Zions Bancorp. in Salt Lake City has sold its remaining collateralized debt obligations.

The $57.6 billion-asset company had been steadily selling off bank and insurance trust-preferred CDOs since late 2013 to comply with the Dodd-Frank Act's Volcker Rule.

Zions said in a press release that it sold $574 million of CDOs during the second quarter, booking a pre-tax loss of $137 million. The amount includes $81 million of CDOs that the company sold before June 1.

The sale represents a improvement over the $149 million unrealized loss Zions recorded prior to the securities" sale. As a result, the sales will be "slightly accretive" to pro forma book value and capital ratios, the company said.

Zions also said that the CDOs had been generating about $9 million in annual interest income, adding that it plans to make up for the lost income by buying more U.S. agency mortgage-backed securities.

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