Zions Bancorp Pays Back TARP Money
Salt Lake City-based regional bank Zions Bancorp (NAS: ZION) has paid back all the TARP funds it received during the banking and credit crisis, the bank announced yesterday. The bank received $1.4 billion from the government, according to reports, and this week's redemption of $700 million of stock paid off the debt. The company also paid the U.S. Treasury an additional $253 million in dividends.
The $3.75 billion bank has shored up its balance sheets and improved its business. The company is making money and paying a dividend and has a 0.35 LT debt-to-equity ratio. Shares trade for more than twice what they did in the depths of the crisis.
Zions Bancorp was one of more than 900 institutions that received some form of bailout money. The government is still out more than $170 billion from these investments, according to stats kept by Pro Publica.
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