As planned, Zions Bancorp.'s board declared a regular quarterly dividend of 30 cents per common share, and approved a plan to repurchase $185 million of the bank's common shares during the third quarter.

The dividend represents an increase of 25% over the previous payout of 24 cents per share, and is payable Aug. 23 to shareholders of record as of Aug. 16.

Subject to results of ongoing internal stress testing, the Salt Lake City-based company plans to reduce its capital ratios to levels similar to or slightly stronger than the median levels of its peer group.

The bank was no longer included in the latest round of stress-test results due to the recent Dodd-Frank revision that President Donald Trump signed into law, which exempted banks with less than $100 billion in assets from supervisory stress testing.

The Financial Stability Oversight Council has made a proposed decision to allow Zions to shed its systemically important financial institution, or SIFI, label.