Zions Bancorporation’s Board Approves Various Capital Actions Including Dividends, Common Share Repurchases, and Redemption of Series H Preferred Shares

By: Zions Bancorporation, N.A. via Business Wire

April 30, 2021 at 12:25 PM EDT

Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that its board of directors (“board”) authorized a common share repurchase for the second quarter of 2021 of up to $100 million.

The board also declared a regular quarterly dividend of $0.34 per common share, payable May 20, 2021 to shareholders of record on May 13, 2021.

Additionally, the board authorized the redemption at par value of Zions’ Series H (NASDAQ: ZIONN; CUSIP: 989701834) perpetual preferred shares, which have been eligible to be redeemed since June 15, 2019, subject to the completion of notification requirements. Zions currently expects to redeem the Series H shares during the second quarter of 2021. At March 31, 2021, the total amount of the Series H shares outstanding was $126 million, and had an annual dividend of $7 million.

Finally, 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 June 15, 2021 to shareholders of record on June 1, 2021:

Series A (NASDAQ: ZIONP; CUSIP: 98973A104);
Series G (NASDAQ: ZIONO; CUSIP: 989701859);
Series H (NASDAQ: ZIONN; CUSIP: 989701834); and
Series I (CUSIP: 989701BD8)

The cash dividend on the Series J (CUSIP: 989701BF3) shares is payable on September 15, 2021 to shareholders of record on September 1, 2021.

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. Zions is a national leader in small business lending, including Small Business Administration lending, ranking as the nation’s 10th largest provider of the SBA’s Paycheck Protection Program loans (2020-2021). 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. 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.