Zions Bancorp (ZION) +14.6% after announcing a plan to swap $140M of preferred shares for 7M...

|About: Zions Bancorporation (ZION)|By:, SA News Editor

Zions Bancorp (ZION) +14.6% after announcing a plan to swap $140M of preferred shares for 7M common shares as it looks to boost its equity ratios. The offer, while a nearly 50% discount to face value, is close to a 25% premium to where the preferreds were trading Friday.