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Zions Bancorp repays last of TARP funds
Sept 26 |
Sept 26 (Reuters) - Regional lender Zions Bancorp said it repaid the remaining $700 million it received from the U.S. Treasury under the Troubled Asset Relief Program (TARP) in 2008.
The Salt Lake City, Utah-based bank had received $1.4 billion from the government after the financial crisis and repaid the first half of the bailout funds in March.
The repayment will result in a one-time dividend expense of $16.6 million related to the TARP warrants, which the bank will book at the end of September, Zions said.
In March, the bank said the U.S. Federal Reserve had approved its 2012 capital plan, which included the redemption of some of the TARP funds.
Zion's shares were up marginally at $20.50 on Wednesday afternoon on the Nasdaq.
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