News Summary: Zions repays last $700M of bailout

AP News
Posted: Sep 26, 2012 3:48 PM
News Summary: Zions repays last $700M of bailout

FULLY REPAID: Regional bank company Zions Bancorp has repaid the $700 million it still owed for the federal bailout it received during the financial crisis.

BAILOUT PROGRAM: Zions was among 707 banks that received bailouts in late 2008 under the Treasury Department's Troubled Asset Relief Program, or TARP. In March, Salt Lake City-based Zions repaid the first $700 million of the $1.4 billion it received.

DIVIDENDS: Zions also has paid the government $253 million in dividends. The government still holds warrants to buy Zions common stock, which it expects to sell for an additional return.