Utah Bank Zions Plans To Sell $200 Million In Stock

Date : 02/10/2011 @ 6:22PM
Source : Dow Jones News
Stock : Zions Bancorporation (MM) (ZION)
Quote : 40.29  -0.89 (-2.16%) @ 12:27PM

Utah Bank Zions Plans To Sell $200 Million In Stock

Zions Bancorporation (NASDAQ:ZION)
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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; nathan.becker@dowjones.com

 
 



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