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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