Zions Bancorp. Commences Public Offering Of $525 Mln Of Common Stock

(RTTNews) - Zions Bancorp. (ZION) said Monday that it has commenced a public offering of $525 million of its common stock pursuant to a prospectus supplement dated July 28, 2014 to its prospectus dated April 21, 2014.

The company noted that it plans to grant the underwriters a 30-day option to purchase up to an additional 15% of the amount of common stock offered.

The firm intends to use the net proceeds of this offering for general corporate purposes.

Separately, Zions Bancorporation said that the Federal Reserve's Board of Governors has notified Zions Bancorporation that it did not object to the capital actions as outlined in its 2014 capital plan, as resubmitted to the Federal Reserve on April 30, 2014.

Capital actions contemplated by the plan included the continued payment of preferred and common dividends at the current rates. The resubmitted plan included a proposed issuance of $400 million of common equity in the third quarter of 2014, however, Zions has determined to increase that amount.