Zions Bancorp., a recipient of funds from the Treasury Department's Capital Purchase Program, expects to be putting some of its capital to work fairly soon — acting on failures that executives anticipate will occur once other companies learn they have been denied access to the program.

Doyle Arnold, the chief financial officer of the $54.3 billion-asset Salt Lake City company, said on Wednesday that rejections from the bailout program would probably expedite bank failures in the next two to three quarters. One possible consequence of the federal program, he said, is that failures actually may accelerate.

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