COMERICA ACQUIRES MIDLANTIC TRUST AND LENDING BUSINESS, EXPANDS FLORIDA OPERATIONS
COMERICA ACQUIRES MIDLANTIC TRUST AND LENDING BUSINESS,
EXPANDS FLORIDA OPERATIONS
DETROIT, Nov. 15 /PRNewswire/ -- Comerica (NYSE: CMA) today consummated its previously announced agreement to purchase the trust business and certain private banking and consumer loans of Midlantic National Bank and Trust Co./Florida, headquartered in Ft. Lauderdale.
Comerica has acquired Midlantic's $315 million trust assets as well as $11 million in private banking loans and $10 million in home equity loans.
In addition, Comerica will assume leases at Midlantic's facilities in Ft. Lauderdale, Delray Beach and Palm Beach. After regulatory approval, which is expected in early 1992, Comerica plans to offer full- service banking at the Ft. Lauderdale office.
"This is a significant move that will introduce Comerica into Broward County and continues our custom banking expansion strategy in the Florida market," said Arthur R. Bradley, president of Comerica Trust Company of Florida. "With this expansion, Comerica now has approximately $1.5 billion in trust assets under management in Florida."
Comerica, through Comerica Bank-Florida F.S.B. and Comerica Trust Company of Florida, N.A., operates offices in Boca Raton, Clearwater, Naples, North Palm Beach and Sarasota.
/CONTACT: Arthur R. Bradley, president, Comerica Trust Company of Florida, 407-994-6800/
(CMA) CO: Comerica Incorporated; Midlantic National Bank and Trust
Co./Florida ST: Michigan, Florida IN: FIN SU: TNM SB -- DE011 -- 1506 11/15/91 11:38 EST