Zions Announces Another $200 Million Equity-Distribution Deal

Date : 08/18/2010 @ 9:05AM
Source : Dow Jones News
Stock : Zions Bancorporation (MM) (ZION)
Quote : 40.45  -0.43 (-1.05%) @ 8:00PM

Zions Announces Another $200 Million Equity-Distribution Deal

Zions Bancorporation (NASDAQ:ZION)
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Zions Bancorp (ZION) reached equity-distribution deals with Deutsche Bank AG (DB) and Goldman Sachs Group Inc. (GS) to sell up to $200 million of stock, continuing the bank's effort of capital raising.

The deal comes amid the Utah-based regional bank's trying to maintain its liquidity levels after it turned to the government's Troubled Asset Relief Program to get through the worst of the downturn, taking $1.4 billion from the federal government in the wake of the financial crisis.

Wednesday's deal is similar to one the bank struck earlier this year with Deutsche Bank and Goldman Sachs for $425 million in stock, as well as a $250 million deal last September with Goldman Sachs alone. Under the Goldman/Deutsche Bank effort, $406.3 million of stock was sold.

Zions, which has about $3.4 billion in market value, last month said its second-quarter loss widened more than expected amid a prior-year gain as it reported its seventh straight quarter in the red.

Shares closed at $20.31 Tuesday and weren't active premarket. The stock had risen 58% this year.

-By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com;

 
 

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