DOW JONES NEWSWIRES
Zions Bancorp (ZION) said it plans to sell up to $200 million in stock as the struggling bank looks to tap equity markets to help shore up its balance sheet.
The Utah-based regional bank said the shares are expected to be sold at market prices, and it plans to use the proceeds from the offering for general corporate purposes, according to a filing with the U.S. Securities and Exchange Commission.
The company currently has a market value of about $4.5 billion.
Zions has said it anticipates swinging to profitability early this year as it has seen its credit quality improve. The company last month said its fourth-quarter loss narrowed on continuing declines in the company's loan-loss provision, but the bank still posted its ninth straight quarter in the red.
Shares fell 0.7% to $24.45 in after-hours trading. As of the close, the stock had risen by one-third in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; email@example.com