December 23, 2009 (FinancialWire) — Zions Bancorporation (NASDAQ: ZION) said the results of its offer to exchange into shares of Zions’ common stock any and all of its approximately 5.6 million outstanding Depositary Shares representing its series A preferred stock with an aggregate liquidation preference of approximately $140 million. The Exchange Offer expired at 11: 59 p.m., New York City time, on December 21, 2009.

The “Depositary Shares” each represent a 1/40th ownership interest in a share of series A Floating-Rate Non-Cumulative Perpetual preferred stock (the “series A preferred stock) with a liquidation preference of $25.00 per Depositary Share (equivalent to $1,000 per share of series A preferred stock).

According to preliminary information provided by the exchange agent for the exchange offer, D.F. King & Co., Inc., a total of 2,861,493 Depositary Shares, representing shares of series A preferred stock with an aggregate liquidation preference of $71,537,325, were validly tendered and not withdrawn in the exchange offer, representing 51.29 percent of the Depositary Shares outstanding. In the aggregate, Zions will issue 2,816,834 shares of common stock, representing approximately 1.96 percent of the common stock outstanding (based on the number of shares outstanding as of November 30, 2009), in exchange for the tendered Depositary Shares, with cash in lieu of any fractional shares. In addition, Zions will pay cash for accrued and unpaid dividends to but excluding the settlement date on all Depositary Shares accepted in the Exchange Offer. The series A preferred stock represented by Depositary Shares received in the Exchange Offer will be retired upon receipt. After settlement of the Exchange Offer, 2,718,072 Depositary Shares, representing 67,951.8 shares of series A preferred stock, will remain outstanding.

Deutsche Bank Securities Inc. and Goldman, Sachs & Co. acted as Zions’ financial advisors in connection with the Exchange Offer. They were not engaged in order to and did not solicit any holders of Depositary Shares in connection with the Exchange Offer.

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