Dividends on the Series G Preferred Stock will be payable quarterly in arrears when, as and if declared by our board of directors or a duly authorized committee of the board, (i) from and including the original issuance date to but excluding March 15, 2023 (the ôFixed Rate Periodö), at a rate per annum equal to 6.30% and (ii) from and including March 15, 2023 (the ôFloating Rate Periodö), at an annual floating rate equal to three-month LIBOR plus 4.24% (the ôFloating Rate Spreadö). The Floating Rate Spread was determined by taking the dividend rate for the Fixed Rate Period determined by the auction process and subtracting the mid-market 10-year swap rate at the time the auction concluded. The dividend payment dates will be the 15th day of March, June, September and December, commencing on June 15, 2013.
Dividends on the Series G Preferred Stock will be non-cumulative. If our board of directors or a duly authorized committee of the board does not declare a dividend on the Series G Preferred Stock for any dividend period, such dividend will not accrue or be payable, and we will have no obligation to pay dividends for such dividend period, whether or not dividends on the Series G Preferred Stock are declared for any future dividend period.
The Series G Preferred Stock may be redeemed in whole or in part, on or after March 15, 2023. The Series G Preferred Stock may be redeemed in whole, but not in part, prior to March 15, 2023, upon the occurrence of a ôregulatory capital treatment event,ö as described herein. The Series G Preferred Stock will not have any voting rights, except as set forth under ôDescription of Series G Preferred StockùVoting Rightsö on page S-31.
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Zions provides a range of banking products and related services. Some of the products and services Co. provides include: commercial business banking, which includes municipal and public finance services, merchant and payment processing services, corporate cards, capital markets, syndication, and foreign exchange services, and term real estate lending; retail banking, which includes residential mortgages, home equity lines of credit, personal lines of credit and installment consumer loans, depository account services, consumer cards, and personal trust services; and wealth management and private client banking, which provides various wealth management solutions to customers. Preferreds: ZB.PRB, ZIONP, ZB.PRC, ZB.PRF, ZIONO, ZIONN Open the ZION Information Page » |
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