Welcome to our dedicated page for Zions Bancorporation N A news (Ticker: ZION), a resource for investors and traders seeking the latest updates and insights on Zions Bancorporation N A stock.
Zions Bancorporation, N.A. reports regional banking developments for a bank operating through local management teams and distinct brands across western states. Company news centers on operating results, earnings drivers, credit quality, capital actions, common and preferred dividends, and share repurchase authorizations. Updates also cover commercial lending relationships, including credit facilities arranged through California Bank & Trust, as well as public finance advisory services, Small Business Administration lending, wealth management, and technology and operations leadership.
The company’s recurring announcements also include financial-institution conference presentations, business-banking recognition, and governance or management changes that affect its banking, wealth, and operations functions.
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.
California Bank & Trust (CB&T) hosted its first all-employee virtual conference from August 17-20, emphasizing investment in associates and community engagement. The event culminated in 'Give Day,' where over 115 employees volunteered with local charities including Feeding San Diego and Habitat for Humanity. CB&T achieved remarkable results, packing over 8,800 pounds of food and surpassing their goal of collecting 500 school supply backpacks, ultimately donating over 1,100. The conference showcased CB&T's commitment to its community and associates, reinforcing its long-term success strategy.
Zions Bancorporation (NASDAQ: ZION) has authorized a $125 million share repurchase for Q3 2021, enhancing shareholder value. The board also declared a regular quarterly dividend of $0.38 per common share, payable August 19, 2021. Shareholders of record will be those on August 12, 2021. Additionally, dividends on various perpetual preferred shares are scheduled, with the next payments on September 15, 2021. Zions has received necessary regulatory approval to proceed with the share buyback strategy, reflecting strong financial health with $2.8 billion in annual revenue and $85 billion in total assets.
Zions Bancorporation (NASDAQ: ZION) reported impressive financial results for Q2 2021, with net earnings of $345 million, or $2.08 per diluted share, significantly up from $57 million ($0.34 per share) in Q2 2020. Compared to Q1 2021's $314 million ($1.90 per share), earnings growth reflects strong credit performance and modest net recoveries on loans. The bank also released over $120 million from its allowance for credit losses, indicating lower expected future losses. Noninterest-bearing deposits rose sharply, and the CET1 ratio improved to 11.3%, showcasing a strong capital position.
Zions Bancorporation has expanded its Practice Pathways program to all 50 states, providing financial support for medical specialists looking to start or acquire practices. The program offers a variety of lending solutions, including practice acquisition loans and working capital loans, with a streamlined application process that ensures responses within 24 business hours. With a strong reputation, evidenced by 18 awards from Greenwich Associates in 2020, Zions aims to assist healthcare professionals in transitioning to business ownership.
Scott McLean, President & COO of Zions Bancorporation (NASDAQ: ZION), will present at the Barclays Americas Select Franchise Conference on May 18 at 9:00 a.m. ET. Interested parties can access a live webcast on the Zions Bancorporation website, with the session archived for 30 days post-event. Zions Bancorporation reported an annual net revenue of $2.8 billion in 2020 and holds over $85 billion in total assets. It ranks as a national leader in small business lending and is included in the S&P 500 and NASDAQ Financial 100 indices.
Zions Bancorporation (Nasdaq: ZION) has elected Maria Contreras-Sweet to its board of directors during its annual shareholder meeting. With a rich background as the 24th Administrator of the U.S. Small Business Administration and as an entrepreneur, Contreras-Sweet adds significant experience in supporting small and mid-sized businesses. Her history includes founding a community bank in Los Angeles, aiming to enhance capital access for diverse business groups. Chairman and CEO Harris H. Simmons emphasized her potential to strengthen Zions’ focus on these market segments.
Zions Bancorporation (NASDAQ: ZION) has announced a $100 million common share repurchase program for Q2 2021, demonstrating confidence in its financial health. The board declared a quarterly dividend of $0.34 per share, payable on May 20, 2021. Additionally, the company plans to redeem Series H perpetual preferred shares worth $126 million, expected during the second quarter of 2021. This move allows Zions to manage its capital effectively while maintaining attractive returns for shareholders.
Zions Bancorporation (ZION) reported Q1 2021 net earnings of $314 million ($1.90 per diluted share), up from $275 million ($1.66) in Q4 2020 and $6 million ($0.04) in Q1 2020. The improved results reflect a more favorable credit environment and minimal net charge-offs. The bank facilitated $2.6 billion in PPP loans for over 24,000 customers, totaling nearly $10 billion in the past year. Deposits grew significantly as liquidity in the economy remained strong.
Zions Bancorporation (NASDAQ: ZION) plans to adopt AMERIBOR® as a replacement for LIBOR in its non-syndicated commercial loans. This change comes as LIBOR is being phased out globally, with U.S. regulators mandating banks to transition to alternative reference rates by December 31, 2021. AMERIBOR® reflects the actual borrowing costs of banks in the U.S. and has shown less volatility than LIBOR. Zions aims to initiate this transition in many credit contracts starting this summer, enhancing its lending operations.