Zions Bancorp, the parent of Nevada State Bank, will auction off as much as $200 million of senior notes this week to repay its federal assistance or other debts.
The Salt Lake City bank holding company said Monday that it could use the funds to redeem the remaining preferred stock held by the U.S. Department of Treasury through the Troubled Asset Relief Program or to redeem senior floating rate notes due later this month.
The auction begins Tuesday and closes Wednesday.
Zions Bancorp, with assets of $52.3 billion and banks in 10 Western states, raised almost $100 million in April in a senior note auction for general purposes, including possible TARP repayment.
The company received $1.4 billion as part of TARP bailout and repaid half the amount on March 28. It expects to repay the remaining $700 million in the second half of the year.
Contact reporter Chris Sieroty at firstname.lastname@example.org or 702-477-3893.