Zions To Merge Parent Company Into Its Banking Subsidiary - Quick Facts

(RTTNews) - Zions Bancorporation (ZION) announced its intention to streamline corporate structure by merging the parent company into its banking subsidiary, ZB, N.A or one of its subsidiaries. The resulting entity will bear the name Zions Bancorporation, N.A. Zions will file an application with the Financial Stability Oversight Council (FSOC) seeking a determination that the resulting banking organization is not "systemically important" as defined by provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Harris Simmons, CEO, said: "We now conduct essentially all our business under that single national bank charter. We believe the logical next step in rationalizing and simplifying our business is to eliminate our holding company, an entity which is no longer necessary in serving customers and providing for the needs of investors."

Assuming a favorable result from the FSOC, receipt of required regulatory approvals and an affirmative vote by shareholders, Zions expects to consummate the transaction within six months from the date the appeal request is filed with the FSOC.