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Zions Bancorporation Announces Successful Completion Of $87.9 Million Of Subordinated Notes Offering

Stocks in this article: ZION

SALT LAKE CITY, Sept. 12, 2013 /PRNewswire/ -- Zions Bancorporation ("Zions" or the "Company") (Nasdaq: ZION) announced today that it successfully priced $87,890,550 of fixed/floating rate subordinated notes in an underwritten public transaction. The interest rate was determined through an online modified Dutch auction process administered by Zions Direct, Inc. ("Zions Direct"). The public offering price of the subordinated notes will be equal to $25.00. Of the $87,890,550 of subordinated notes to be sold in this offering, $75,000,000 of subordinated notes were sold pursuant to the auction, and $12,890,550 of subordinated notes were sold outside of the auction.

The interest rate for the fixed rate period, which runs from the issuance date to, but not including, September 15, 2023, is 6.95%. The interest rate for the floating rate period, which begins on September 15, 2023, will be equal to three-month LIBOR plus a spread of 3.89%. Net of commissions and fees, the proceeds to the Company are expected to be approximately $85.9 million.

Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Macquarie Capital ( USA) Inc. and Zions Direct served as joint bookrunning managers for the offering.

Zions intends to use the net cash proceeds from this offering for general corporate purposes, which may include the redemption or repurchase of certain of its securities.

Zions is one of the nation's premier financial services companies, consisting of a collection of great banks in select Western U.S. markets. Zions operates its banking businesses under local management teams and community identities in 10 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington.

The subordinated notes will be issued pursuant to Zions' Registration Statement on Form S-3 (No. 333-173299) previously filed by Zions with the Securities and Exchange Commission (the "Commission"). The Registration Statement is effective. Copies of the applicable prospectus supplement and accompanying prospectus relating to the offering may be obtained when available by contacting Deutsche Bank Securities Inc., Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3988, telephone toll-free: 1-800-503-4611 or by email: prospectus.cpdg@db.com, Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, New York 10282, telephone toll-free: 1-866-471-2526, facsimile: 212-902-9316 or by email: prospectus-ny@ny.email.gs.com, Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department, telephone toll-free: 1-800-294-1322 or by email: dg.prospectus_requests@baml.com, Macquarie Capital ( USA) Inc., 125 West 55th Street, New York, NY 10019, Attention: Prospectus Department, by email: us.prospectus@macquarie.com or by telephone: 1-888‐268‐3937, or by visiting Zions Direct's auction website at www.zionsdirect.com, or by visiting EDGAR on the Commission's website at www.sec.gov.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy subordinated notes of Zions or any other securities and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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