Zions Bancorp looks to exit TARP

Zions Bancorporation, parent of Las Vegas-based Nevada State Bank, is inching closer to exiting the Troubled Asset Relief Program, a report shows.

Zions Chief Financial Officer Doyle Arnold told analysts at a conference in New York on Wednesday that the company had met the criteria it had outlined to the Federal Reserve for redeeming the remaining $700 million in shares still owned by the U.S. Department of Treasury.

The approval includes Zions issuing $600 million in senior debt, American Banker reported.

Arnold expects the Salt Lake City-based company to exit TARP later this month or early in the fourth quarter, a filing with the Securities and Exchange Commission shows.

The company in August submitted a midyear capital plan to regulators and was waiting to hear back.

Zions repaid $700 million in TARP funds in March. The company had said it would repay the rest in the second half of this year.

Zions shares rose 41 cents, or 2.05 percent, Wednesday to close at $20.44 on the Nasdaq Global Select Market.