DALLAS, March 16, 2020 /PRNewswire/ -- Comerica Bank
announced it will reduce its prime rate to 3.25 percent from 4.25
percent effective tomorrow, March 17,
2020.
"The well-being of our customers, employees and communities is
our priority during this uncertain time," said Curt Farmer, Comerica Chairman, President and
CEO. "Comerica has extensive plans in place to handle situations
such as this to ensure our customers' funds remain protected and
accessible and that you are safe coming into our
facilities. Comerica has a strong liquidity profile, and we
are well-capitalized which positions us to continue to meet our
customers' needs."
Comerica also announced it is joining other U.S. financial
institutions in suspending its share repurchase program through the
end of the second quarter of 2020. This action will help ensure
Comerica can use its strong levels of capital and liquidity to
support our customers.
Comerica customers facing hardship related to the Novel
Coronavirus (COVID-19) are encouraged to reach out to their banking
representative or call (888) 444-9876 to discuss their banking
needs with a trained specialist. Representatives are available
Monday through Friday from 8 a.m. to 8 p.m.
ET and Saturday from 8 a.m. to 5 p.m.
ET.
Comerica Incorporated (NYSE: CMA) 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 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
$73 billion at Dec. 31, 2019.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/comerica-bank-announces-prime-rate-reduction-suspends-share-repurchase-program-301025122.html
SOURCE Comerica Bank