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Zions Bancorporation and Regions Financial Corp. were the biggest winners among bank stocks Wednesday after the Federal Reserve gave the two regional companies the go-ahead to finally repay the the Troubled Asset Relief Program.
March 14
Zions Bancorporation (ZION) in Salt Lake City said Thursday that its first-quarter earnings will be reduced by roughly 11 cents per share as a result of its repayment of $700 million to the Troubled Asset Relief Program.
Based on the
In a Securities and Exchange Commission filing, Zions said that accounting adjustments related to the repayment would be recorded as reduction to earnings. Zions earned 24 cents per diluted share in last year's fourth quarter and analysts polled by Thomson Reuters had estimated that it would earn 28 cents per share this quarter.
Zions' shares were trading at $21.35 Thursday, down 2% from Wednesday's closing price.