SALT LAKE CITY, Jan. 2, 2018 /PRNewswire/ -- Zions Bancorporation
(NASDAQ: ZION) announced today that as a result of the Tax Cuts and
Jobs Act of 2017, it will be increasing ongoing compensation for
more than 40% of its employees as of January
1, 2018, and providing nearly 80% of employees with
$1,000 bonuses during 2018, subject
to certain conditions.
Additionally, Zions intends to contribute $12 million to the Zions Bancorporation
Foundation, which is expected to benefit local communities in which
Zions does business. In 2017, Foundation beneficiaries included the
United Way, youth programs, food pantries, homeless shelters,
affordable housing projects, and educational programs.
Zions expects to incur an increase in noninterest expense in the
fourth quarter of 2017 of approximately $12
million as a result of the contribution to the Foundation,
while compensation adjustments are expected to be incorporated into
2018 expense.
The Company continues to assess the financial impact of recent
tax law changes and intends to disclose such impact on or before
the date that the Company reports its earnings results for the
fourth quarter of 2017.
Zions Bancorporation is one of the nation's premier financial
services companies with total assets exceeding $65 billion. Zions operates under local
management teams and distinct brands in 11 western states:
Arizona, California, Colorado, Idaho, Nevada, New
Mexico, Oregon,
Texas, Utah, Washington and Wyoming. The company is a national leader in
Small Business Administration lending and public finance advisory
services, and is a consistent top recipient of Greenwich Excellence
awards in banking. In addition, Zions is included in the
S&P 500 and NASDAQ Financial 100 indices. Investor information
and links to subsidiary banks can be accessed at
www.zionsbancorporation.com.
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SOURCE Zions Bancorporation