Zions Bancorporation Board Declares Dividends And Announces Share Repurchase Plan For The Third Quarter Of 2018
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Zions Bancorporation (NASDAQ:ZION)
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Today : Friday 27 July 2018
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SALT LAKE CITY, July 26, 2018 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION) announced today that its board of directors declared a regular quarterly dividend of $0.30 per common share, payable August 23, 2018 to shareholders of record on August 16, 2018. This represents an increase of 150% from the dividend paid in the year ago period, and a 25% increase over the dividend paid in the second quarter of 2018.
Additionally, the Board approved a plan to repurchase $185 million of common shares during the third quarter of 2018. Consistent with its previous public statements on the matter, and subject to results of ongoing internal stress testing, Zions intends to reduce its capital ratios to levels similar to or slightly stronger than the median levels of its peer group. Assuming economic conditions remain generally stable, Zions intends to accomplish the reduction of its capital ratios in an orderly fashion over the next six to eight quarters.
Zions expects to continue to utilize stress testing as the primary mechanism to inform its decisions on the appropriate level of capital, based upon actual and reasonably probable economic conditions. Therefore, the timing and amount of additional common share repurchases will be subject to various factors, including the company's financial performance and prevailing economic conditions. Shares may be purchased occasionally in the open market, through privately negotiated transactions, utilizing Rule 10b5-1 plans or otherwise. The repurchased shares may be held as treasury stock or retired.
The board of directors also declared regular quarterly cash dividends on the company's various perpetual preferred shares. The cash dividend on the Series A, G, H, and J shares are payable September 17, 2018 to shareholders of record on September 1, 2018, while the cash dividend on the Series I shares is payable on December 17, 2018 to shareholders of record on December 1, 2018.
Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. 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 company is a national leader in Small Business Administration lending and public finance advisory services, and is a consistent top recipient of Greenwich Excellence awards in banking. 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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