NORTHPARK NATIONAL CORPORATION TO JOIN FORCES WITH COMERICA INC.
NORTHPARK NATIONAL CORPORATION TO JOIN FORCES WITH COMERICA INC. / NOTE: Following is a repeat due to garble in the last paragraph / DALLAS, Nov. 5 /PRNewswire/ -- A definitive agreement was reached Wednesday (Nov. 4) for the $748 million asset NorthPark National Corporation to be acquired by Comerica Incorporated (NYSE: CMA), a $27 billion asset bank holding company headquartered in Michigan, announced Eugene A. Miller, president and chief operating officer of Comerica Incorporated. NorthPark National Corporation is the parent company of 27-year-old NorthPark National Bank of Dallas, the largest independent bank in North Texas. Shareholders of NorthPark National Corporation will receive approximately 1,339,000 shares of Comerica Incorporated common stock, presently valued at $81 million. The transaction is subject to regulatory approval and is expected to be completed in the second quarter of 1993, at which time NorthPark National Bank is expected to be merged with Comerica Bank-Texas. At September 30, 1992, NorthPark National Corporation had capital of approximately $45 million and record earnings totaling $10.3 million for the previous 12 months. Since 1965, NorthPark Bank has grown from $1 million to $748 million in assets. By joining forces with Comerica, NorthPark's customers will have access to a broader array of products and services as well as to Comerica's growing network of Texas banks, including 28 branches in Dallas and Fort Worth. When Comerica's recent acquisitions of Hibernia National Bank in Texas and Sugar Creek National Bank of the Houston area are complete, the service area also will be extended to Austin, Houston and San Antonio. Comerica Bank-Texas offers consumer and private banking, while specializing in middle market and small business lending, corporate cash management and trust activities. NorthPark is similarly involved in small business and middle market lending as well as consumer lending and trust activities. Comerica Bank-Texas, a wholly owned subsidiary of Comerica Incorporated, has increased its assets from $475 million in 1988 to approximately $1.3 billion today. The NorthPark transaction together with the Hibernia and Sugar Creek acquisitions will increase Comerica's Texas assets to more than $3 billion, continuing the bank's steady growth in this market. Comerica Incorporated has assets of approximately $27 billion. In addition to Texas, Comerica Incorporated operates banks in Michigan, Illinois, California and Florida. -0- 11/5/92 /CONTACT: (Media) Michael T. Maurer, 313-222-4732, or Sharon R. McMurray, 313-222-4881, or (Investors) Leonard B. Carleton, 313-222-4940, or Judith V. Hicks, 313-222-6317, all of Comerica/ (CMA) CO: Comerica Incorporated; NorthPark National Corporation ST: Michigan, Texas IN: FIN SU: TNM
KE -- DE020 -- 7739 11/05/92 12:51 EST
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|Date:||Nov 5, 1992|
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