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COMERICA/MANUFACTURERS MERGER PROGRESS DISCUSSED WITH BALTIMORE ANALYST GROUP

 COMERICA/MANUFACTURERS MERGER PROGRESS
 DISCUSSED WITH BALTIMORE ANALYST GROUP
 DETROIT, June 3 /PRNewswire/ -- The chairman of Comerica Incorporated (NYSE: CMA) told investment analysts in Baltimore today that the merger with Manufacturers National Corporation (NASDAQ-NMS: MNTL) will close on June 18.
 In remarks before the 1992 Financial Services Seminar sponsored by Alex Brown and Sons, Inc., Eugene A. Miller said regulatory approvals took a little longer than had been anticipated but that all but one now have been received. Still outstanding is the formal approval of the U.S. Department of Justice, which already has stated that it does not believe the merger will have a significantly adverse effect on competition.
 In a progress report on other aspects of the merger, Miller said:
 -- All systems decisions have been made and detailed integration plans are in place.
 - The selection of management personnel has been completed.
 - 1,200 permanent positions have been eliminated to-date, out of 1,800-2,000 targeted.
 Miller said that because a greater-than-expected number of employees from both companies elected to take an early retirement package, the one-time restructuring charge associated with the merger would be higher than the original estimate of $105-115 million. Miller put the revised charge at $124 million. "The good news," Miller said, "is that the departure of 700 employees under the early retirement program reduced significantly the number of involuntary separations that will be necessary to meet our cost objectives."
 The restructuring charge will be taken against earnings for the current quarter. Miller said the estimate of annual cost savings to be achieved by 1994 is unchanged at $145 million.
 -0- 6/3/92
 /CONTACT: David O. Taylor, 313-222-3384, for media, or Judith V. Hicks, 313-222-6317, for investors, both of Comerica; or Sharon R. McMurray, 313-222-4881, for media, or Leonard B. Carleton, 313-222-4940, for investors, both of Manufacturers National/
 (CMA MNTL) CO: Comerica Incorporated; Manufacturers National Corporation ST: Michigan, Maryland IN: FIN SU: TNM


SB -- DE009 -- 6694 06/03/92 15:45 EDT
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Date:Jun 3, 1992
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