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Zions gets OK to repay bailout funds

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Zions Bancorp., which is based in Utah, operates approximately 500 community-oriented banks in the western part of the United States.

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The Federal Reserve said 15 of the 19 major banks it recently surveyed passed a so-called stress test to see how they would stand up in a financial crisis worse than what happened in 2008. Zions Bancorp. was among the financial institutions that received passing marks. In addition, the Salt Lake City-based lender said the Federal Reserve weighed in on Zions’ plan to repay $1.4 billion to the Troubled Asset Relief Program, and did not object to the plan. Among its plans for repaying the US government bailout money, Zions indicated it plans to issue $600 million in senior debt. Zions operates about 500 full-service banks in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington.

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