Zions Bancorporation Issues $250 Million Of Common Shares

Thu. September 11, 2008; Posted: 10:53 PM

Sep 12, 2008 (financialwire.net via COMTEX) -- ZION | Quote | Chart | News | PowerRating -- September 12, 2008 (FinancialWire) -- Zions Bancorporation (NASDAQ: ZION | Quote | Chart | News | PowerRating) (Current Market Cap: US$3.62 Bil.) said that it has issued 7,194,079 shares of its common stock at an average price of $34.75 per share for proceeds of $250 million. The registered sales took place through the company's ATM equity offering sales agreement with Merrill Lynch (NYSE: MS).

Company CEO Harris Simmons said that the price was "significantly higher "than the stock's average daily closing price of $30.91 for the week prior to announcing the issuance. He added that the company believed that this transaction is "unique among regional banks in the current market environment."

Salt Lake City-based Zions Bancorporation is a financial services firm consisting of a collection of banks in various markets. Zions operates its banking businesses through around 500 offices in ten Western and Southwestern states.

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

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For full details on Morgan Stanley (MS) click here. Morgan Stanley (MS) has Short Term PowerRatings of 8. Details on Morgan Stanley (MS) Short Term PowerRatings is available at This Link.

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