SALT LAKE CITY - (05/04/06) This year is turning out to bea very good one for Harris Simmons and his banking company, ZionsBancorp, which he heads as president and CEO. When ZionsBoard, with Simmons as its chairman, declared a 36-cents a sharedividend Monday, it meant more than $180,000 in quarterly dividendsfor Simmons on the 500,000 shares he owns. With last yearsacquisition of Amegys Bancorp in Texas, Simmons has built Zions,once the bank of the Mormon Church, into a western powerhouse with$43 billion in assets operating 450 branches in 10 states. Profitswere up again 25% in the first quarter and the bank regularlyreports a return-on-average assets of 1.3% or better, first-rate inthe industry. Over the past year, Zions stock has gone from $66.65a share to over $85 a share, before settling Wednesday at $80.71,boosting the value of Simmons and his familys 2.7million shares by almost $40 million, to over $210 million. Lastyear, Zions paid Simmons almost $3 million, according to documentsfiled with the Securities and Exchange Commission. That included asalary of $750,000; long-term incentive plan award of $858,621;bonus of $480,000, other compensation of $92,680; and 53,000options currently in the money to the tune of almost$530,000.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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