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App for Android and Apple devices lets customers redeem mobile coupons at the point of sale.
November 20 -
Zions First National Bank has made a $50,000 donation to the Huntsman Cancer Institute in honor of American Banker's Most Powerful Women in Banking. The funds have been earmarked for breast cancer research.
October 23 -
Zions Bancorporation (ZION) in Salt Lake City reported lower third-quarter earnings but still managed to meet analysts' expectations.
October 22
Zions Bancorporation (ZION) in Salt Lake City has warned investors that it is facing an impairment charge of up to $100 million in connection with its investments in smaller banks.
The investments in question are trust-preferred securities on which issuing banks have deferred payments to investors like Zions in an effort to preserve capital but are nearing the end of their deferral periods. The $53.1 billion-asset multi-bank holding company disclosed in a brief
Zions did not say how many banks in which it invested are deferring payments, but in a research note Wednesday Sandler O'Neill & Partners estimated it to be "a couple hundred." Some of those banks are healthy enough to resume making payments to investors, but Sandler O'Neill said in its note that prospects of others making payments are "iffy."
Combined with its disclosure last week that it is facing impairment charges related to prepayments of certain collateralized debt obligations, Zions said that its other-than-temporary impairment charges in the fourth quarter could reach, but would not exceed, $100 million.
Investors were largely unfazed by the disclosure as Zions' shares were down only a penny late Wednesday, to $19.63. But in its research note Sandler O'Neill said it was lowering its 2012 earnings per share estimates by 23%, to 93 cents and reducing its fourth-quarter estimates by 64%, to 15 cents.
"At the end of the day, the additional charges are not crippling," Sandler O'Neill analysts wrote.
"That said, we still think the additional charges are a negative. The need to pre-release twice in just over a week on the same issue is never a plus. Nor is the notion that the additional charges follow discussion with regulators."