Zions Bancorporation Announces Retirement Of Chief Credit Officer Ken Peterson

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Feb 28, 2013, 05:30 ET

SALT LAKE CITY, Feb. 28, 2013 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION) ("Zions" or "the Company) announced today that Ken Peterson, Zions' Chief Credit Officer, will retire in April at the completion of his three-year contract with the Company.

Harris H. Simmons, Chief Executive Officer of Zions Bancorporation, stated, "Ken was hired to strengthen the Company's overall credit organization, to reformulate credit policies and to position Zions for healthy future growth in a changing regulatory environment. Ken and his team have made significant contributions to our Company, having achieved these objectives in addition to establishing a credit concentration risk framework, bringing consistency to credit training, strengthening underwriting oversight of larger credits and implementing new technologies to support these efforts. Ken leaves us at a time when credit trends are very positive, with continued reductions in problem loans and charge-off levels that are once again well below the median levels of performance being experienced by our peers. I wish to express my appreciation to Ken for his many efforts in taking our management of credit to a higher level of excellence, and to extend my best wishes to him in his retirement and future endeavors."

"Together with our partners in Zions' affiliate banks, we met all the objectives we targeted almost three years ago," said Peterson. "Enhanced formal quality control and sharing of best practices on credit matters across the Zions organization have resulted in improved underwriting, better loan approval processes, intensified focus on problem credit resolutions and disciplined credit concentration risk management."

Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of eight great banks in select western U.S. markets with combined total assets exceeding $50 billion. Zions operates its banking businesses under local management teams and community identities in 10 western and southwestern states: Amegy Bank of Texas, California Bank & Trust, National Bank of Arizona, Nevada State Bank, The Commerce Bank of Oregon, The Commerce Bank of Washington, Vectra Bank Colorado (and New Mexico), and Zions First National Bank (Utah and Idaho). The company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

SOURCE Zions Bancorporation