Zions Bancorporation of Salt Lake City announced last week that it will streamline its corporate structure by merging the parent company into its banking subsidiary, ZB NA, or one of its subsidiaries. The resulting entity will bear the name Zions Bancorporation, NA and will continue to operate with its existing local brand names and management teams in markets throughout the western United States.

Concurrently with the simplification of its corporate structure, Zions said it would file a petition with the Financial Stability Oversight Council (FSOC) to challenge its “systemically important” status, a label that triggers heightened oversight and forces banks to hold more capital.

The systemically important financial institution (SIFI) designation — known as “too big to fail” — is given by the FSOC to companies whose failure can pose a threat to the global financial system.

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