Edgar Filing: ZIONS BANCORPORATION /UT/

Free Writing Prospectus

(To the Prospectus dated March 31, 2009, as

supplemented by the prospectus supplement dated December 6, 2010)

Filed Pursuant to Rule 433

Registration Statement No. 333-158319

December 20, 2010

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Auctions Results View up to receive a free weekly Documents: Offering Documents email containing economic commentary, new-issue alerts, investing news, and much more. Bidding Information Number of Bidders: 90

First Name Number of Bids: 134 Last Name Amt. of Bids: $ 14,076,000.00 Email Coverage: 703.80% Highest Bid: 100.000

Sign Up! Lowest Bid: 98.000 Bid Spread: 2.000 Num. Bids Accepted: 20 Num. Bidders with Bids 20 Accepted: Highest BidAccepted: 100.000 Lowest Bid Accepted: 99.685 Buy Today! Information Bids Final Market-Clearing Price: 99.685 Final Market-Clearing Yield*: 3.330% Bidder Units Price Timestamp Awarded Amount Due Bidder 26557 3 100.000 12/15/2010 1:22:20 PM 3 units $ 2,990.55 Bidder 25696 20 100.000 12/20/2010 7:25:17 AM 20 units $ 19,937.00 Bidder 41 5 100.000 12/20/2010 10:59:35 AM 5 units $ 4,984.25 Bidder 24441 20 100.000 12/15/2010 12:36:03 PM 20 units $ 19,937.00

Bidder 23664 10 100.000 12/15/2010 3:38:59 PM 10 units $ 9,968.50 Bidder 24655 6 100.000 12/15/2010 4:26:19 PM 6 units $ 5,981.10 Bidder 26427 39 100.000 12/17/2010 10:57:55 AM 39 units $ 38,877.15 Bidder 13408 1 100.000 12/20/2010 1:08:47 PM 1 unit $ 996.85 Bidder 26725 25 100.000 12/20/2010 1:23:56 PM 25 units $ 24,921.25 Bidder 25381 10 99.952 12/20/2010 1:33:31 PM 10 units $ 9,968.50 Bidder 10197 100 99.856 12/20/2010 1:13:42 PM 100 units $ 99,685.00 Bidder 23661 25 99.761 12/20/2010 12:11:40 PM 25 units $ 24,921.25 Bidder 4438 5 99.713 12/20/2010 1:32:36 PM 5 units $ 4,984.25 Bidder 19894 3 99.704 12/20/2010 1:34:43 PM 3 units $ 2,990.55 Bidder 21789 50 99.699 12/20/2010 1:34:12 PM 50 units $ 49,842.50 Bidder 13585 25 99.694 12/20/2010 1:35:29 PM 25 units $ 24,921.25 Bidder 18226 10 99.688 12/20/2010 1:35:27 PM 10 units $ 9,968.50 Bidder 23427 1 99.687 12/20/2010 1:35:38 PM 1 unit $ 996.85 Bidder 25315 1 99.686 12/20/2010 1:35:35 PM 1 unit $ 996.85 Bidder 25700 2,000 99.685 12/20/2010 1:33:44 PM 1,641 units $ 1,635,830.85

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Bidder 23436 1,000 99.650 12/20/2010 1:32:36 PM Rejected: Price Bidder 23436 500 99.620 12/20/2010 1:32:36 PM Rejected: Price Bidder 15637 5 99.575 12/20/2010 1:32:50 PM Rejected: Price Bidder 19254 5 99.523 12/15/2010 3:19:08 PM Rejected: Price Bidder 26696 20 99.523 12/17/2010 5:53:56 PM Rejected: Price Bidder 15637 5 99.523 12/20/2010 1:30:42 PM Rejected: Price Bidder 21270 25 99.523 12/20/2010 1:30:43 PM Rejected: Price Bidder 21477 50 99.523 12/20/2010 1:31:21 PM Rejected: Price Bidder 18847 5 99.519 12/15/2010 10:47:07 AM Rejected: Price Bidder 25315 10 99.500 12/17/2010 12:26:07 PM Rejected: Price Bidder 26724 7 99.500 12/20/2010 1:26:02 PM Rejected: Price Bidder 21395 25 99.465 12/20/2010 1:28:46 PM Rejected: Price Bidder 24225 10 99.421 12/20/2010 1:31:41 PM Rejected: Price Bidder 21477 50 99.381 12/20/2010 1:30:27 PM Rejected: Price Bidder 15637 5 99.335 12/20/2010 1:30:12 PM Rejected: Price Bidder 26682 100 99.334 12/16/2010 4:57:02 PM Rejected: Price Bidder 25381 10 99.305 12/17/2010 11:23:55 PM Rejected: Price Bidder 22678 5 99.300 12/20/2010 1:26:36 PM Rejected: Price Bidder 21270 25 99.300 12/20/2010 1:30:05 PM Rejected: Price

Bidder 19254 5 99.286 12/15/2010 3:19:08 PM Rejected: Price Bidder 15637 4 99.239 12/20/2010 10:19:01 AM Rejected: Price Bidder 15637 1 99.239 12/20/2010 1:26:32 PM Rejected: Price Bidder 21270 25 99.200 12/20/2010 1:29:34 PM Rejected: Price

Bidder 16703 30 99.192 12/18/2010 2:17:05 PM Rejected: Price Bidder 21477 50 99.192 12/20/2010 1:24:47 PM Rejected: Price Bidder 25456 5 99.192 12/20/2010 1:29:04 PM Rejected: Price Bidder 26557 2 99.150 12/15/2010 1:22:20 PM Rejected: Price

Bidder 23534 15 99.144 12/15/2010 5:28:54 PM Rejected: Price Bidder 24310 10 99.144 12/17/2010 12:53:29 PM Rejected: Price

Bidder 21471 100 99.144 12/20/2010 1:29:03 PM Rejected: Price « Prev. Page 1 of 3 Next »

Auction Totals: 2,000 units $ 1,993,700.00 Direct Orders Bidder Units Yield Timestamp Awarded Amount Due

Bidder 25156 20 3.00% 12/16/2010 9:50:27 AM 20 units $ 20,000.00 Bidder 4799 30 3.00% 12/17/2010 12:45:09 PM 30 units $ 30,000.00 Bidder 13193 100 3.00% 12/17/2010 2:27:00 PM 100 units $ 100,000.00

Bidder 23086 20 3.00% 12/18/2010 1:52:03 AM 20 units $ 20,000.00 Bidder 26702 5 3.00% 12/18/2010 1:18:10 PM 5 units $ 5,000.00 Bidder 26708 3 3.00% 12/19/2010 7:02:32 PM 3 units $ 3,000.00

Auction Totals: 178 units $ 178,000.00 Please direct questions regarding the website or bidding procedures to the Auction Administrator. You may also call our Investment Center at 800-524-8875 from 8am to Midnight Eastern Time.

Zions Bancorporation has filed a registration statement (Registration Statement No. 333-158319, including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus dated March 31, 2009 contained in that registration statement, the prospectus supplement dated December 6, 2010 and other documents Zions Bancorporation has filed with the SEC for more complete information about Zions Bancorporation and this offering. You may get these documents and other documents Zions Bancorporation has filed for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Zions Bancorporation or a representative will arrange to send you the prospectus and other documents Zions Bancorporation has filed with the SEC if you request it by calling toll free (800) 524-8875.

*The current Market-Clearing Yield/Final Auction Yield is calculated as Yield to Worst (YTW) which is the lowest yield of yield to maturity, yield to call, yield to put, or other yields when a bond is callable, puttable, exchangeable, or has other features. If a bond is called, put or exchanged before maturity, the bondholder only earns interest on the time that has elapsed between purchasing the bond and its early redemption. The resulting yield is less than what would have been earned had the bond been held until

maturity. Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value

Bank Deposits and Certificates of Deposit (CDs) are FDIC Insured up to Applicable Limits Securities products and services offered by Zions Direct, Member FINRA/SIPC, a non-bank subsidiary of Zions Bank. Affiliates of Zions Bank or other issuers may purchase CDs or securities through the auction process. The market clearing yield may be lower due to the participation of an

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Auctions Results View current auctions Zions Bancorporation Senior Note / 1 Year Corporates Results Archive BBB- (Fitch); BBB (low) (DBRS); and BBB- (Standard & Poor’s). View the results of completed auctions FDIC-Insured CDs Notice: The auction has been extended until 12/20/2010 1:35:44 PM EST. Municipal Bonds Corporate Bonds Auction Information Issue Information

US Agencies Auction Start: 12/15/2010 8:00 AM EST Preferred Stock Auction End: 12/20/2010 1:35 PM EST Bidding Information Last Update: 12/20/2010 2:23:44 PM EST Buy Today! Information Warrants Auction Status: Over Issuers

Bids Final Market-Clearing Price: 99.685 University Learn more about our auctions Final Market-Clearing Yield*: 3.330%

Demos Bidder Units Price Timestamp Awarded Amount Due Learn how to participate! Bidder 21395 25 99.120 12/20/2010 1:28:07 PM Rejected: Price Think Bidder 23449 26 99.100 12/18/2010 10:52:21 AM Rejected: Price Bidder 14033 1 99.069 12/20/2010 10:32:38 AM Rejected: Price Bidder 23676 50 99.050 12/15/2010 9:43:09 AM Rejected: Price

Bidder 22548 10 99.050 12/17/2010 1:15:01 PM Rejected: Price WEEKLY UPDATE Bidder 22761 25 99.050 12/17/2010 4:53:04 PM Rejected: Price Sign up to receive a free weekly Bidder 24205 10 99.050 12/20/2010 12:20:34 PM Rejected: Price

email containing economic commentary, new-issue alerts, Bidder 21270 25 99.050 12/20/2010 1:24:48 PM Rejected: Price

investing news, and much more. Bidder 4438 5 99.050 12/20/2010 1:26:57 PM Rejected: Price First Name Bidder 23520 40 99.041 12/20/2010 1:28:59 PM Rejected: Price Bidder 19894 2 99.018 12/20/2010 1:24:50 PM Rejected: Price

Last Name Bidder 21471 100 99.003 12/20/2010 1:25:57 PM Rejected: Price Email Bidder 17854 10 99.000 12/17/2010 7:00:00 AM Rejected: Price Sign Up! Bidder 16745 10 99.000 12/18/2010 11:02:16 AM Rejected: Price

Bidder 22145 10 98.956 12/16/2010 7:19:56 PM Rejected: Price Bidder 18907 3 98.946 12/17/2010 5:20:30 PM Rejected: Price Bidder 21789 10 98.941 12/15/2010 8:04:11 PM Rejected: Price Bidder 21789 10 98.931 12/15/2010 8:04:11 PM Rejected: Price Bidder 21789 10 98.921 12/15/2010 8:04:11 PM Rejected: Price Bidder 21789 10 98.911 12/15/2010 8:04:11 PM Rejected: Price

Bidder 26668 10 98.871 12/20/2010 12:45:37 PM Rejected: Price Bidder 23086 20 98.862 12/18/2010 1:52:03 AM Rejected: Price Bidder 14942 3 98.850 12/18/2010 6:31:24 AM Rejected: Price Bidder 21860 10 98.826 12/20/2010 12:28:31 PM Rejected: Price Bidder 13193 50 98.824 12/17/2010 2:29:53 PM Rejected: Price Bidder 25295 2 98.815 12/15/2010 3:49:19 PM Rejected: Price Bidder 20704 4 98.815 12/20/2010 12:25:29 AM Rejected: Price Bidder 21477 25 98.815 12/20/2010 1:22:26 PM Rejected: Price Bidder 23180 5 98.800 12/19/2010 10:21:26 PM Rejected: Price Bidder 21395 25 98.760 12/20/2010 1:27:40 PM Rejected: Price Bidder 22145 15 98.674 12/16/2010 7:17:18 PM Rejected: Price Bidder 21477 25 98.674 12/20/2010 1:22:26 PM Rejected: Price Bidder 21990 1 98.580 12/17/2010 7:25:54 PM Rejected: Price Bidder 21270 25 98.580 12/20/2010 11:54:23 AM Rejected: Price Bidder 21471 100 98.580 12/20/2010 1:25:14 PM Rejected: Price Bidder 21217 2 98.576 12/18/2010 11:53:39 AM Rejected: Price Bidder 21395 25 98.560 12/20/2010 11:32:40 AM Rejected: Price Bidder 25483 10 98.524 12/20/2010 8:54:49 AM Rejected: Price Bidder 25700 2,000 98.510 12/20/2010 1:23:43 PM Rejected: Price Bidder 23231 5 98.500 12/16/2010 2:35:21 PM Rejected: Price Bidder 24530 5 98.500 12/17/2010 2:45:19 PM Rejected: Price Bidder 19253 25 98.400 12/20/2010 1:28:38 PM Rejected: Price Bidder 25700 2,000 98.376 12/20/2010 1:23:43 PM Rejected: Price Bidder 21748 5 98.347 12/17/2010 5:22:12 PM Rejected: Price Bidder 21860 10 98.301 12/20/2010 12:28:31 PM Rejected: Price Bidder 21395 25 98.260 12/20/2010 11:46:19 AM Rejected: Price

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Bidder 25700 2,000 98.251 12/20/2010 1:23:43 PM Rejected: Price

Bidder 23739 20 98.200 12/15/2010 5:03:48 PM Rejected: Price

Bidder 19253 25 98.200 12/20/2010 1:27:41 PM Rejected: Price

Bidder 22750 1 98.160 12/17/2010 9:56:36 PM Rejected: Price

« Prev. Page 2 of 3 Next »

Auction Totals: 2,000 units $ 1,993,700.00

Direct Orders

Bidder Units Yield Timestamp Awarded Amount Due

Bidder 25156 20 3.00% 12/16/2010 9:50:27 AM 20 units $ 20,000.00

Bidder 4799 30 3.00% 12/17/2010 12:45:09 PM 30 units $ 30,000.00

Bidder 13193 100 3.00% 12/17/2010 2:27:00 PM 100 units $ 100,000.00

Bidder 23086 20 3.00% 12/18/2010 1:52:03 AM 20 units $ 20,000.00

Bidder 26702 5 3.00% 12/18/2010 1:18:10 PM 5 units $ 5,000.00

Bidder 26708 3 3.00% 12/19/2010 7:02:32 PM 3 units $ 3,000.00

Auction Totals: 178 units $ 178,000.00

Please direct questions regarding the website or bidding procedures to the Auction Administrator.

You may also call our Investment Center at 800-524-8875 from 8am to Midnight Eastern Time.

Zions Bancorporation has filed a registration statement (Registration Statement No. 333-158319, including a prospectus) with the SEC for

the offering to which this communication relates. Before you invest, you should read the prospectus dated March 31, 2009 contained in

that registration statement, the prospectus supplement dated December 6, 2010 and other documents Zions Bancorporation has filed

with the SEC for more complete information about Zions Bancorporation and this offering. You may get these documents and other

documents Zions Bancorporation has filed for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Zions

Bancorporation or a representative will arrange to send you the prospectus and other documents Zions Bancorporation has filed with the

SEC if you request it by calling toll free (800) 524-8875.

*The current Market-Clearing Yield/Final Auction Yield is calculated as Yield to Worst (YTW) which is the lowest yield of yield to maturity, yield to call, yield to put, or other

yields when a bond is callable, puttable, exchangeable, or has other features. If a bond is called, put or exchanged before maturity, the bondholder only earns interest on the

time that has elapsed between purchasing the bond and its early redemption. The resulting yield is less than what would have been earned had the bond been held until

maturity.

Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value

Bank Deposits and Certificates of Deposit (CDs) are FDIC Insured up to Applicable Limits

Securities products and services offered by Zions Direct, Member FINRA/SIPC, a non-bank subsidiary of Zions Bank.

Affiliates of Zions Bank or other issuers may purchase CDs or securities through the auction process. The market clearing yield may be lower due to the participation of an

affiliate in the auction which may benefit the affiliated issuer.

LOGO

Auctions Results

View current auctions Zions Bancorporation Senior Note / 1 Year Corporates

Results Archive BBB- (Fitch); BBB (low) (DBRS); and BBB- (Standard & Poor’s).

View the results of completed auctions

FDIC-Insured CDs Notice: The auction has been extended until 12/20/2010 1:35:44 PM EST.

Municipal Bonds

Corporate Bonds Auction Information Issue Information

US Agencies Auction Start: 12/15/2010 8:00 AM EST

Preferred Stock Auction End: 12/20/2010 1:35 PM EST Bidding Information

Last Update: 12/20/2010 2:24:10 PM EST Buy Today! Information

Warrants Auction Status: Over

Issuers

Bids Final Market-Clearing Price: 99.685

University

Learn more about our auctions Final Market-Clearing Yield*: 3.330%

Demos Bidder Units Price Timestamp Awarded Amount Due

Learn how to participate! Bidder 22609 5 98.129 12/18/2010 1:13:33 PM Rejected: Price

Think Bidder 25700 2,000 98.126 12/20/2010 1:23:43 PM Rejected: Price

Bidder 3745 10 98.123 12/20/2010 12:07:19 PM Rejected: Price

Bidder 21968 2 98.114 12/15/2010 10:37:50 AM Rejected: Price

Bidder 21471 100 98.114 12/15/2010 2:17:24 PM Rejected: Price

WEEKLY UPDATE Bidder 16805 50 98.114 12/15/2010 2:57:17 PM Rejected: Price

email containing economic

commentary, new-issue alerts, Bidder 16434 20 98.114 12/16/2010 9:26:47 AM Rejected: Price

investing news, and much more. Bidder 23583 5 98.114 12/16/2010 5:31:08 PM Rejected: Price

First Name Bidder 21748 5 98.114 12/17/2010 5:21:09 PM Rejected: Price

Bidder 21761 10 98.114 12/18/2010 12:04:28 PM Rejected: Price

Last Name

Bidder 4438 5 98.114 12/20/2010 1:11:18 PM Rejected: Price

Email Bidder 16612 25 98.100 12/15/2010 8:14:28 PM Rejected: Price

Bidder 22830 50 98.086 12/20/2010 12:23:34 PM Rejected: Price

Bidder 23085 5 98.055 12/17/2010 5:49:57 PM Rejected: Price

Bidder 21807 10 98.049 12/19/2010 7:02:51 AM Rejected: Price

Bidder 23583 5 98.021 12/16/2010 5:33:05 PM Rejected: Price

Bidder 22941 50 98.021 12/20/2010 8:59:39 AM Rejected: Price

Bidder 22771 100 98.020 12/20/2010 11:02:34 AM Rejected: Price

Bidder 25118 100 98.000 12/15/2010 7:40:22 PM Rejected: Price

Bidder 26690 1 98.000 12/17/2010 12:24:23 AM Rejected: Price

Bidder 24458 25 98.000 12/17/2010 9:40:26 AM Rejected: Price

Bidder 26693 5 98.000 12/17/2010 12:15:26 PM Rejected: Price

Bidder 26694 2 98.000 12/17/2010 1:15:56 PM Rejected: Price

Bidder 26690 9 98.000 12/17/2010 3:43:31 PM Rejected: Price

Bidder 18907 4 98.000 12/17/2010 5:20:30 PM Rejected: Price

Bidder 21363 20 98.000 12/17/2010 11:49:46 PM Rejected: Price

Bidder 26700 10 98.000 12/18/2010 10:23:09 AM Rejected: Price

Bidder 22586 5 98.000 12/18/2010 12:48:04 PM Rejected: Price

Bidder 24292 10 98.000 12/20/2010 10:11:11 AM Rejected: Price

Bidder 19253 25 98.000 12/20/2010 10:40:49 AM Rejected: Price

Bidder 13661 10 98.000 12/20/2010 11:44:49 AM Rejected: Price

Bidder 24626 25 98.000 12/20/2010 12:53:10 PM Rejected: Price

« Prev. Page 3 of 3 Next »

Auction Totals: 2,000 units $ 1,993,700.00

Direct Orders

Bidder Units Yield Timestamp Awarded Amount Due

Bidder 25156 20 3.00% 12/16/2010 9:50:27 AM 20 units $ 20,000.00

Bidder 4799 30 3.00% 12/17/2010 12:45:09 PM 30 units $ 30,000.00

Bidder 13193 100 3.00% 12/17/2010 2:27:00 PM 100 units $ 100,000.00

Bidder 23086 20 3.00% 12/18/2010 1:52:03 AM 20 units $ 20,000.00

Bidder 26702 5 3.00% 12/18/2010 1:18:10 PM 5 units $ 5,000.00

Bidder 26708 3 3.00% 12/19/2010 7:02:32 PM 3 units $ 3,000.00

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