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Zions Bancorporation, N.A. | Series G Fixed/Floating Rate Non-Cumulative Perpetual Preferred Stock (ZIONO)
Prospectus excerpt: Zions Bancorporation is offering to sell 6,873,071 depositary shares, each representing a 1/40th ownership interest in a share of Series G Fixed/Floating Rate Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share) (the ÙSeries G Preferred Stockˆ). The depositary shares are represented by depositary receipts. As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Series G Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary. Dividends on the Series G Preferred Stock will be payable quarterly in arrears when, as and if declared by our board of directors or a duly authorized committee of the board, (i) from and including the original issuance date to but excluding March 15, 2023 (the ÙFixed Rate Periodˆ), at a rate per annum equal to 6.30% and (ii) from and including March 15, 2023 (the ÙFloating Rate Periodˆ), at an annual floating rate equal to three-month LIBOR plus 4.24% (the ÙFloating Rate Spreadˆ). The Floating Rate Spread was determined by taking the dividend rate for the Fixed Rate Period determined by the auction process and subtracting the mid-market 10-year swap rate at the time the auction concluded. The dividend payment dates will be the 15th day of March, June, September and December, commencing on June 15, 2013. Dividends on the Series G Preferred Stock will be non-cumulative. If our board of directors or a duly authorized committee of the board does not declare a dividend on the Series G Preferred Stock for any dividend period, such dividend will not accrue or be payable, and we will have no obligation to pay dividends for such dividend period, whether or not dividends on the Series G Preferred Stock are declared for any future dividend period. The Series G Preferred Stock may be redeemed in whole or in part, on or after March 15, 2023. The Series G Preferred Stock may be redeemed in whole, but not in part, prior to March 15, 2023, upon the occurrence of a Ùregulatory capital treatment event,ˆ as described herein. The Series G Preferred Stock will not have any voting rights, except as set forth under ÙDescription of Series G Preferred Stock?Voting Rightsˆ on page S-31. Full Prospectus PDF », Secondary Prospectus PDF », ZION Page »
Series: | G | Redeemable?: | Yes | Call Date: | 3/15/2023 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 6,873,071 | Liquidation Preference: | $25.00 | Recent Market Price: | $25.50 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $0.50 (2.00%) | Annualized Dividend: | 2.499019 | Recent Ex-Date: | 2/29/2024 | Current Yield: | 9.80% | Original Coupon: | 6.30% and from and including March 15, 2023, at an annual floating rate equal to three-month LIBOR plus 4.24% | Pay Period: | Quarterly | Pay Dates: | 15-Mar, 15-Jun, 15-Sep, 15-Dec | CDx3 Compliance Rating: |
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Zions provides a range of banking products and related services. Some of the products and services Co. provides include: commercial business banking, which includes municipal and public finance services, merchant and payment processing services, corporate cards, capital markets, syndication, and foreign exchange services, and term real estate lending; retail banking, which includes residential mortgages, home equity lines of credit, personal lines of credit and installment consumer loans, depository account services, consumer cards, and personal trust services; and wealth management and private client banking, which provides various wealth management solutions to customers. Preferreds: ZB.PRB, ZIONP, ZB.PRC, ZB.PRF, ZIONO, ZIONN Open the ZION Information Page »
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