Banks & Financial: Zions Enters Equity Distribution Deals

August 19, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Zions Bancorporation (NASDAQ: ZION) said that it has entered into new common equity distribution agreements with each of Deutsche Bank Securities Inc. (NYSE: DB) and Goldman, Sachs & Co. (NYSE: GS), under which the company may offer and sell through or to Deutsche and Goldman, shares of the company's common stock, with aggregate sales of up to $200 million.

According to Zions, sales of the common stock, if any, will be made by means of ordinary brokers' transactions on the NASDAQ Global Select Market, or otherwise, at market prices, or to Deutsche Bank Securities Inc. or Goldman, Sachs & Co. for resale at a price to be agreed upon by the company and such sales agent. The company said it is conducting this offering to maintain its existing capital and liquidity position. Zions said it anticipates that the shares will be issued over the next several quarters.

Zions said that the new equity distribution agreements supersede common equity distribution arrangements that the company established with Deutsche and Goldman on March 1, and amended on May 19.

Under the previous equity distribution agreements, during the period from March 1, 2010 to June 21, 2010, Zions sold an aggregate of 18,557,507 shares of its common stock at a volume weighted average price of around $22.23 per share, which resulted in net proceeds to the company of $406.3 million.

Under the new equity distribution agreements, each sales agent will receive a commission equal to 1.50% of the gross sales price per share for any shares sold through it as the company's sales agent.

Utah-based Zions Bancorporation has a collection of banks. Zions operates its banking businesses under local management teams and community identities through around 500 offices in ten Western and Southwestern states.

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