Zions Bancorporation to sell up to $150 million 9.5% preferred shares via online auction

By Andrea Heisinger

Omaha, June 25 - Zions Bancorporation announced Wednesday it will issue up to $150 million, or 6 million shares, 9.5% non-cumulative preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

The perpetual preferred shares (Baa2/BBB-/BBB+) will be sold through an online auction from June 25 to June 30. They will be priced at $25.

The preferreds will have a dividend payable quarterly and will be non-callable until Sept. 15, 2013.

Zions Direct, Inc. is the bookrunner.

Proceeds will be used for general corporate purposes.

The holding company for Zions Bank is based in Salt Lake City.

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