SALT LAKE CITY, April 26, 2013 /PRNewswire/ -- Zions Bancorporation (NASDAQ:ZION) ("Zions") today announced its plans to offer 2,000,000 depositary shares ( $50,000,000 aggregate liquidation preference) to 4,000,000 depositary shares ( $100,000,000 aggregate liquidation preference) each representing a 1/40th interest in a share of Series H fixed rate non-cumulative perpetual preferred stock pursuant to a prospectus supplement dated April 22, 2013 to its prospectus dated April 4, 2011. The public offering price of each depositary share will be equal to the liquidation preference per depositary share, or $25.00. During the auction period, potential bidders will be able to place bids for the dividend rate for the depositary shares at or above a minimum dividend rate of 5.75% per depositary share (in increments of 0.05%) and up to and including the maximum dividend rate of 6.15% per depositary share. Zions initially announced this offering on April 22, 2013. The dividend rate, allocation and amount of depositary shares to be sold in this offering will be determined by an online auction process facilitated by Zions Direct, Inc. ("Zions Direct"), as auction service provider. Deutsche Bank Securities Inc., Goldman, Sachs & Co., Keefe, Bruyette & Woods, Inc., Macquarie Capital ( USA) Inc. and Zions Direct are serving as underwriters and joint book-running managers for the offering. The auction is expected to open on Monday, April 29, 2013 at 9:00am Eastern Time and close on Tuesday, April 30, 2013 at 2:30pm Eastern Time. Zions intends to use the net cash proceeds from this offering for general corporate purposes, which may include the redemption of certain securities.