DALLAS, July 28, 2011 /PRNewswire/ -- Comerica
Incorporated (NYSE: CMA) ("Comerica") today announced it has
completed the acquisition of Sterling Bancshares, Inc. (Nasdaq:
SBIB) ("Sterling"). The
announcement was made by Ralph W. Babb
Jr., chairman and chief executive officer of Comerica
Incorporated and Comerica Bank.
(Logo: http://photos.prnewswire.com/prnh/20010807/CMALOGO)
Comerica has acquired all of the outstanding shares of common
stock of Sterling in a
stock-for-stock transaction. Under terms of the agreement,
announced on January 18, 2011,
Sterling shareholders are
receiving 0.2365 shares of Comerica common stock in exchange for
each share of Sterling common
stock they owned, subject to payment of cash in lieu of fractional
shares.
While Sterling and Comerica are
now one entity, Sterling branches and ATMs will continue to carry
the Sterling name until the
completion of systems conversions by the end of the year. During
this interim period, Sterling branches will be operated as a
division of Comerica.
"We welcome Sterling customers,
employees and shareholders to Comerica," said Babb. "We are
committed to ensuring a smooth transition, and will continue to
draw upon the expertise of our colleagues to make it happen."
The acquisition is expected to triple Comerica's Houston market share, provide an entry into
the attractive San Antonio and
Kerrville regions, and complement
Comerica's banking center network in Dallas-Fort Worth.
"Our expanded footprint in Texas provides us ready access to customers
and prospects in the state, including small businesses, middle
market companies and the mass affluent," Babb said. "We plan to
leverage our strong relationship banking culture while reaffirming
our commitment to the communities we serve."
J. Downey Bridgwater, who has
served as chairman and chief executive officer of Sterling, now becomes Comerica's Houston market president, reporting to
J. Patrick Faubion, president of
Comerica's Texas market.
"We anticipate a seamless integration of Sterling with Comerica, given the size of the
transaction and our in-depth knowledge of the Texas market," Babb said.
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 Management. Comerica focuses on
relationships, and helping people and businesses be successful. In
addition to Dallas-Fort Worth,
Houston, San Antonio and Austin, Texas, Comerica Bank locations can be
found in Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. Comerica reported total assets of
$54.1 billion at June 30, 2011. To receive e-mail alerts of
breaking Comerica news, go to
http://www.comerica.com/newsalerts.
Forward-looking Statements
Any statements in this news release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Words such as
"anticipates," "believes," "feels," "expects," "estimates,"
"seeks," "strives," "plans," "intends," "outlook," "forecast,"
"position," "target," "mission," "assume," "achievable,"
"potential," "strategy," "goal," "aspiration," "opportunity,"
"initiative," "outcome," "continue," "remain," "maintain," "trend,"
"objective," "looks forward" and variations of such words and
similar expressions, or future or conditional verbs such as "will,"
"would," "should," "could," "might," "can," "may" or similar
expressions, as they relate to Comerica or its management, are
intended to identify forward-looking statements. These
forward-looking statements are predicated on the beliefs and
assumptions of Comerica's management based on information known to
Comerica's management as of the date of this news release and do
not purport to speak as of any other date. Forward-looking
statements may include descriptions of plans and objectives of
Comerica's management for future or past operations, products or
services, and forecasts of Comerica's revenue, earnings or other
measures of economic performance, including statements of
profitability, business segments and subsidiaries, estimates of
credit trends and global stability. Such statements reflect the
view of Comerica's management as of this date with respect to
future events and are subject to risks and uncertainties. Should
one or more of these risks materialize or should underlying beliefs
or assumptions prove incorrect, Comerica's actual results could
differ materially from those discussed. Factors that could
cause or contribute to such differences are changes in general
economic, political or industry conditions and related credit and
market conditions; changes in trade, monetary and fiscal policies,
including the interest rate policies of the Federal Reserve Board;
adverse conditions in the capital markets; the interdependence of
financial service companies; changes in regulation or oversight,
including the effects of recently enacted legislation, actions
taken by or proposed by the U.S. Treasury, the Board of Governors
of the Federal Reserve System, the Texas Department of Banking and
the Federal Deposit Insurance Corporation, legislation or
regulations enacted in the future, and the impact and expiration of
such legislation and regulatory actions; unfavorable developments
concerning credit quality; the acquisition of Sterling Bancshares,
Inc. ("Sterling"), or any future
acquisitions; the effects of more stringent capital or liquidity
requirements; declines or other changes in the businesses or
industries in which Comerica has a concentration of loans,
including, but not limited to, the automotive production industry
and the real estate business lines; the implementation of
Comerica's strategies and business models, including the
anticipated performance of any new banking centers; Comerica's
ability to utilize technology to efficiently and effectively
develop, market and deliver new products and services; operational
difficulties or information security problems; changes in the
financial markets, including fluctuations in interest rates and
their impact on deposit pricing; the entry of new competitors in
Comerica's markets; changes in customer borrowing, repayment,
investment and deposit practices; management's ability to maintain
and expand customer relationships; management's ability to retain
key officers and employees; the impact of legal and regulatory
proceedings; the effectiveness of methods of reducing risk
exposures; the effects of war and other armed conflicts or acts of
terrorism and the effects of catastrophic events including, but not
limited to, hurricanes, tornadoes, earthquakes, fires, droughts and
floods. Comerica cautions that the foregoing list of factors is not
exclusive. For discussion of factors that may cause actual results
to differ from expectations, please refer to Comerica's and
Sterling's filings with the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date they are made. Comerica does not
undertake to update forward-looking statements to reflect facts,
circumstances, assumptions or events that occur after the date the
forward-looking statements are made. For any forward-looking
statements made in this news release or in any documents, Comerica
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
SOURCE Comerica Incorporated