Comerica Completes Metrobank Acquisition.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Jan. 17, 1996--Comerica Incorporated (NYSE NYSE See: New York Stock Exchange :CMA CMA - Concert Multithread Architecture from DEC. ) today announced it has completed the acquisition of Metrobank headquartered in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , for approximately 4.4 million shares of Comerica common stock. The $1.3 billion asset Metrobank represents significant market expansion for Comerica Bank-California, headquartered in San Jose, Calif. Metrobank is expected to be merged into Comerica Bank-California in the third quarter of 1996. "This acquisition will significantly expand Comerica Bank-California's presence in southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ," stated J. Michael Fulton, president and chief executive officer of Comerica Bank-California. "Our affiliation with Metrobank will provide customers of both banks a broader array of services and locations and continued high quality service." Shareholders of Metrobank will receive .7910 shares of Comerica stock for each share of Metrobank stock. The transaction will be accounted for as a purchase. The final regulatory approval was obtained on Sept. 26, 1995. The addition of Metrobank's seven offices located in Los Angeles, Orange and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. counties will complement Comerica's three existing Southern California offices located in Costa Mesa Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , City of Industry and Encino. With combined offices of 36 and assets of approximately $4 billion, Comerica Bank-California will become the eighth largest bank headquartered in California. Fulton also announced that two directors of Metrobank will join the board of directors of Comerica Bank-California. They are David L. Buell, vice chairman of Metrobank, and Robert M. Mayer, president and chief executive officer of the Robert Mayer
Sir Robert Mayer KCVO (June 5, 1879 – January 9, 1985) was a philanthropist, businessman, and a major supporter of music and young musicians. Corp. Metrobank's board of directors will mirror that of Comerica Bank-California. "Our customers will benefit from the strength and resources available through Comerica, one of the nation's top performing financial organizations," stated Buell. "The entire Metrobank family of shareholders, customers and employees are enthusiastic about becoming a part of Comerica." Comerica Bank-California, a member of the Federal Deposit Insurance Corp., is a subsidiary of Comerica California Inc., a bank holding company. The parent company, Comerica Inc., recently reported total assets of $35 billion at year-end 1995. In addition to California, Comerica Incorporated operates banks in Michigan, Texas, Florida and Illinois. CONTACT: Comerica Inc. Carleen Maniglia, 408/556-5205 (media) Allison M. Cione, 313/222-6317 (investor) |
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