Zions’ share price fell 44.1% early Monday as trading on the NASDAQ opened, declining from $40.35 to $22.55 before moderating those losses to about 26% by midday.
President Scott Anderson says the Salt Lake City-based institution “remains strong” with “access to tens of billions of dollars of readily available liquidity.”| Updated: 9:06 p.m.
First Republic Bank, a regional bank based in San Francisco; PacWest Bancorp, headquartered in Beverly Hills; and Regions Financial, headquartered in Alabama, also saw their trading suspended and shares battered as part of a wider negative reaction by jittery investors to the tumult in the financial sector.
Headquartered in Salt Lake City, the bank holding company serves customers primarily in Utah, Idaho and Wyoming, with nearly 10,000 full-time equivalent employees as of the end of last year. It reported annual net revenue of $3.2 billion in 2022 and total assets of approximately $90 billion.
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