More Topics:
Comerica Received Federal Reserve Board Approval of Sterling Bancshares Acquisition
Posted July 13, 2011
We Recommend...
DALLAS -- Comerica Incorporated (NYSE: CMA) today announced that its application to acquire Sterling Bancshares, Inc. (Nasdaq: SBIB) has been approved by the Board of Governors of the Federal Reserve System. The Texas Department of Banking has also approved Comerica's acquisition of Sterling. Subject to the terms and conditions of the merger agreement, and following the expiration of the required 15-day Department of Justice waiting period associated with the Federal Reserve Board's approval order, Comerica expects that the closing of the acquisition will be effective as of 12:01 a.m. CT on July 28, 2011.
Under terms of the agreement, announced on January 18, 2011, each outstanding share of Sterling will be exchanged for 0.2365 shares of Comerica stock at closing, subject to payment of cash in lieu of fractional shares.
As previously announced by Sterling, its shareholders approved the merger with Comerica on May 5, 2011.
"We continue to be excited about the opportunity to significantly boost our Texas presence with the acquisition of Sterling," said Ralph W. Babb Jr., chairman and chief executive officer, Comerica Incorporated and Comerica Bank. "Sterling's branch network is very appealing, and the bank has a very attractive deposit base. We believe these positive attributes give us the ability to leverage additional marketing capacity to offer a wide array of products through a larger distribution network, particularly to middle market companies and small businesses. We are pleased with the timing of this acquisition as we are gaining momentum in our Texas market. We anticipate a smooth and seamless transition. The more work we do and the better we get to know Sterling, the more confident we are in the fit of our two organizations. We look forward to welcoming Sterling customers and employees to Comerica as we begin this new chapter in our Texas banking history."
About Comerica
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas-Fort Worth, Houston and Austin, Texas, Comerica Bank locations can be found inArizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $55.0 billion at March 31, 2011. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
To find out more about the company in this article and to see if you
have business connections, click below:
blog comments powered by