-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JbjlvcizvK7iaviRqIL1nTyjd2oqcRN/LbkIHCVAV7GLmrzJzF3BgHJ1hHHCq8yy UaR+xRYb02/aOySEvMt4xw== 0000109380-02-000038.txt : 20021004 0000109380-02-000038.hdr.sgml : 20021004 20021003174336 ACCESSION NUMBER: 0000109380-02-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021003 ITEM INFORMATION: FILED AS OF DATE: 20021004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZIONS BANCORPORATION /UT/ CENTRAL INDEX KEY: 0000109380 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 870227400 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12307 FILM NUMBER: 02781400 BUSINESS ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: SUITE 1380 CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 8015244787 MAIL ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: SUITE 1380 CITY: SALT LAKE CITY STATE: UT ZIP: 84111 FORMER COMPANY: FORMER CONFORMED NAME: ZIONS FIRST NATIONAL INVESTMENT CO DATE OF NAME CHANGE: 19660921 FORMER COMPANY: FORMER CONFORMED NAME: ZIONS UTAH BANCORPORATION DATE OF NAME CHANGE: 19870615 8-K 1 reduction-8k.txt REDUCTION ANNOUNCEMENT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 --------------------- October 3, 2002 (October 3, 2002) - -------------------------------------------------------------------------------- Date of Report (Date of earliest event reported) Zions Bancorporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Utah 0-2610 87-0227400 - ------------------- --------------------------------- ------------------------ (State of (Commission File Number) (IRS Employer incorporation) Identification No.) One South Main, Suite 1134, Salt Lake City, Utah 84111 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (801) 524-4787 ------------------------------- (Registrant's telephone number, including area code) N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 1 Items 1-8. Not Applicable. Item 9. Regulation FD Disclosure. The registrant reported today on charges related to expense reduction plans and impaired investments. A copy of the press release is attached hereto as Exhibit 99. Exhibit Number Description - ------ ----------- 99 Press Release dated October 3, 2002 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ZIONS BANCORPORATION By: /s/ Harris H. Simmons ----------------------------- Name: Harris H. Simmons Title: Chairman, President and Chief Executive Officer Date: October 3, 2002 3 EX-99 3 reductionexb-8k.txt PRESS RELEASE DATED 10/3/02 EXHIBIT 99 FOR: ZIONS BANCORPORATION ZIONS BANCORPORATION One South Main, Suite 1134 Contact: Clark Hinckley Salt Lake City, Utah Tel: 801-524-4985 Harris H. Simmons October 3, 2002 Chairman/President/Chief Executive Officer ZIONS ANNOUNCES CHARGES RELATED TO EXPENSE REDUCTION PLANS AND IMPAIRED INVESTMENTS Zions to Sell or Restructure e-Commerce Businesses SALT LAKE CITY; October 3, 2002 - Zions Bancorporation (Nasdaq: ZION) previously disclosed its intention to reduce the annual run rate of operating expenses by $50 million by the end of the second quarter of 2003. In connection with the reduction in operating expenses, the company also stated previously that as it executed this plan it would incur some impairment charges and write-down of assets. "We have now identified approximately $22 to $27 million before taxes in charges related to the restructuring or sale of e-commerce businesses," stated Harris H. Simmons, chairman and chief executive officer. "Cost savings from these actions will begin to be realized in the first quarter of 2003 and will account for nearly half of our $50 million savings goal." The charges will be recorded in the third quarter of 2002. Zions anticipates additional charges of $3 to $5 million in the quarter related to its expense reduction efforts. These include severance and asset write-offs from anticipated branch closures and other cost reduction initiatives. "We are confident that, with these actions, we will meet or exceed our stated goal of reducing operating expenses by $50 million by mid-2003," Simmons affirmed. Zions will also record a charge of $16.8 million before taxes against write-downs in its venture capital investments during the third quarter, and an impairment charge of $10.3 million on a minority interest in an investment banking firm. These charges result largely from the continued economic slowdown which has adversely affected Internet related companies and investment banking. Subsequent to these charges, Zions will have a remaining carrying value of $38.8 million in venture capital investments, and a remaining carrying value in the operating assets of the e-commerce and investment banking businesses of approximately $6 million. Zions will announce its quarterly performance results after market close on October 17, 2002. The results will be discussed in a conference call beginning at 5:30 p.m. EST on October 17, 2002. Media representatives, analysts and the public are invited to listen to this discussion by calling 1-888-277-8128, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation Web site at www.zionsbancorporation.com. Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select high growth markets. Under local management teams and community identities, Zions operates over 400 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. In addition, Zions is a national leader in SBA lending, public finance advisory services, agricultural finance and electronic bond trading. The Company is included in the S&P 500 Index. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com. # # # # # # # # # # # # # # -----END PRIVACY-ENHANCED MESSAGE-----