Zions Bancorporation (ZBK)

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ZBKhttp://www.nasdaq.com/symbol/zbkFinancen/aMajor Banks

Latest Zions Bancorporation (ZBK) company news

Zions Seeks to Simplify Structure to Remove Regulatory Tag

With the aim of simplifying corporate structure and streamlining business operations, Zions Bancorporation ZION intends to merge its parent company into its banking subsidiary. With this move, the holding company will be eliminated and the resulting banking organisation will continue to operate with its existing name.

Once the corporate structure is simplified, Zions will be eligible to file an application with the Financial Stability Oversight Council ("FSOC") seeking to get the "systemically important" regulatory label removed from its name.

According to the provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act, banks, which have more than $50 billion in assets, are considered systemically important financial institutions (SIFI). The SIFIs have to abide by various capital requirement rules and there is a lot of scrutiny that this regulatory label carries with itself. This is because failure of any of these companies can pose a threat to the global financial system.

Notably, among the various companies within the group like Bank of America Corporation BAC, JPMorgan Chase & Co. JPM, Citigroup Inc. C and many others, Zions is the smallest, with assets of nearly $65 billion as of Sep 30, 2017. Zions, which operated as a multi-bank holding company earlier, has been taking a number of initiatives to consolidate its several branches. In 2015, it consolidated its seven subsidiary banks into a single national bank charter.

Zions’ chairman and CEO, Harris H. Simmons, said, “There is much evidence that a consensus exists among Washington policymakers that a straightforward regional bank of Zions' size and lack of complexity does not warrant the 'systemically important' appellation, and we are optimistic that the FSOC will arrive at that conclusion as well.”

Thus, Zions is expected to file the documents related to this move by the end of the year. Assuming that things will go in its favour, Zions expects the process to be completed within six months from the time of filing the request with the FSOC.

Moreover, if things go as planned, Zions’ compliance costs will likely decrease due to lesser regulatory restrictions. This will likely aid bottom-line growth in the quarters ahead.

Zions’ shares have gained 9.4% so far this year, outperforming the 4.2% growth for the industry it belongs to.

Currently Zions carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Cavium and Alibaba rise while Merck and Marathon Oil fall

NEW YORK (AP) -- Stocks that moved substantially or traded heavily Monday:

Cavium Inc., up $8.19 to $84.02

The chipmaker agreed to be bought by competitor Marvell Technology for $6 billion in cash and stock.

Merck & Co., down $1.10 to $54.10

Competitor Roche reported good results from a clinical trial of a cancer drug.

Alibaba Group Holding Ltd., up $2.87 to $188

The company will invest $2.88 billion in Sun Art, which runs hundreds of supermarkets across China, taking a 36 percent stake.

Zions Bancorp., up 80 cents to $47.10

The financial holding company said it will change its structure so it faces less government oversight.

Marathon Oil Corp., down 58 cents to $14.47

Energy companies fell with oil prices as investors turned their attention to an OPEC meeting at the end of November.

Best Buy Co., up 52 cents to $56.35

Retailers extended their rally after a spate of strong third-quarter reports Thursday and Friday.

Verizon Communications Inc., up 78 cents to $46.20

Bloomberg News reported that the wireless carrier is close to a streaming deal with the National Football League.

Dycom Industries Inc., up $8.18 to $98.22

The specialty contracting services company had a stronger fiscal first quarter than analysts had expected.

Zions Bancorporation Announces Plans To Simplify Its Structure By Merging Parent Company Into Its Banking Subsidiary

SALT LAKE CITY, Nov. 20, 2017 /PRNewswire/ -- Zions Bancorporation (ZION) announced today its intention to streamline its 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. and will continue to operate with its existing local brand names and management teams in markets throughout the western United States.

Concurrently with the simplification of its corporate structure, 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. Although under Section 117 of the Dodd-Frank Act the successor organization to a bank holding company with assets of over $50 billion that ceases to exist as a bank holding company would otherwise be treated as a nonbank financial company that has been designated as systemically important under Section 113 of the Act, Section 117(c) of the Act provides that a firm may appeal such treatment as a nonbank financial company to the FSOC.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, stated, "Historically, Zions Bancorporation operated as a multi-bank holding company with separately chartered banks in each of several western states. In late 2015, we consolidated our seven banks under a single national bank charter as part of a larger effort to simplify our business operations. 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." Mr. Simmons continued, "We will seek the FSOC's determination that our bank is not systemically important in the context of the larger U.S. economy - a determination that would streamline our regulatory framework and eliminate duplicative examinations and other overlapping regulatory requirements. There is much evidence that a consensus exists among Washington policymakers that a straightforward regional bank of Zions' size and lack of complexity does not warrant the 'systemically important' appellation, and we are optimistic that the FSOC will arrive at that conclusion as well."

Zions expects to initiate the filings and other actions required in connection with this project, including filing a proxy statement and other proxy materials with the Securities and Exchange Commission and scheduling a shareholder vote to approve the combination, before the end of the year. 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, provided that Congressional hearings are not held under Section 117(c)(2)(b)(ii) of the Dodd-Frank Act. Zions is represented in this matter by the law firm of Sullivan & Cromwell LLP.

Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. 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 company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.

Forward Looking Information
This communication includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Statements in this communication that are based on other than historical information or that express Zions Bancorporation's expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect, among other things, our current expectations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements.

Without limiting the foregoing, the words "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "projects," "should," "would," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the potential timing or consummation of the proposed transaction and receipt of regulatory approvals or determinations, or the anticipated benefits thereof, including, without limitation, future financial and operating results. Important risk factors that may cause such material differences include, but are not limited to, risks and uncertainties related to the ability to obtain shareholder and regulatory approvals or determinations, or the possibility that such approvals or determinations may be delayed; the imposition by regulators of conditions or requirements that are not favorable to Zions; the ability of Zions Bancorporation to achieve anticipated benefits from the consolidation and regulatory determinations; and legislative, regulatory and economic developments that may diminish or eliminate the anticipated benefits of the consolidation. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the proxy statement that will be filed with the Securities and Exchange Commission in connection with the proposed transaction.

Except as required by law, Zions Bancorporation specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Important Additional Information and Where to Find It
Zions Bancorporation will file a proxy statement and other relevant documents concerning the proposed transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Zions free of charge by contacting: Investor Relations, Zions Bancorporation, One South Main Street, 15th Floor, Salt Lake City, Utah 84133, (801) 844-7637.

Participants in Proxy Solicitation
Zions Bancorporation, and its respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from Zions' shareholders in connection with the proposed transaction. Information about the directors and executive officers of Zions and their ownership of Zions stock is set forth in the proxy statement for Zions' 2017 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement for the proposed transaction when it becomes available.

 

View original content:http://www.prnewswire.com/news-releases/zions-bancorporation-announces-plans-to-simplify-its-structure-by-merging-parent-company-into-its-banking-subsidiary-300559183.html

New Research Coverage Highlights Zions, McKesson, Sealed Air, CenterPoint Energy, Coca-Cola European Partners, and KKR & Co. — Consolidated Revenues, Company Growth, and Expectations for 2018

NEW YORK, Nov. 17, 2017 (GLOBE NEWSWIRE) -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors, traders, and shareholders of Zions Bancorporation (ZION), McKesson Corporation (MCK), Sealed Air Corporation (SEE), CenterPoint Energy, Inc. (CNP), Coca-Cola European Partners PLC (CCE), and KKR & Co. L.P. (KKR), including updated fundamental summaries, consolidated fiscal reporting, and fully-qualified certified analyst research.

Complimentary Access: Research Reports

Full copies of recently published reports are available to readers at the links below.

ZION DOWNLOAD: http://Fundamental-Markets.com/register/?so=ZION
MCK DOWNLOAD:
http://Fundamental-Markets.com/register/?so=MCK
SEE DOWNLOAD:
http://Fundamental-Markets.com/register/?so=SEE
CNP DOWNLOAD:
http://Fundamental-Markets.com/register/?so=CNP
CCE DOWNLOAD:
http://Fundamental-Markets.com/register/?so=CCE
KKR DOWNLOAD:
http://Fundamental-Markets.com/register/?so=KKR

(You may have to copy and paste the link into your browser and hit the [ENTER] key)

The new research reports from Fundamental Markets, available for free download at the links above, examine Zions Bancorporation (ZION), McKesson Corporation (MCK), Sealed Air Corporation (SEE), CenterPoint Energy, Inc. (CNP), Coca-Cola European Partners PLC (CCE), and KKR & Co. L.P. (KKR) on a fundamental level and outlines the overall demand for their products and services in addition to an in-depth review of the business strategy, management discussion, and overall direction going forward. Several excerpts from the recently released reports are available to today's readers below.

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Important Notice: the following excerpts are not designed to be standalone summaries and as such, important information may be missing from these samples. All information in this release was accessed November 16th, 2017. Please download the entire research report, free of charge, to ensure you are reading all relevant material information. All amounts in millions (except per share amounts).

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ZIONS BANCORPORATION (ZION) REPORT OVERVIEW

Zions' Recent Financial Performance

Zions is expected to report earnings on January 22nd, 2018. The report will be for the fiscal period ending December 31st, 2017. The reported EPS for the same quarter last year was $0.60. The estimated EPS forecast for the next fiscal year is $3.13 and is expected to report on January 22nd, 2018.

To read the full Zions Bancorporation (ZION) report, download it here: http://Fundamental-Markets.com/register/?so=ZION

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MCKESSON CORPORATION (MCK) REPORT OVERVIEW

McKesson's Recent Financial Performance

For the three months ended September 30th, 2017 vs September 30th, 2016, McKesson reported revenue of $52,061.00 vs $49,957.00 (up 4.21%) and diluted earnings per share $0.01 vs $1.34 (down 99.25%). For the twelve months ended March 31st, 2017 vs March 31st, 2016, McKesson reported revenue of $198,533.00 vs $190,884.00 (up 4.01%) and diluted earnings per share $22.73 vs $9.70 (up 134.33%). McKesson is expected to report earnings on January 24th, 2018. The report will be for the fiscal period ending December 31st, 2017. The reported EPS for the same quarter last year was $3.03. The estimated EPS forecast for the next fiscal year is $12.86 and is expected to report on May 17th, 2018.

To read the full McKesson Corporation (MCK) report, download it here: http://Fundamental-Markets.com/register/?so=MCK

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SEALED AIR CORPORATION (SEE) REPORT OVERVIEW

Sealed Air's Recent Financial Performance

For the three months ended June 30th, 2017 vs June 30th, 2016, Sealed Air reported revenue of $1,070.30 vs $1,038.90 (up 3.02%) and diluted earnings per share $0.45 vs $0.25 (up 80%). For the twelve months ended December 31st, 2016 vs December 31st, 2015, Sealed Air reported revenue of $6,778.30 vs $7,031.50 (down 3.6%) and diluted earnings per share $2.46 vs $1.62 (up 51.85%). Sealed Air is expected to report earnings on February 8th, 2018. The report will be for the fiscal period ending December 31st, 2017. The reported EPS for the same quarter last year was $0.76. The estimated EPS forecast for the next fiscal year is $2.41 and is expected to report on February 8th, 2018.

To read the full Sealed Air Corporation (SEE) report, download it here: http://Fundamental-Markets.com/register/?so=SEE

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CENTERPOINT ENERGY, INC. (CNP) REPORT OVERVIEW

CenterPoint Energy's Recent Financial Performance

For the three months ended September 30th, 2017 vs September 30th, 2016, CenterPoint Energy reported revenue of $2,098.00 vs $1,889.00 (up 11.06%) and diluted earnings per share $0.39 vs $0.41 (down 4.88%). For the twelve months ended December 31st, 2016 vs December 31st, 2015, CenterPoint Energy reported revenue of $7,528.00 vs $7,386.00 (up 1.92%) and diluted earnings per share $1.00 vs -$1.61. CenterPoint Energy is expected to report earnings on February 27th, 2018. The report will be for the fiscal period ending December 31st, 2017. The reported EPS for the same quarter last year was $0.26. The estimated EPS forecast for the next fiscal year is $1.41 and is expected to report on February 27th, 2018.

To read the full CenterPoint Energy, Inc. (CNP) report, download it here: http://Fundamental-Markets.com/register/?so=CNP

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COCA-COLA EUROPEAN PARTNERS PLC (CCE) REPORT OVERVIEW

Coca-Cola European Partners' Recent Financial Performance

For the three months ended September 30th, 2017 vs September 30th, 2016, Coca-Cola European Partners reported revenue of $3,483.59 vs $3,332.38 (up 4.54%) and diluted earnings per share $0.73 vs $0.75 (down 2.8%). For the twelve months ended December 31st, 2016 vs December 31st, 2015, Coca-Cola European Partners reported revenue of $10,106.73 vs $7,011.00 (up 44.16%) and diluted earnings per share $1.58 vs $2.54 (down 37.87%). Coca-Cola European Partners is expected to report earnings on March 20th, 2018. The report will be for the fiscal period ending December 31st, 2017. The reported EPS for the same quarter last year was $0.46. The estimated EPS forecast for the next fiscal year is $2.66 and is expected to report on March 20th, 2018.

To read the full Coca-Cola European Partners PLC (CCE) report, download it here: http://Fundamental-Markets.com/register/?so=CCE

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KKR & CO. L.P. (KKR) REPORT OVERVIEW

KKR & Co.'s Recent Financial Performance

For the three months ended September 30th, 2017 vs September 30th, 2016, KKR & Co. reported revenue of $692.88 vs $687.06 (up 0.85%) and diluted earnings per share $0.30 vs $0.73 (down 58.9%). For the twelve months ended December 31st, 2016 vs December 31st, 2015, KKR & Co. reported revenue of $1,908.09 vs $1,043.77 (up 82.81%) and diluted earnings per share $0.59 vs $1.01 (down 41.58%). KKR & Co. is expected to report earnings on February 8th, 2018. The report will be for the fiscal period ending December 31st, 2017. The reported EPS for the same quarter last year was $0.40. The estimated EPS forecast for the next fiscal year is $2.42 and is expected to report on February 8th, 2018.

To read the full KKR & Co. L.P. (KKR) report, download it here: http://Fundamental-Markets.com/register/?so=KKR

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ABOUT FUNDAMENTAL MARKETS

Fundamental Markets serves thousands of members and have provided research through some of the world's leading brokerages for over a decade–and continue to be one of the best information sources for investors and investment professionals worldwide. Fundamental Markets' roster boasts decades of financial experience and includes top financial writers, FINRA® BrokerCheck® certified professionals with current and valid CRD® number designations, as well as Chartered Financial Analyst® (CFA®) designation holders, to ensure up to date factual information for active readers on the topics they care about.

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Information contained herein is not an offer or solicitation to buy, hold, or sell any security. Fundamental Markets, Fundamental Markets members, and/or Fundamental Markets affiliates are not responsible for any gains or losses that result from the opinions expressed. Fundamental Markets makes no representations as to the completeness, accuracy, or timeliness of the material provided and all materials are subject to change without notice. Fundamental Markets has not been compensated for the publication of this press release by any of the above mentioned companies. Fundamental Markets is not a financial advisory firm, investment adviser, or broker-dealer, and does not undertake any activities that would require such registration. For our full disclaimer, disclosure, and terms of service please visit our website.

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Nevada State Bank Wins Best of Las Vegas, Sweeping State Contests

LAS VEGAS, Nov. 13, 2017 /PRNewswire/ -- Being named the best bank in any city is an honor, but in 2017 Nevada State Bank has accomplished the extraordinary feat of winning a top honor in the state's three metropolitan areas: Las Vegas, Reno and Elko.

"We are extremely proud that clients across the state of Nevada have named us as their favorite bank," said President and CEO Terry Shirey. "We've been serving Nevada families and businesses since 1959. The long-term relationships we've developed over the years have translated into a loyal client base that helped us win these prestigious awards. We appreciate our clients, and it's gratifying to know that they appreciate us as well."

In the November 12 issue of the Las Vegas Review-Journal, Nevada State Bank was named the Gold award winner for "Best Bank" in the newspaper's annual "Best of Las Vegas" reader's poll.  In addition, the Bank won Silver for "Best Customer Service" across all types of businesses. The contest began with nominations in July followed by a three-week voting period in which readers voted for their favorites in more than 260 categories.

The first award for Nevada State Bank came in September with the announcement that it was voted "Best Bank" in Northern Nevada in the "Best of Reno" contest presented by Reno.com and Reno Magazine. Winners of this competition were both nominated and voted on by local residents. This year more than 20,000 readers cast more than 190,000 votes for their favorite people, places, businesses and things in Reno/Sparks.

In northeastern Nevada, Nevada State Bank won three Readers' Choice Awards in October, with readers of the Elko Daily Free Press selecting the Bank as the Gold winner in the "Best Lender" category, Silver winner for "Best Bank" and Bronze for "Best Employer, Non-Mining."

"We are excited that our clients think so highly of us that they took the time to vote," said Debby Herman, senior vice president/region manager of both Reno and Elko markets. "We believe it takes the best clients to be voted the best bank. We are honored by the recognition, and we will strive to maintain high standards of service in the communities we serve for many years to come."

"We are focused on helping people in Nevada pursue their diverse dreams," Shirey said. "Our colleagues throughout the state are proud to serve their communities, not only as bankers, but also by volunteering and supporting local causes." Throughout the state, Nevada State Bank colleagues donate more than 5,000 hours of volunteer time each year to local nonprofit groups and community organizations.

About Nevada State Bank (@nevadastatebank)
Nevada State Bank, a division of ZB, N.A., is a full service bank offering a complete range of consumer, private and business banking services with branches statewide. Founded in 1959, Nevada State Bank serves 20 communities across the state of Nevada. ZB, N.A.'s parent company is Zions Bancorporation, which is included in the S&P 500 and NASDAQ Financial 100 indices (ZION).  For more information on Nevada State Bank, call 800.727.4743 or access www.nsbank.com.

 

View original content:http://www.prnewswire.com/news-releases/nevada-state-bank-wins-best-of-las-vegas-sweeping-state-contests-300554324.html

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