Zions Bancorporation to Acquire Fannie Mae and Freddie Mac Business Line from Basis Investment Group

Basis Investment Group and Zions Bancorporation Enter into Strategic Partnership to Expand Each Company's Real Estate Financing and Capital Formation Efforts

SALT LAKE CITY, March 23, 2026 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ:ZION) today announced that it has entered into a definitive agreement to acquire the agency lending business of Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group ("Basis"), which includes its experienced team, access to agency lending programs, and all associated mortgage servicing rights. In connection with the acquisition, Zions and Basis have entered into a strategic partnership that will expand each respective company's real estate financing and capital formation efforts.

"The acquisition of Basis' agency lending business will strategically expand our capabilities to meet the needs of our commercial real estate customers. This is a natural, customer-driven evolution of our capital markets strategy, which continues to be a meaningful growth engine for the company. It also reinforces our commitment to supporting economic development, particularly in the high-growth Western markets we serve, where housing availability and affordability create strong demand for multifamily housing. We look forward to working with Tammy Jones and the entire Basis team," said Harris Simmons, Chairman and CEO of Zions Bancorporation.

"This transaction is a great result for all stakeholders, enabling the agency platform to scale while driving financing and investment activity across Basis' diversified Funds platform through our ongoing partnership with Zions. Our shared commitment to workforce and affordable housing serves as a powerful foundation for long-term success. I'm excited for what comes next and to seeing the agency business reach its full potential under Zions' ownership," added Tammy K. Jones, CEO and Founder of Basis.

By acquiring Basis' agency lending business, Zions will be able to offer its clients an expanded product suite through its participation in a variety of important lending programs, including the Fannie Mae DUS® program, and the Freddie Mac Optigo® Conventional and Small Balance Loan programs.

The acquisition is subject to customary closing conditions and certain third-party approvals, including approval by Fannie Mae and Freddie Mac.

Advisors

Zions Capital Markets is serving as financial advisor to Zions, with Allen Overy Shearman Sterling US LLP serving as legal advisor. Beekman Advisors is serving as financial advisor to Basis, with Davis Polk & Wardwell LLP serving as legal advisor.

About Zions Bancorporation

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $89 billion of total assets at December 31, 2025, and annual net revenue of $3.4 billion in 2025. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

About Basis Multifamily Finance

Basis Multifamily Finance I, LLC ("BMF") is an agency multifamily lending platform and a subsidiary of Basis Investment Group, a diversified commercial real estate investment management platform with more than $9 billion in debt and equity transactions closed across 47+ states. BMF is an approved DUS® lender for Fannie Mae and Optigo® lender for Freddie Mac, providing permanent financing for stabilized multifamily properties nationwide. The platform is an active lender across market cycles and maintains long-standing relationships with multifamily owners, operators, and institutional sponsors. For additional information, please visit https://www.basisinvgroup.com/.

Forward-Looking Statements

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect Zions' current views with respect to future events and financial performance. The words "future," "anticipates," "assumes," "intends," "plans," "seeks," "believes," "predicts," "potential," "objective," "estimates," "expects," "targets," "projects," "outlook," "forecast," "would," "will," "may," "might," "could," "should," "can," and similar expressions often signify forward-looking statements. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management's expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties, and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Zions' actual results to differ from those described in the forward-looking statements herein include: delays in closing the Basis acquisition; expected synergies, cost savings, and other financial or other benefits of the Basis acquisition might not be realized within the expected timeframes or might be less than projected; difficulties in integrating the acquired business; and risks identified in Zions Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission. However, these risks and uncertainties are not exhaustive. Other sections of such filings describe additional factors that could impact Zions' business, financial performance, and pending or consummated acquisition transactions, including the Basis transaction. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no obligation to update or revise any forward-looking statements that are made from time to time.

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