Zions Bancorporation’s $500 Million Offering

Cleary Gottlieb was counsel to the distribution agents, led by BofA Securities Inc., J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC, in an offering of $500 million aggregate principal amount of 4.483% fixed-to-floating rate senior notes due 2029 by Zions Bancorporation, National Association (Zions Bancorporation).

The notes were offered under the exemption from registration in Section 3(a)(2) of the Securities Act of 1933, as amended. The offering priced on February 4, 2026, and is expected to close on February 9, 2026.

Cleary has acted as counsel on behalf of the underwriters for various offerings by Zions Bancorporation and its subsidiaries since September 2008.

Zions Bancorporation is a national banking association with its main office in Salt Lake City, Utah. It is one of the nation’s premier financial services companies with total assets of approximately $88 billion at September 30, 2025, and it operates under local management teams and distinct brands in 11 western and southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.

The Cleary corporate team included partners Synne Chapman and Jeff Karpf, capital markets attorney Nina Bell, and associates Aditi Thakur and Eli Wallach. Partner Matthew Brigham and associate Mingyu Tang advised on tax matters, with assistance from law clerk Jiyoung (Reina) Kim. Partner Lauren Semrad and associate Andrew Tynes provided bank regulatory advice.