June 14, 2010 (FinancialWire) — Zions Bancorporation (NASDAQ: ZION) today announced that the Company has successfully priced $125 million of Depositary Shares with an initial dividend rate of 11% at an initial public offering price of $25 per Depositary Share.

The five million Depositary Shares each represent a 1/40th ownership interest in a share of Series E Fixed-Rate Resettable Non-Cumulative Perpetual Preferred Stock.

The underwriters have a 30-day option to purchase up to 750,000 additional Depositary Shares for aggregate gross proceeds of around $18.75 million to cover over-allotments.

Utah-based Zions Bancorporation is a financial services firm consisting of a collection of banks. Zions operates its banking businesses under local management teams and community identities through approximately 500 offices in ten Western and Southwestern states.

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