Zions Bancorporation’s Board Approves Additional $200 Million of Share Repurchase for Third Quarter 2021

Rhea-AI Summary

Zions Bancorporation (NASDAQ: ZION) has authorized an additional common share repurchase of up to $200 million for Q3 2021, raising the total repurchase authorization to $325 million, representing approximately 3.5% of its market capitalization. As of August 24, 2021, the company has already repurchased $98 million worth of shares. The repurchase plan has received regulatory approval, reflecting the company's confidence in its financial position and commitment to enhancing shareholder value.

Positive

• Total share repurchase authorization increased to $325 million
• Demonstrates strong commitment to enhancing shareholder value
• Regulatory approval obtained for timely execution of buyback

Negative

• None.

SALT LAKE CITY--(BUSINESS WIRE)-- Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that its board of directors (“board”) authorized an additional common share repurchase for the third quarter of 2021 of up to $200 million. The board had previously authorized $125 million for the third quarter; with today’s authorization, the amount authorized is now up to $325 million, or approximately 3.5% of the company’s current market capitalization.

As of August 24, 2021, Zions had repurchased $98 million or 1.8 million of its common shares in the third quarter.

Zions has obtained the requisite regulatory approval to allow Zions to timely execute on this authorization.

Zions Bancorporation, N.A. is one of the nation’s premier financial services companies with annual net revenue of $2.8 billion in 2020 and more than $85 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending, recently ranking as the tenth largest provider in the U.S. of the SBA’s Paycheck Protection Program loans (including both rounds). In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210826005769/en/

James Abbott

Director of Investor Relations

Tel: (801) 844‐7637

Source: Zions Bancorporation, N.A.

FAQ

What is the total share repurchase amount for Zions Bancorporation?

Zions Bancorporation has authorized a total share repurchase of up to $325 million.

When was the share repurchase authorization announced for ZION?

The share repurchase authorization was announced on August 26, 2021.

How much has Zions Bancorporation repurchased so far in Q3 2021?

As of August 24, 2021, Zions has repurchased $98 million worth of its common shares.

What percentage of the market capitalization does the share repurchase represent?

The total share repurchase authorization represents approximately 3.5% of Zions Bancorporation's market capitalization.

Has Zions Bancorporation received regulatory approval for the buyback?

Yes, Zions Bancorporation has obtained the necessary regulatory approval to execute the share repurchase.