Free Writing Prospectus
Filed Pursuant to Rule 433
Relating to Preliminary Prospectus Supplement Filed April 24, 2007
Registration Statement No. 333-132868
The following communication has been distributed to certain customers of Zions Direct, Inc., an
affiliate of the Issuer and the auction agent for the public auction for the registered offering of
the Issuer’s Employee Stock Option Appreciation Rights Securities, Series 2007.
The information in this free writing prospectus supplements the information contained in, and
should be read together with, the preliminary prospectus supplement of Zions Bancorporation filed
with the Securities Exchange Commission (the “SEC”) on April 24, 2007 (including the base
prospectus filed with the SEC on March 31, 2006, as well as the documents incorporated by reference
therein).
BID ON ESOARS™
ESOARS™ (Employee Stock Option Appreciation Rights Securities) are tracking securities
designed to provide a market basis for estimating the fair value of stock options granted to
employees. Zions Direct is the only brokerage offering ESOARS™ Auctions*, so learn more.
CD Auctions
Auction Results
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| Term |
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Yield |
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End Date |
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| 1-Month
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5.500%
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4/30/2007
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VIEW RESULTS |
| 1-Year
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5.450%
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4/27/2007
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VIEW RESULTS |
| 6-Month
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5.537%
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4/26/2007
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VIEW RESULTS |
| 3-Month
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5.512%
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4/25/2007
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VIEW RESULTS |
Live
Auctions** | Minimum Investment $1,000 | FDIC Insured
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| Term |
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Auction Date |
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Issue Amount |
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| 3-Month
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Wed, Apr 25th 3:00 pm EDT -
Wed, May 2nd 2:00 pm EDT
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$1,000,000
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VIEW LIVE AUCTION |
| 5-Year
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Thu, Apr 26th 3:00 pm EDT -
Thu, May 3rd 1:00 pm EDT
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$200,000
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VIEW LIVE AUCTION |
| 6-Month
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Thu, Apr 26th 3:00 pm EDT -
Thu, May 3rd 2:00 pm EDT
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$1,000,000
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VIEW LIVE AUCTION |
| 1-Year
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Fri, Apr 27th 3:00 pm EDT -
Fri, May 4th 2:00 pm EDT
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$500,000
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VIEW LIVE AUCTION |
For more information on these rates or other Zions Direct offerings, call 1-800-524-8875
From 7.25% Margin Loans
Get one of the best rates in the nation and increase your buying power with a margin loan
from Zions Direct. Our margin loans are less expensive than traditional loans, don’t have a
repayment schedule, and are easy to complete online. Learn more now.
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Help Center
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Talk to a fixed-income specialist at 1-800-524-8875.
Email a fixed-income specialist.
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Open an Account
Zions Direct University |
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Zions Direct
One South Main Street, 17th Floor
Salt Lake City, UT 84111
*The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you request it by calling
toll-free 1 (800) 524-8875.
Each individual investor must determine whether the ESOARS™ are a suitable investment based on
financial situation, investment objectives, and risk tolerance. There can be no assurance of a
trading market for ESOARS™. Investing in the ESOARS™ involves risks.
**The auction and the subject Auctioned CDs may not be made available to, and if unavailable may
not be bid on, sold to, or purchased by, residents of states where such offer, bid and/or sale
would require filings under applicable state securities laws. Further terms and conditions are
provided by the Auctioned Certificate of Deposit Disclosure Statement, and any supplement thereof,
if any, and the Zions Direct CD Auction Process which can be accessed elsewhere on this Website and
are hereby incorporated in their entirety and made a part hereof by this reference. These CDs may
not be easily sold in a secondary market. Investors who sell CDs prior to maturity may receive more
or less than the principal invested due to fluctuations in interest rates or lack of liquidity. If
CDs are sold before maturity, the yield may be higher or lower than the initial auction yield.