as of 6/15/2021
Security has been Called for: Tuesday, June 15, 2021
April 30, 2021 -- The board authorized the redemption at par value of Zions’ Series H (NASDAQ: ZIONN; CUSIP: 989701834) perpetual preferred shares, which have been eligible to be redeemed since June 15, 2019, subject to the completion of notification requirements. Zions currently expects to redeem the Series H shares during the second quarter of 2021. At March 31, 2021, the total amount of the Series H shares outstanding was $126 million, and had an annual dividend of $7 million.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Zions Bancorporation, 5.75% Depositary Shares each representing a 1/40th interest in a share of the Series H Fixed Rate Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 6/15/2019 at $25 per depositary share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 5.75% per annum ($1.4375 per annum or $0.359375 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is one business day 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. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred 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-14 of the prospectus for further information). This security was rated as B1 by Moody’s and BB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, 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 - 4/29/2013 - 5.05 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: ZB-H Changed: 1/02/2020
Market Value $126.0 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 |
801-804-7637 |
| 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 - Eric Ellingsen |
CFO - Paul E. Burdiss |
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