Zions Bancorp. (ZION) in Salt Lake City plans to issue as much as $195 million in debt through its online broker-dealer subsidiary.

Zions Direct will auction between $100 million and $195 million worth of fixed-rate preferred stock. The auction is expected to begin Wednesday morning and run through Thursday afternoon.

The parent company, which has assets of $52.6 billion, plans to use the proceeds to retire debt. The underwriters for the offering are Deutsche Bank (DB), Goldman Sachs (GS), Macquarie Capital and Zions Direct.

The offering, announced Monday, is the latest in a series of capital raises by Zions. In May it raised roughly $301 million by selling preferred stock.

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