Zions Bancorporation Announces Equity Distribution Agreement and Commencement of Senior Notes Offering

SALT LAKE CITY, Sept. 17 /PRNewswire-FirstCall/ -- Zions Bancorporation ("Zions" or the "Company") (Nasdaq: ZION) announced today that it entered into an equity distribution agreement with Goldman, Sachs & Co., pursuant to which the Company may offer and sell through or to Goldman, Sachs & Co. from time to time, shares of the Company's common stock, without par value, with an aggregate sales price of up to $250,000,000. The Shares will be issued pursuant to the Company's Registration Statement on Form S-3 (No. 333-158319) previously filed by the Company with the Securities and Exchange Commission (the "Commission"). It is anticipated that the shares of the Company's common stock will be issued over the next several quarters.

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The Company also announced that it has commenced an offering of senior unsecured notes to mature in 2014 in an underwritten public transaction, on terms yet to be determined. It anticipates filing a preliminary prospectus supplement in connection with the proposed offering today. Deutsche Bank Securities and Goldman, Sachs & Co. will be serving as active lead joint book running managers and Banc of America Securities LLC, J.P. Morgan Securities Inc. and Zions Direct, Inc. will serve as passive co-joint book running managers for the offering. A preliminary prospectus supplement and final prospectus supplement related to the public offering will be filed with the Commission. Copies of the preliminary prospectus supplement and final prospectus supplement, when available, may be obtained from Deutsche Bank Securities, 60 Wall Street, New York, NY 10005, Attention: Investment Grade Debt Syndicate, 1-800-503-4611 or Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, Attention: Prospectus Department, 1-866-471-2526, or by e-mail at prospectus-ny@ny.email.gs.com.

The Company is conducting both offerings in order to further augment its existing capital and liquidity position. In connection with the offerings, the Company has issued a set of slides which are available through the Commission's Internet site at http://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 common stock or senior notes of the Company 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.