Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that its board of directors (“board”) authorized an additional common share repurchase for the third quarter of 2021 of up to $200 million. The board had previously authorized $125 million for the third quarter; with today’s authorization, the amount authorized is now up to $325 million, or approximately 3.5% of the company’s current market capitalization.
As of August 24, 2021, Zions had repurchased $98 million or 1.8 million of its common shares in the third quarter.
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 (including both rounds). 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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James Abbott
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