Zions Bancorp. (ZION) in Salt Lake City is planning to raise up to $100 million through its online broker-dealer subsidiary.
Zions Direct will manage the auction of between $50 million and $100 million worth of depositary shares that pay a dividend of between 5.75% and 6.15% per share, the company said Friday. The auction will begin Monday morning and run through Tuesday afternoon.
Zions plans to use the capital it raises for general corporate purposes, it said. The underwriters for the offering are Deutsche Bank (DB), Goldman Sachs (GS), Keefe, Bruyette & Woods, Macquarie Capital and Zions Direct.
Zions auctioned $200 million in depositary shares through Zions Direct in January.
Last Monday, the $54 billion-asset company reported that it had a profit of $88.3 million in the first quarter, more than triple what it earned in the same period of 2012.