Regulatory Alerts2024-10-17 | Conditional Approval 1332Added
Conditional Approval 1332 — Zions Bancorporation, National Association to Issue Subordinated Debt
The Office of the Comptroller of the Currency (OCC) conditionally approves Zions Bancorporation, National Association's application to issue a subordinated debt note in the amount of $500,000,000, which will qualify as tier 2 capital upon issuance and payment. The approval is conditioned on the Bank providing specific data regarding interest rate resets and credit spreads to demonstrate that the final terms do not create an incentive to redeem pursuant to 12 CFR 3.20(d)(1)(iv). The Bank must complete the issuance within one year of the letter date and notify the OCC within 10 days following issuance that it has complied with all requirements of 12 CFR 5.47.
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