ZIONS BANCORPORATION REPORTS RECORD EARNINGS OF $1.43 PER DILUTED COMMON SHARE FOR SECOND QUARTER 2007

Las Vegas Nevada
July 19, 2007

Nevada State Bank’s parent company, Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported second quarter net earnings applicable to common shareholders of $155.6 million, or $1.43 per diluted common share, an increase of 7.1% and 5.9%, respectively, over the $145.3 million or $1.35 per diluted common share for the second quarter of 2006.

The return on average common equity was 12.50% compared to 12.25% for the first quarter of 2007 and 13.20% for the second quarter of 2006. Comparisons to 2006 include the impact of the Company’s acquisition of The Stockmen’s Bancorp, Inc., which became effective January 17, 2007.

Second Quarter 2007 Key Performance Highlights Compared to First Quarter 2007

In spite of ongoing weakness in residential construction and sales in our Southwestern markets, loan growth this quarter was reasonably solid, led by our Texas and Intermountain West markets. We are pleased that core deposit balances appear to have stabilized, and by the strength in our net interest margin this quarter,” said Harris H. Simmons, chairman and chief executive officer.

Year-to-date net earnings applicable to common shareholders increased 7.9% to $305.3 million or $2.78 per diluted common share compared to $282.9 million or $2.62 per diluted common share for the same period in 2006. The return on average common equity for the first six months of 2007 was 12.38% compared to 13.06% for the first six months of 2006.

Loan Growth
On-balance-sheet net loans and leases were $36.8 billion at June 30, 2007, an increase of approximately $0.8 billion or 9.4% annualized from $35.9 billion at March 31, 2007, and an increase of approximately $4.1 billion or 12.6% from $32.7 billion at June 30, 2006. Loan growth during the quarter was concentrated primarily in the commercial and commercial real estate categories principally at Zions Bank, Amegy Bank of Texas, and Vectra Bank Colorado.

Deposits
Core deposits at June 30, 2007 increased slightly to $31.3 billion compared to $31.2 billion at March 31, 2007, and increased $1.5 billion or 4.9% compared to $29.9 billion at June 30, 2006. Average core deposits were $30.9 billion for the second quarter of 2007 compared to $30.4 billion for the first quarter of 2007 and $29.3 billion for the second quarter of 2006. Noninterest-bearing demand deposits increased slightly to $9.9 billion at June 30, 2007 compared to $9.8 billion at March 31, 2007. Average noninterest-bearing demand deposits were $9.6 billion for the second quarter of 2007 compared to $9.4 billion for the first quarter of 2007.

Total deposits at June 30, 2007 decreased slightly to $36.2 billion from $36.3 billion at March 31, 2007, and increased $2.9 billion or 8.8% from $33.3 billion at June 30, 2006.

Net Interest Income
Net interest income for the second quarter of 2007 increased $12.3 million or 10.7% annualized to $469.3 million compared to $457.1 million for the first quarter of 2007, and increased $33.0 million or 7.6% compared to $436.3 million for the second quarter of 2006. Taxable-equivalent net interest income for the second quarter of 2007 was $476.1 million compared to $463.7 million for the first quarter of 2007 and $442.3 million for the second quarter of 2006. The net interest margin was 4.53% for the second quarter of 2007 compared to 4.51% for the first quarter of 2007 and 4.64% for the second quarter of 2006.

Noninterest Income
Noninterest income for the second quarter of 2007 was $141.3 million compared to $145.4 million for the first quarter of 2007 and $137.5 million for the second quarter of 2006. Loan sales and servicing income for the second quarter included a pretax impairment charge of $5.1 million on retained interests from certain previous small business loan securitizations due to accelerated prepayment speeds and increased interest rates. A pretax impairment charge of $4.2 million was included in the first quarter of 2007. Other service charges, commissions and fees were higher during the second quarter of 2007 mainly because of increased debit card interchange, ATM and public finance fees. Net securities gains were de minimis during the second quarter of 2007 compared to $8.9 million during the first quarter of 2007.

Noninterest Expense
Noninterest expense for the second quarter of 2007 was $347.6 million compared to $352.0 million for the first quarter of 2007 and $333.0 million for the second quarter of 2006. Salaries and employee benefits decreased during the quarter mainly because of lower payroll taxes and reduced employee incentive expense compared to the first quarter.

The efficiency ratio for the second quarter of 2007 was 56.3% compared to 57.8% for the first quarter of 2007 and 57.4% for the second quarter of 2006.

From May 4-7, 2007, the Company successfully conducted an auction of its patent-pending ESOARS securities. As allowed by SFAS No. 123R, Share-Based Payment, the Company used the results of that auction to value its employee stock options issued on May 4. The value established was $12.06 per option, which the Company estimates is approximately 14% below its Black-Scholes model valuation on that date.

Asset Quality
Nonperforming assets were $95.4 million at June 30, 2007 compared to $82.5 million at March 31, 2007 and $73.5 million at June 30, 2006. The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.26% at June 30, 2007 compared to 0.23% at March 31, 2007 and 0.22% at June 30, 2006.

Net loan and lease charge-offs for the second quarter of 2007 were $8.7 million or 0.10% annualized of average loans. This compares with $10.1 million or 0.11% annualized of average loans for the first quarter of 2007 and $9.8 million or 0.12% annualized of average loans for the second quarter of 2006.

The provision for loan losses was $17.8 million for the second quarter of 2007 compared to $9.1 million for the first quarter of 2007 and $17.0 million for the second quarter of 2006.

The amount of the provision reflects the combined impact of loan growth and some softening in certain credit quality measures. The combined provisions for loan losses and unfunded lending commitments were $19.0 million for the second quarter of 2007, $9.4 million for the first quarter of 2007, and $16.8 million for the second quarter of 2006. The allowance for loan losses as a percentage of net loans and leases was 1.03% at both June 30, 2007 and March 31, 2007 and 1.07% at June 30, 2006. The allowance was 448.7% of nonperforming loans at June 30, 2007. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) were $401.5 million or 1.09% of net loans and leases at June 30, 2007 compared to $391.2 million or 1.09% at March 31, 2007 and $366.1 million or 1.12% at June 30, 2006.

Capital Management
The Company repurchased 1,528,718 common shares for $125.9 million during the second quarter of 2007 at an average price of $82.34 per share. At June 30, 2007, approximately $146.3 million remained under the current $400 million repurchase authorization.

The Company’s tangible equity ratio was 6.52% at June 30, 2007 compared to 6.59% at March 31, 2007 and 5.54% at June 30, 2006. The increase year over year includes the effect of the issuance of $240 million of preferred stock in December 2006.

Weighted average common and common-equivalent shares outstanding for the second quarter of 2007 were 109,123,735 compared to 110,106,637 for the first quarter of 2007 and 107,883,374 for the second quarter of 2006. Common shares outstanding at June 30, 2007 were 108,034,079 compared to 109,052,149 at March 31, 2007 and 106,611,731 at June 30, 2006. The decrease for the quarter was mainly due to share repurchases and the increase year over year was primarily due to the issuance of approximately 2.6 million shares for the Stockmen’s acquisition.

Acquisitions and Divestitures
In June 2007, the Company’s Amegy Bank of Texas subsidiary entered into a definitive merger agreement to acquire Intercontinental Bank Shares Corporation, located in San Antonio, Texas. The acquisition is expected to close in the third quarter 2007 and is estimated to add approximately $53 million in loans and $96 million in deposits to the Company’s balance sheet.

Also in June 2007, the Company’s National Bank of Arizona subsidiary entered into an agreement to sell the 11 California branches included with the Stockmen’s acquisition. The sale, expected to close in the fourth quarter 2007, will include approximately $171 million of loans and $209 million of deposits.

Conference Call Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 19, 2007). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-299-8538 and entering the passcode 20642485, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation Web site at www.zionsbancorporation.com. A replay of the call will be available from approximately 7:30 p.m. ET on Thursday, July 19, through midnight ET on Thursday, July 26, by dialing 1-888-286-8010 and entering the passcode 76178428. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation
Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through over 500 offices and approximately 600 ATMs in ten Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The Company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

Forward-Looking Information
Statements in this news release that are based on other than historical data are forward-looking, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2006 Annual Report on Form 10-K of Zions Bancorporation filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site ( http://www.sec.gov ).

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.