8-K

UNITED STATES

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

Date of Report (Date of earliest event reported) November 26, 2007

ZIONS BANCORPORATION

(Exact name of registrant as specified in its charter)

UTAH	001-12307	87-0227400
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

ONE SOUTH MAIN, SUITE 1500, SALT LAKE CITY, UTAH	84111
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code 801-524-4787

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 7.01 Regulation FD Disclosure

Attached is a copy of a presentation which will be used by Clark Hinckley, director of investor relations and senior vice president, at the FBR Capital Markets 2007 Investor Conference on November 28, 2007.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

The following exhibit is furnished as part of this Current Report on Form 8-K:

Exhibit 99.1 FBR Capital Markets 2007 Investor Conference Presentation dated November 28, 2007

SIGNATURES

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
Dated: November 26, 2007	By:	/s/ THOMAS E. LAURSEN
	Name:	Thomas E. Laursen
	Title:	Executive Vice President and
		General Counsel

EX-99.1

28 November 2007

FBR Capital Markets

Exhibit 99.1

Forward-Looking Statements

This presentation contains statements that relate to the projected performance of Zions

Bancorporation and elements of or affecting such performance, including statements with respect to

the

beliefs,

plans,

objectives,

goals,

guidelines,

expectations,

anticipations

and

estimates

of

management.  These statements constitute forward-looking information within the meaning of the

Private Securities Litigation Reform Act.  Actual facts, determinations, results or achievements may

differ materially from the statements provided in this presentation since such statements involve

significant known and unknown risks and uncertainties.  Factors that might cause such differences

include, but are not limited to:  competitive pressures among financial institutions; economic, market

and business conditions, either nationally or locally in areas in which Zions Bancorporation

conducts its operations, being less favorable than expected; changes in the interest rate

environment

reducing

expected

interest

margins;

changes

in

debt,

equity

and

securities

markets;

adverse legislation or regulatory changes and other factors described in Zions Bancorporation’s

Annual Report on Form 10-K for the year ended December 31, 2006.  In addition, the statements

contained in this presentation are based on facts and circumstances as understood by

management of the company on the date of this presentation, which may change in the future. 

Zions Bancorporation disclaims any obligation to update any statements or to publicly announce the

result of any revisions to any of the forward-looking statements included herein to reflect future

events, developments, determinations or understandings.

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Current Issues

Overview

The Intermountain West’s

Largest Banking Company

Over 500 Offices and 600 ATMs in 10

Western States

NASDAQ Financial 100 Index

S&P 500 Index

Total Assets of $50 Billion

Our Growth Engine

Population Growth Estimates from US Census

(2000-2030)

114%

108%

60%

56%

52%

51%

46%

41%

37%

35%

29%

0%

20%

40%

60%

80%

100%

120%

NV

AZ

TX

UT

ID

ZION

WA

OR

CA

CO

US

Growing 75%

faster than the

national average

Our Growth Engine

Projected Population Growth 2006-2011

#1 Ranking Among 40 Largest Banks

Source: Lehman Brothers

14.2%

12.5%

11.2%

11.0%

10.0%

10.0%

8.1%

7.8%

7.2%

3.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

A Collection of Great Banks

Bank

Headquarters

Offices

ATMs

Assets

Deposits

Zions Bank

Salt Lake City

138

166

$15.8B

$10.9B

CB&T

San Diego

91

103

$10.1B

$8.2B

Amegy

Houston

80

129

$10.3B

$7.0B

NBA

Phoenix

88

73

$5.5B

$4.2B

NSB

Las Vegas

74

80

$3.9B

$3.4B

Vectra

Denver

40

47

$2.5B

$1.7B

Commerce-WA

Seattle

1

0

$0.9B

$0.6B

Commerce-OR

Portland

1

0

$0.04B

$0.02B

3Q 2007 Average Balances

Long-Term Growth

Source: SNL

*Through 3Q 2007 (annualized where applicable)

Net Income (millions)

$598

$0

$100

$200

$300

$400

$500

$600

$700

Total Assets (millions)

$50,045

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Per Share Growth

Source: SNL

*Through 3Q 2007 (annualized where applicable)

Revenue per Share (diluted)

$22.44

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Earnings Per Share (diluted)

$5.35

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Current Issues

Overview

Note:

Peer

group

defined

as

bank

holding

companies

with

assets

>

$10

billion.

Peer data source: FFIEC

Strong Asset Quality

Relative to Peers

Non-Performing Assets as % of Total Assets

0.39%

0.43%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

ZIONS

Peers

Strong Asset Quality

Relative to Peers

Source:  SNL --

Peer group is defined as U.S. bank holding companies

with assets > $10 billion.

0.19%

0.43%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

Zions

Peers

NCOs as % of Average Total Loans (Annualized)

Loan Portfolio Diversification

Loans by Purpose –

9/30/2007

C&I

26%

Owner Occ

20%

CRE Term

13%

Other Consumer

7%

Consumer 1-4

Family

11%

Residential

Construction

12%

Comm

Construction

11%

C&I

46%

Consumer

18%

CRE

36%

Residential Mortgage

Exposure

On Balance Sheet

$1.9B

HECL

Avg

FICO at origination

752

Avg

FICO today

757

Avg

LTV at origination

60.6%

$0

Securities backed by subprime

mortgages

$0

Direct exposure to subprime

& Alt-A

mortgages

Residential Construction Components

Loans by Purpose –

9/30/2007

Residential

Construction  12%

Single Family

Housing

5%

Land Acquisition

& Dev.

6%

Land Acquisition & Dev. Components

Loans by Purpose –

9/30/2007

Land Acquisition

& Dev.

6%

Other

3.3%

NV

0.6%

Single Family

Housing

5%

So. CA

0.8%

AZ

1.7%

Diversified CRE Portfolio

Loans by Product Type and Location –

9/30/07

Average LTV: 59.5%

(6/30/2007)

Collateral Location

Arizona

Northern

California

Southern

California

Nevada

Colorado

Texas

Utah/ Idaho

Washington/

Oregon

Other

Total

Product as %

Loan Type

Product as %

Total CRE

Commercial Term

Industrial

0.57%

0.38%

1.43%

0.10%

0.18%

0.36%

0.10%

0.08%

0.23%

3.43%

8.7%

3.4%

Office

0.83%

0.56%

1.82%

1.46%

1.09%

1.76%

1.49%

0.25%

1.64%

10.90%

27.7%

10.9%

Retail

0.64%

0.55%

1.39%

1.37%

0.22%

0.91%

0.19%

0.12%

0.29%

5.69%

14.5%

5.7%

Hotel/Motel

0.96%

0.40%

0.64%

0.64%

0.58%

0.47%

1.09%

0.15%

2.33%

7.26%

18.5%

7.3%

A&D

0.00%

0.00%

0.10%

0.00%

0.00%

0.00%

0.00%

0.05%

0.01%

0.16%

0.4%

0.2%

Medical

0.37%

0.06%

0.30%

0.16%

0.04%

0.08%

0.12%

0.01%

0.20%

1.34%

3.4%

1.3%

Recreation/Restaurant

0.14%

0.02%

0.32%

0.14%

0.10%

0.11%

0.08%

0.01%

0.27%

1.20%

3.1%

1.2%

Multifamily

0.21%

0.40%

0.91%

0.35%

0.22%

0.90%

0.48%

0.01%

0.38%

3.85%

9.8%

3.9%

Other

1.02%

0.20%

1.29%

0.64%

0.41%

0.25%

0.58%

0.07%

1.06%

5.52%

14.0%

5.5%

Total Commercial Term

4.75%

2.57%

8.21%

4.85%

2.86%

4.84%

4.12%

0.75%

6.40%

39.34%

100.0%

39.3%

Residential Construction

Single Family Housing

3.71%

1.09%

3.30%

0.73%

0.77%

2.32%

2.20%

0.06%

0.34%

14.52%

23.9%

14.5%

Land Acquisition & Development

4.56%

0.88%

2.25%

1.64%

0.86%

2.55%

2.70%

0.23%

1.65%

17.32%

28.5%

17.3%

Total Residential Construction

8.27%

1.97%

5.55%

2.37%

1.63%

4.88%

4.90%

0.29%

1.99%

31.84%

52.5%

31.8%

Commercial Construction

Industrial

0.29%

0.01%

0.15%

0.05%

0.03%

0.69%

0.03%

0.01%

0.12%

1.37%

2.3%

1.4%

Office

0.61%

0.02%

0.44%

0.71%

0.06%

0.29%

0.37%

0.08%

0.27%

2.85%

4.7%

2.8%

Retail

0.86%

0.00%

0.43%

1.41%

0.21%

3.04%

0.49%

0.09%

0.90%

7.42%

12.2%

7.4%

Hotel/Motel

0.20%

0.00%

0.08%

0.00%

0.05%

0.02%

0.22%

0.00%

0.09%

0.67%

1.1%

0.7%

A&D

1.57%

0.28%

0.30%

2.37%

0.30%

3.26%

0.67%

0.08%

0.59%

9.44%

15.6%

9.4%

Medical

0.17%

0.00%

0.07%

0.08%

0.01%

0.33%

0.05%

0.00%

0.06%

0.77%

1.3%

0.8%

Recreation/Restaurant

0.04%

0.00%

0.01%

0.01%

0.00%

0.00%

0.01%

0.00%

0.00%

0.07%

0.1%

0.1%

Other

0.30%

0.01%

0.26%

0.12%

0.10%

0.09%

0.10%

0.09%

0.30%

1.36%

2.2%

1.4%

Apartments

0.45%

0.32%

0.91%

0.19%

0.30%

1.63%

0.20%

0.30%

0.56%

4.87%

8.0%

4.9%

Total Commercial Construction

4.48%

0.64%

2.65%

4.95%

1.06%

9.35%

2.15%

0.66%

2.88%

28.82%

47.5%

28.8%

TOTAL CONSTRUCTION

12.75%

2.61%

8.20%

7.31%

2.69%

14.22%

7.05%

0.94%

4.88%

60.66%

100.0%

60.7%

TOTAL CRE

17.50%

5.18%

16.41%

12.16%

5.55%

19.06%

11.17%

1.69%

11.27%

100.00%

CRE Loan-to-Value Ratios

By Product Type and Location –

6/30/07

Appraisals as of loan origination, or renewal (in a declining market), or upon adverse

classification

Collateral Location

Amegy Bank of

Texas

(ABT)

California Bank

& Trust

(CB&T)

Commerce Bank

of Oregon

(CBO)

Commerce Bank

of Washington

(CBW)

National Bank of

Arizona

(NBA)

Nevada State

Bank

(NSB)

Vectra Bank of

Colorado

(VBC)

Zions Bank

(ZFNB)

Zions

Bancorporation

Commercial Term

Hotel/Entertainment/Golf Course

61.7%

49.2%

75.0%

55.0%

51.3%

56.0%

52.8%

53.0%

Industrial

74.2%

54.1%

59.9%

55.5%

60.8%

69.1%

62.9%

57.3%

Medical

66.0%

54.5%

51.0%

54.4%

54.5%

Multi-family

66.8%

64.9%

65.0%

58.8%

68.8%

45.7%

64.1%

64.5%

Office

61.1%

62.2%

70.3%

65.0%

62.8%

59.3%

61.8%

61.9%

Other

43.6%

53.5%

51.2%

51.6%

50.7%

59.9%

53.3%

52.8%

Retail

73.0%

54.1%

69.0%

63.7%

56.1%

67.1%

68.0%

37.5%

60.9%

Total Commercial Term

65.7%

57.0%

69.0%

62.8%

55.9%

61.2%

58.7%

55.4%

58.2%

Residential Construction

Land Acquisition & Development

52.0%

54.8%

65.0%

71.9%

49.3%

60.1%

55.9%

58.0%

54.5%

Single Family Housing/Condominium

64.2%

65.0%

80.0%

63.5%

71.4%

65.4%

68.5%

65.3%

Total Residential Construction

56.1%

59.1%

65.0%

73.7%

55.9%

63.6%

60.7%

60.2%

58.6%

Commercial Construction

Land Acquisition & Development

57.5%

53.3%

73.9%

48.1%

58.4%

62.9%

61.5%

57.4%

Hotel/Entertainment/Golf Course

49.5%

63.9%

75.3%

58.1%

67.0%

63.7%

Industrial

60.1%

68.6%

59.8%

71.1%

70.8%

62.8%

Medical

61.5%

55.9%

64.8%

75.0%

81.8%

65.9%

Multi-family

50.6%

61.6%

74.6%

58.5%

67.1%

74.3%

72.3%

62.3%

Office

70.0%

63.4%

63.4%

71.6%

66.0%

67.1%

66.8%

Other

25.0%

65.6%

73.0%

61.0%

72.5%

64.8%

81.6%

63.7%

66.3%

Retail

58.5%

65.1%

59.0%

60.0%

56.1%

57.8%

67.0%

60.6%

Total Commercial Construction

57.5%

63.0%

73.0%

70.4%

58.6%

60.9%

67.5%

67.6%

61.4%

Total Construction

57.0%

60.5%

71.4%

71.1%

56.8%

61.8%

64.5%

64.1%

60.0%

Total CRE

58.2%

59.4%

70.7%

65.7%

56.6%

61.6%

62.2%

60.9%

59.5%

On Balance Sheet Investment

Securities

Available for Sale –

9-30-07 (in Billions)

.80

SBA Loan-backed Securities

.80

Agency Guaranteed MBS

.13

Mutual Funds & Stock

$4.55

.29

Municipal Securities

.19

Small Business Loan-backed & Other ABS

.14

REIT Trust Preferred

1.55

Bank & Insurance Trust Preferred

$.66

Treasuries & Agencies

Summary of Key Assets

2.9%

3.1%

4.1%

-

0.4%

-

PERCENT

OF ASSETS

-

Sec’s backed by subprime

mortgages

63-71%

Res’l

Const in So. CA, AZ, NV

49-60%

Res’l

A&D in So. CA, AZ, NV

60.6%

HECL

-

Subprime/Alt-A loans

-

Sec’s backed by REIT trust pref’d

AVG

LTV

CATEGORY

Credit Quality

Outlook

•

Significant weakening has occurred in

residential construction activity and land

values in the Southwest

•

Weakness expected to persist through 2008

•

Expect some further increase from historically

low levels of NPAs

and NCOs

•

Provision likely to remain higher than last

several years

Loan Growth

Outlook

•

Slow in CA, AZ, NV

•

Strong in Texas and Intermountain

West

•

Stronger in C&I than CRE

•

Opportunities for balance sheet lenders

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Current Issues

Overview

A High Net Interest Margin

3Q 2007 NIM for Selected Banks

4.55

4.44

4.02

3.66

3.65

3.52

3.50

3.44

3.40

3.13

3.10

2.87

2.61

2.57

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Source: SNL As Reported NIM for selected banks ($5-$20 Billion Market Cap or

Large Presence in the West)

Zions NIM vs. 30-Day LIBOR

A Stable Net Interest Margin

in a Volatile Environment

Source: SNL As Reported NIM (Top 50 Banks by Assets)

LIBOR is Quarter Average

4.44%

5.43%

3.46%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

ZION NIM

Libor

Top 50 Bank NIM Avg

NIM Outlook

•

Positives

–

Loan growth relatively strong

–

Better loan pricing for larger loans

•

Pressures

–

Weak core deposit growth

–

Significant pricing pressure on interest-bearing deposits

–

Adverse shifting of funding mix

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Current Issues

Overview

Lockhart Funding

Structure

•

Off-balance sheet QSPE sponsored by Zions

First National Bank

•

Created in 2000 to enable securitization of

SBA 504 and similar loans

•

Assets: agencies and AAA-rated floating rate

securities

SIV vs. QSPE

Minimal equity

Capital (6-10% of assets)

provided by junior notes (BBB)

Funded with ABCP (A1/F1/P1)

Funded with ABCP and medium

term notes (AAA)

100% Liquidity/credit backstop

from sponsor –

ABCP buyers

protected by sponsoring bank

Limited backstop from sponsor

(5-7%) –

additional losses

absorbed by capital and debt

holders

QSPE –

Commercial

Paper Conduit

SIV

Lockhart Funding

Structure (cont)

•

Funding: P1 / F1 commercial paper

•

Multiple CP Dealers

–

Zions

–

Lehman Brothers

–

Goldman Sachs

•

Liquidity Agreement: 100% back-up liquidity

provided by Zions Bank

Lockhart Funding

Liquidity Agreement

•

Provided by Zions Bank

•

Maximum of 100% of Lockhart assets ($3.1B)

•

Zions Bank buys assets from Lockhart if:

–

Security downgraded below AA-

–

Lockhart is unable to issue CP

Lockhart Funding

Summary of Assets

31 October 2007

$3.1B

Total

$0.2B

Other AAA rated, structured**

$0.2B

Other AAA rated, insured

$0.3B

US gov’t

and agencies

$1.2B

AAA rated, MBIA insured

(small business

loans originated by Zions)*

$1.1B

AAA rated bank trust preferred pools

Balances at 10/31/07 (Total at 6/30/07 was $3.4B)

*Subordinated tranches

held by Zions on balance sheet

**One security rated Aa1 ($5.2 million)

Lockhart Funding

Assets

•

AAA rated, structured includes:

–

$136 million with some RMBS exposure*

•

$33 million of subprime

exposure (originally purchased in

2001-2004)

•

$18 million of home equity loan exposure

•

One security ($30 million) downgraded to B+ by Fitch on

November 20 and repurchased under the liquidity

agreement

–

$81 million of REIT trust preferred

Balances at 10/31/07

Lockhart Funding

Impact if Brought On Balance Sheet

•

Funding/Liquidity

–

Zions has $7B of borrowing capacity at FHLB

–

Assets pledgeable at Fed Discount Window

•

Capital (excluding impact of mark-to-market)

–

Tangible equity ratio reduced about 40bps

–

Risk Based Capital ratios reduced about 15-25 bps

–

No shares repurchased since Aug 16

•

Mark-to-Market

–

Mark based on comparable securities

–

Impact recovered over time

Lockhart Funding

Summary

•

Seasoned program with high quality assets

•

CP rated P1 / F1

•

ABCP market remains very risk averse

•

Zions affiliate banks continue to purchase some

Lockhart CP

•

One security ($30 million) recently purchased under

the liquidity agreement as a result of a downgrade

Today’s Agenda

Outlook Summary

Lockhart Funding

Net Interest Margin

Credit

Current Issues

Overview

Earnings Drivers

(2

nd

Half 2007 & 2008 vs. 1

st

Half 2007)

Efficiency Ratio

Stock Buybacks

Net Interest Margin

Credit Costs

Low-Cost Deposit Growth

Loan Growth

FBR Capital Markets

28 November 2007