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Zions Bancorporation shares gain on plan to repay TARP

By Chris SierotyLAS VEGAS REVIEW-JOURNAL
March 14, 2012 - 7:39 am
 

Shares of Zions Bancorporation, parent company of Nevada State Bank, jumped more than 10 percent Wednesday after it announced plans to issue $600 million in senior debt to help repay $1.4 billion in U.S. government bailout money.

Zions rose 10.5 percent, or $2.05, to close at $21.58 on heavy volume of 13.1 million shares traded Wednesday on the Nasdaq Global Select Market. The company averages 3.4 million shares traded daily over the last 30 days.

The Salt Lake City-based bank holding company said it expects to repay its $1.4 billion in debt from Troubled Asset Relief Program by the end of 2012.

The redemption is expected to occur in two installments of $700 million each, the company said in a statement.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.

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