On January 15 2009 the Company issued 254

The fourth quarter loss includes$2.5 million of income from changes in fair value and interest on nonhedgederivatives, $(4.6) million of counterparty credit adjustments on derivativetransactions, and $(3.7) million of other losses. Net equity securities gains(losses) for the fourth quarter were $(14.1) million and include $11.0 millionin impairment on Federal Agricultural Mortgage Corporation stock and $3.1million of net losses on venture capital investments.Noninterest ExpenseNoninterest expense for the fourth quarter of 2008 was $398.2 million comparedto $353.0 million for the fourth quarter of 2007 and $372.3 million for thethird quarter of 2008. Salaries and employee benefits decreased from the thirdquarter due to the adjustment of certain employee benefit and variablecompensation accruals. Other real estate owned expenses increased $33.0million (including $22.1 million in charge-downs) compared to the thirdquarter.Liquidity Risk ManagementAs of December 31, 2008, the Company estimates it has available borrowingcapacity from the Federal Reserve and the FHLB that approximates one-third ofits deposits.On January 15, 2009, the Company issued $254.9 million of senior floating ratenotes due June 21, 2012 at a coupon rate of three-month LIBOR plus 37 basispoints. The debt is guaranteed under the FDIC's Temporary Liquidity GuaranteeProgram.Capital ManagementTangible equity increased primarily due to the $1.4 billion preferred capitalinvestment from the U.S Treasury. The Company's tangible equity ratio was8.86 at December 31, 2008 compared to 6.17 at December 31, 2007 and 6.60 atSeptember 30, 2008. The tangible common equity ratio was 5.89 at December 31,2008 compared to 5.70 at December 31, 2007 and 6.05 at September 30, 2008.At December 31, 2008, estimated regulatory Tier 1 risk-based capital and totalrisk-based capital were $5,267 million and $7,365 million compared to $3,985million and $6,073 million at September 30, 2008, respectively.

Common sharesoutstanding at December 31, 2008 were 115,344,813 compared to 107,116,505 atDecember 31, 2007 and 115,302,598 at September 30, 2008.Conference CallZions will host a conference call to discuss these fourth quarter results at5:30 p.m ET this afternoon (January 26, 2009). Media representatives,analysts and the public are invited to listen to this discussion by calling1-866-700-0161 (international: 617-213-8832) and entering the passcode37689022, or via on-demand webcast. A link to the webcast will be available onthe Zions Bancorporation Web site at A replay ofthe call will be available from 9:30 p.m. The webcastof the conference call will also be archived and available for 30 days.About Zions BancorporationZions Bancorporation is one of the nation's premier financial servicescompanies, consisting of a collection of great banks in select high growthmarkets.

The Company is a national leader in SmallBusiness Administration lending and public finance advisory services. Inaddition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.Investor information and links to subsidiary banks can be accessed at InformationStatements in this news release that are based on other than historical dataare forward-looking, within the meaning of the Private Securities LitigationReform Act of 1995. Forward-looking statements provide current expectations orforecasts of future events. These forward-looking statements are notguarantees of future performance, nor should they be relied upon asrepresenting management's views as of any subsequent date. Forward-lookingstatements involve significant risks and uncertainties and actual results maydiffer materially from those presented, either expressed or implied, in thisnews release. 31, ratio data) 2008 2008 200820082007 -EARNINGSTaxable- equivalent net interest income $514,422 $497,822$490,587$492,537 $485,157Taxable- Equivalent revenue 432,132587,432 562,959 603,537464,923Net interest income 508,442492,003 484,743 486,458478,885Noninterest income(82,290)89,61072,372 111,000(20,234)Provision for loan losses285,189156,606 114,19292,282 69,982Noninterest expense 398,167372,276 354,417 350,103352,966Impairment loss on goodwill353,804- - Income (loss) before income taxes and minority interest (611,008)52,73188,506 155,073 35,703Income taxes (benefit) (126,512)11,21422,03749,896(11,035)Minority interest(1,520) 3,757(5,729) (1,572) 1,197Net income (loss)(482,976)37,76072,198 106,749 45,541Net earnings (loss) applicable to common shareholders(498,084)33,35169,744 104,296 42,198PER COMMON SHARENet earnings (loss) (diluted) (4.36)0.310.650.98 0.39Dividends0.32 0.430.430.43 0.43Book value per common share 42.6545.78 46.82 47.4947.17SELECTED RATIOSReturn on average assets (3.52) 0.28 0.54 0.810.35Return on average common equity (38.77) 2.59 5.53 8.183.29Efficiency ratio92.14 63.3762.9658.01 75.92Net interest margin4.204.13 4.18 4.234.27ZIONS BANCORPORATION AND SUBSIDIARIESFINANCIAL HIGHLIGHTS (Continued)(Unaudited)Three Months Ended(In thousands, except share and ratio data) December 31,September 30,June 30, 2008 2008 2008 AVERAGE BALANCESTotal assets$54,546,364$54,279,760$53,293,375Total interest-earning assets48,708,673 47,984,725 47,202,577Securities4,516,5594,582,7274,866,421Net loans and leases 41,938,586 41,984,123 40,512,249Goodwill1,720,5362,009,5092,009,517Core deposit and other intangibles130,703132,167137,675Total deposits 39,580,867 37,321,656 36,774,214Minority interest28,751 29,949 27,244Shareholders' equity:Preferred equity961,072282,500240,000Common equity 5,110,4305,123,3995,070,047Weighted average common and common-equivalent shares outstanding114,205,587108,497,464106,711,948AT PERIOD ENDTotal assets$55,092,791$53,974,168$54,630,883Total interest-earning assets49,071,281 47,656,065 47,920,419Securities4,509,3084,755,3594,784,185Net loans and leases 41,859,056 41,887,693 41,872,977Allowance for loan losses 686,999609,433548,958Reserve for unfunded lending commitments 50,934 23,574 26,838Goodwill1,651,3772,009,5042,009,511Core deposit and other intangibles125,935133,989132,481Total deposits 41,316,496 38,590,901 37,607,995Minority interest27,320 30,288 25,528Shareholders' equity:Preferred equity1,581,834286,949240,000Common equity 4,919,8625,279,0785,033,530Common shares outstanding 115,344,813115,302,598107,518,975Average equity to average assets 11.139.969.96Common dividend payoutn/a 138.44 66.23Tangible equity ratio8.866.605.97Tangible common equity ratio 5.896.055.51Nonperforming assets $1,140,461 $924,442 $697,432Accruing loans past due 90 days or more 129,567 97,831108,934Nonperforming assets to net loans and leases and other real estate owned at period end 2.712.201.66ZIONS BANCORPORATION AND SUBSIDIARIESFINANCIAL HIGHLIGHTS (Continued)(Unaudited) Three Months Ended(In thousands, except share and ratio data) March 31, December 31, 20082007 - AVERAGE BALANCESTotal assets $52,913,823 $50,941,152Total interest-earning assets 46,853,43545,106,413Securities 5,341,287 5,188,980Net loans and leases39,452,30938,450,974Goodwill 2,009,477 2,009,022Core deposit and other intangibles 146,363 162,679Total deposits36,594,67436,381,125Minority interest 30,67632,343Shareholders' equity:Preferred equity 240,000 240,000Common equity5,126,621 5,094,138Weighted average common and common-equivalent shares outstanding 106,722,000 106,902,983AT PERIOD ENDTotal assets $53,408,293 $52,947,414Total interest-earning assets 46,962,94946,448,887Securities 5,002,207 5,860,900Net loans and leases39,905,75539,087,779Allowance for loan losses501,283 459,376Reserve for unfunded lending commitments25,14821,530Goodwill 2,009,517 2,009,513Core deposit and other intangibles 140,672 149,493Total deposits37,516,33736,922,753Minority interest 30,41330,939Shareholders' equity:Preferred equity 240,000 240,000Common equity5,087,801 5,052,800Common shares outstanding107,139,188 107,116,505Average equity to average assets 10.1410.47Common dividend payout 44.11 108.88Tangible equity ratio 6.20 6.17Tangible common equity ratio5.73 5.70Nonperforming assets$434,293$283,854Accruing loans past due 90 days or more 84,63777,419Nonperforming assets to net loans and leases and other real estate owned at period end1.09 0.73ZIONS BANCORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands, except share December 31,September 30, June 30, amounts) 2008 2008 2008- -(Unaudited) (Unaudited) (Unaudited)ASSETSCash and due from banks$1,475,976 $1,441,957 $1,751,724Money market investments:Interest-bearing deposits and commercial paper 2,332,759568,875504,314Federal funds sold 83,451274,129274,456Security resell agreements 286,707170,009484,487Investment securities:Held-to-maturity, at adjusted cost (approximate fair value $1,443,555, $1,587,006, $1,730,104, $704,156 and $702,148)1,790,9891,917,3541,914,833Available-for-sale, at fair value 2,676,2552,792,2362,817,682Trading account, at fair value (includes $538, $531, $463, $0 and $741 transferred as collateral under repurchase agreements) 42,064 45,769 51,670-4,509,3084,755,3594,784,185Loans:Loans held for sale 200,318152,095158,509Loans and leases 41,791,237 41,876,371 41,874,224- 41,991,555 42,028,466 42,032,733Less:Unearned income and fees, net of related costs 132,499140,773159,756Allowance for loan losses 686,999609,433548,958-Loans and leases, net of allowance 41,172,057 41,278,260 41,324,019Other noninterest- bearing investments1,044,0921,170,3671,153,933Premises and equipment, net 687,096675,480656,013Goodwill1,651,3772,009,5042,009,511Core deposit and other intangibles125,935133,989132,481Other real estate owned 191,792156,817125,186Other assets1,532,2411,339,4221,430,574-$55,092,791$53,974,168$54,630,883LIABILITIES AND SHAREHOLDERS' EQUITYDeposits:Noninterest-bearing demand$9,683,385 $9,413,484 $9,735,265Interest-bearing:Savings and NOW 4,452,9194,341,8734,590,767Money market 16,826,846 14,087,288 13,387,401Time under $100,000 2,974,4842,954,1162,466,082Time $100,000 and over4,756,3004,468,2254,102,369Foreign 2,622,5623,325,9153,326,111- 41,316,496 38,590,901 37,607,995Securities sold, not yet purchased 35,657 29,528 46,376Federal funds purchased 965,8351,179,1972,379,055Security repurchase agreements 899,751734,3791,010,325Other liabilities 669,111649,672555,812Commercial paper 15,451 40,493137,200Federal Home Loan Bank advances and other borrowings:One year or less2,039,9144,690,7845,003,057Over one year 128,253128,855129,474Long-term debt2,493,3072,334,0442,462,531-Total liabilities48,563,775 48,377,853 49,331,825-Minority interest27,320 30,288 25,528Shareholders' equity:Preferred stock, without par value, authorized 3,000,000 shares:U.S. Treasury - -Other 240,000 240,000Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 115,344,813, 115,302,598, 107,518,975, 107,139,188 and 107,116,505 shares 2,219,905 2,212,237Retained earnings 2,957,511 2,910,692Accumulated other comprehensive income (loss) (76,429)(58,835)Deferred compensation (13,186)(11,294)- -Total shareholders' equity5,327,801 5,292,800- -$53,408,293 $52,947,414 ZIONS BANCORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(Unaudited)Three Months Ended (In thousands, except perDec 31,Sept 30,June 30,March 31, Dec.