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COMERICA INCORPORATED TO ACQUIRE TEXAS BANK

 COMERICA INCORPORATED TO ACQUIRE TEXAS BANK
 DETROIT, Sept. 24 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA),


a Michigan-headquartered bank holding company, today reached a definitive agreement to acquire the $200 million asset Sugar Creek National Bank in Sugar Land, Texas, for $27.5 million in Comerica common stock, according to Charles L. Gummer, president and chief executive officer of Comerica Bank-Texas.
 The transaction is subject to regulatory approval, with final approval expected in the first quarter of 1993. Sugar Creek shareholders will receive shares of Comerica common stock for their Sugar Creek shares. The exact number of shares will be contingent on the Comerica stock price at the time of the transaction's completion.
 The $27.5 million purchase price represents 1.7 times Sugar Creek's book value at June 30, 1992, and 8.2 times 1992 earnings, based on June 30, 1992, net income of $1,680,000.
 Gummer praised Sugar Creek National Bank's management and operating results, noting that the bank has made a profit every year since it was organized in 1977. "Sugar Creek has a strong management and is a solid franchise in one of the most attractive growth areas of the Houston metropolitan area. Both Sugar Creek and Comerica have always had a strong belief in relationship banking, working with the customer for everyone's ultimate success," Gummer said.
 Jake Kamin, Sugar Creek chairman of the board, echoed those remarks, saying, "Like Comerica, we have been customer driven from the start. And, when the decision was made to grow, we looked for a financial institution that shared our basic philosophies. Comerica Bank-Texas shares our desire to serve the middle market of banking, while allowing us to offer our customers more sophisticated services and products."
 Reflecting on those products, Tom Daniels, president of Sugar Creek National Bank, said, "For example, in the investment services area, Sugar Creek National Bank will be able to offer a complete spectrum of trust products ranging from mutual funds to individual stocks. Comerica also brings comprehensive international finance and trade services developed over the last three decades."
 Comerica Bank-Texas currently operates 28 branches in the Dallas- Fort Worth area, but has announced an agreement to acquire Hibernia National Bank in Texas, which will eventually increase its service area to include Houston, Austin and San Antonio. Comerica's Gummer concluded, "The Sugar Creek transaction continues Comerica's steady growth in the Houston market."
 Comerica Incorporated has assets of approximately $28 billion. In addition to Texas, Comerica Incoporated also operates banks in Michigan, Illinois, California and Florida.
 -0- 9/24/92
 /CONTACT: For media, Kathleen Pitton, 313-222-4916, or Donald Durocher, 313-222-4732, or for analysts, Judith Hicks, 313-222-6317, all of Comerica Incorporated/
 (CMA) CO: Comerica Incorporated; Sugar Creek National Bank ST: Michigan, Texas IN: FIN SU: TNM


SB -- DE006 -- 3089 09/24/92 12:17 EDT
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Date:Sep 24, 1992
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