On April 20, 2009, Zions Bancorporation, the holding company for Zions Bank, reported a loss of $832.2 million, or $7.29 per diluted common share. Reflected in these results are the continued effects of the worst financial and economic downturn our country has seen in many years.

While the reported loss for the first quarter is significant, it is important to take a look inside the results to get an accurate picture of the strength of the company’s core banking business. Of the reported loss, $634 million ($5.55 per common share) is a noncash accounting matter — writing off an intangible asset called “goodwill.” The writing off of goodwill occurred in Zions’ Texas affiliate, Amegy Bank, and primarily reflects the decline in market values of peer banks in Texas and a weaker economic outlook for the state. Amegy Bank itself continues to demonstrate solid performance.

One of the things I enjoy most about my job is the interaction I have with you — our clients. Whether the interaction is face-to-face, on the phone or through e-mail, I appreciate hearing from you.

Over the past few weeks, I have received a number of questions and comments regarding Zions Bancorporation’s participation in the U.S. Treasury’s TARP Capital Purchase Program. As we have reported, in mid-November 2008, Zions Bancorporation sold $1.4 billion of senior preferred stock and warrants to the U.S. Treasury as part of the CPP. Since many of the comments I have received center on misperceptions related to the CPP, I’d like to address the facts related to the program.

The Treasury’s CPP was designed to restore confidence in the financial system by strengthening the capital ratios of well-managed banks during this very uncertain economy so that those banks can make loans available to credit-worthy borrowers without being constrained by capital ratios. From its inception, the CPP has been available only to healthy banks.

To say that the current economic times are challenging might seem like an understatement. With the unprecedented events in the market over the past several months, people everywhere are concerned about protecting and preserving their money. While this uncertainty can leave all of us feeling uneasy, it can also bring forward the need for all of us to be proactive about our personal finances and manage our money with care.

Since early in 2008, the President’s Advisory Council on Financial Literacy has been working to develop policies and programs to promote financial literacy. Their goal is to provide substantive guidance and resources that can help people make smart financial choices during both good times and bad.