| Free Writing Prospectus | Filed Pursuant to Rule 433 | |
| (To the Prospectus dated April 4, 2011, as supplemented by | Registration Statement No. 333-173299 | |
| the prospectus supplement dated April 19, 2011) | December 27, 2011 |
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Results Auction Status: CLOSED Auction Start: 12/19/2011 5:30 PM EST Auction End: 12/27/2011 1:30 PM EST Last Update: 12/27/2011 5:36:18 PM EST Security Type: Corporate Bonds Issue Type: Primary Coupon: 5.250% Maturity Date: 11/7/2016 BUY TODAY! INFORMATION Price: 100.000000 Yield: 5.24% Offering Documents Non-redeemable prior to November 7, 2012, then callable at par on interest payment dates thereafter. | BBB- (Fitch); BBB (low) (DBRS); and BBB- (S&P). Auction Details Bidder Units Price Yield Timestamp Awarded Amount Due Bidder 14836 10 100.199479 5.000% 12/22/2011 1:13:43 PM 10 units $ 9,922.10 Bidder 15637 2 100.199479 5.000% 12/27/2011 1:24:38 PM 2 units $ 1,984.42 Bidder 23907 50 100.002021 5.239% 12/22/2011 6:28:50 PM 50 units $ 49,610.50 Bidder 27555 25 100.000000 5.241% 12/20/2011 12:48:28 PM 25 units $ 24,805.25 Bidder 11592 40 99.994597 5.248% 12/22/2011 4:24:56 PM 40 units $ 39,688.40 Bidder 28935 20 99.993000 5.250% 12/27/2011 1:25:16 PM 20 units $ 19,844.20 Bidder 24582 1 99.992947 5.250% 12/27/2011 12:33:52 PM 1 unit $ 992.21 Bidder 26627 20 99.570344 5.350% 12/26/2011 1:06:41 PM 20 units $ 19,844.20 Bidder 29000 3 99.500000 5.367% 12/27/2011 1:12:10 PM 3 units $ 2,976.63 Bidder 21117 100 99.498712 5.367% 12/27/2011 1:10:24 PM 100 units $ 99,221.00 Bidder 28825 2 99.498712 5.367% 12/27/2011 1:27:29 PM 2 units $ 1,984.42 Bidder 21331 10 99.300988 5.414% 12/27/2011 1:19:49 PM 10 units $ 9,922.10 Bidder 27700 20 99.221189 5.433% 12/27/2011 1:27:18 PM 17 units $ 16,867.57 Bidder 23449 15 99.149855 5.450% 12/27/2011 12:33:58 PM Rejected: Price Bidder 24406 2 99.012300 5.483% 12/27/2011 12:44:13 PM Rejected: Price Bidder 23744 10 99.003181 5.485% 12/27/2011 1:13:01 PM Rejected: Price Bidder 28214 150 99.000000 5.486% 12/27/2011 12:35:54 PM Rejected: Price Bidder 21117 100 98.998994 5.486% 12/27/2011 11:48:21 AM Rejected: Price Bidder 21331 10 98.998994 5.486% 12/27/2011 1:11:24 PM Rejected: Price Bidder 28968 3 98.940400 5.500% 12/20/2011 6:00:56 PM Rejected: Price Bidder 19484 5 98.940400 5.500% 12/21/2011 10:16:13 PM Rejected: Price Bidder 28921 5 98.940400 5.500% 12/23/2011 5:36:14 PM Rejected: Price Bidder 28935 25 98.940400 5.500% 12/26/2011 9:41:30 PM Rejected: Price Bidder 29000 3 98.750000 5.546% 12/27/2011 12:24:55 PM Rejected: Price Bidder 22964 5 98.523060 5.600% 12/27/2011 12:17:06 PM Rejected: Price Bidder 24773 5 98.315000 5.650% 12/27/2011 1:35:32 AM Rejected: Price Bidder 28990 14 97.900956 5.750% 12/23/2011 2:41:37 PM Rejected: Price Bids Final Market-Clearing Price: 99.22118Final Market-Clearing Yield*: 5.433% 9 Zions Bancorporation Senior Note / 5 Year Corporates
*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. Bidder 28935 25 97.695000 5.800% 12/26/2011 9:41:30 PM Rejected: Price Bidder 19484 5 97.694624 5.800% 12/26/2011 4:26:01 PM Rejected: Price Bidder 21331 10 97.361459 5.881% 12/27/2011 9:03:24 AM Rejected: Price Bidder 24773 1 97.360001 5.881% 12/27/2011 1:34:13 AM Rejected: Price Bidder 23436 200 97.360000 5.881% 12/22/2011 1:29:18 PM Rejected: Price Bidder 23436 100 97.350000 5.884% 12/22/2011 1:23:04 PM Rejected: Price Bidder 21836 5 97.283505 5.900% 12/24/2011 10:43:16 AM Rejected: Price Bidder 23436 100 97.250000 5.908% 12/22/2011 1:23:04 PM Rejected: Price Bidder 27208 10 97.000000 5.969% 12/21/2011 3:29:00 PM Rejected: Price Auction Totals: 300 units $ 297,663.00 Direct Orders Bidder Units Yield Timestamp Awarded Amount Due Bidder 21127 10 5.24% 12/23/2011 6:48:35 PM 10 units $ 10,000.00 Bidder 28999 22 5.24% 12/26/2011 5:55:56 PM 22 units $ 22,000.00 Bidder 23079 2 5.24% 12/26/2011 6:12:43 PM 2 units $ 2,000.00 Auction Totals: 34 units $ 34,000.00 Our Affiliates: 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. NEWSLETTER Get market information, auction updates, new-issue alerts, and more. It’s weekly and it’s free! Email Address OTHER PRODUCTS CONTACT US ABOUT US SITE MAP PRIVACY POLICY TERMS AND CONDITIONS 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.