Nevada State Bank parent takes part in bailout

Equity sale to help infuse capital into economy

Tuesday, Oct. 28, 2008 | 10:23 a.m.

Zions Bancorp, the parent company of Nevada State Bank, has received preliminary approval from the Treasury Department to sell $1.4 billion of preferred equity to the government.

The sale is part of the Treasury's $250 billion capital purchase program (funded by the $700 billion bailout) to assist "healthy institutions" in infusing capital into the economy.

"As a strong regional bank with a major focus on financing small and middle-market businesses, we are pleased to have this additional capital to better serve the lending needs of customers throughout the western United States," Zions Chairman and Chief Executive Harris Simmons said in a statement. "We expect to deploy this new capital in the form of prudent lending in the markets we serve. This new lending will be good for our country's economy, our customers and our company."

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By neiman1

Oct. 28, 2008

10:46 a.m.

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Let's give banks, auto makers and other corporations capital so they can survive and lend and employ people. Then let's raise their taxes so they can't pay it back and have to tighten up and lay people off and what the heck are we thinking about.

Why does Obama want to destroy everything we are spending all this tax money on. Is it a plan to stay in charge of these companies forever? Is it designed to doom the recovery. Or is he just that stupid? Lend and then tax it away. Doesn't make sense to me.
By tvegas

Oct. 28, 2008

4:44 p.m.

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I'll believe they will make local loans when I see it