Zions Bancorporation's Board Approves $325 Million Share Repurchase and Declares Dividends on Common and Preferred Stock
Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that its board of directors ("board") authorized a share repurchase for the fourth quarter of 2021 of up to $325 million, equaling 3.2% of the market value of the company.
The board declared a regular quarterly dividend of $0.38 per common share, payable November 18, 2021 to shareholders of record on November 10, 2021.
Additionally, the board declared regular quarterly cash dividends on the company's various perpetual preferred shares, as detailed below.
The cash dividend on the following series are payable December 15, 2021 to shareholders of record on December 1, 2021:
- Series A (NASDAQ: ZIONP; CUSIP: 98973A104);
- Series G (NASDAQ: ZIONO; CUSIP: 989701859); and
- Series I (CUSIP: 989701BD8)
The cash dividend on the Series J (CUSIP: 989701BF3) shares is payable on March 15, 2022 to shareholders of record on March 1, 2022.
Zions has obtained the requisite regulatory approval to allow Zions to timely execute on this authorization.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.8 billion in 2020 and more than $85 billion of total assets. 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 Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending, recently ranking as the tenth largest provider in the U.S. of the SBA's Paycheck Protection Program loans. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.
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