Spotlight: Zions Files to Sell 2.4 Million Shares

Zions Bancorporation filed to sell 2.4 million common shares to help finance its $546-million purchase of Sumitomo Bank of California, the San Francisco-based unit of Japan’s Sumitomo Bank. Salt Lake City-based Zions in March agreed to buy Sumitomo California’s publicly traded shares for $38.25 each. It also agreed to pay $32.26 a share for the Japanese parent’s 85% stake in the unit. Zions shares fell $2.38 to close at $51 on Nasdaq. At the current price, Zions would raise $122.4 million in the sale.