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 DETROIT, Sept. 9 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA), a $27 billion asset bank holding company headquartered in Detroit, has reached a definitive agreement to acquire Pacific Western Bancshares (AMEX: PWB), a $1 billion bank holding company based in San Jose, Calif. Pacific Western Bancshares is the parent company of Pacific Western Bank, which was founded in 1975.
 Shareholders of Pacific Western Bancshares will receive approximately 4,585,000 shares of Comerica Incorporated stock, presently valued at $132,955,000. The transaction is subject to regulatory approval and is expected to be completed in the spring of 1994, at which time Pacific Western Bank is expected to become part of Comerica Bank- California.
 "Our California bank has performed well despite the weak economic conditions in California," stated Eugene A. Miller, chairman and chief executive officer of Comerica Incorporated. "This performance, coupled with an improving economy in Northern California, is the catalyst for doubling our size through an attractive in-market acquisition."
 According to Pacific Western Bancshares Chairman and Chief Executive Officer Phillip R. Boyce, the merger presents a number of benefits for the bank's customers and employees. "We were attracted to Comerica Bank-California by its performance and reputation for high quality customer service and responsiveness," stated Boyce. "The combination of our two banks will provide expanded products and services to our customers, delivered through a personal approach unparalleled in California."
 Pacific Western Bank has 23 branches in Northern California: seven in Santa Clara County, 10 in Santa Cruz County and six in Monterey County.
 Comerica Bank-California has four branches in Northern California: two in Santa Clara County and one each in Alameda and San Francisco counties. It also has two branches in Los Angeles County and one in Orange County.
 Pacific Western Bank has shown signs of improving its operating performance which suffered during California's economic downturn. The merger is expected to accelerate earnings growth. As the largest independent bank in the South Bay area, Pacific Western will increase Comerica Bank-California's assets to over $2 billion once the merger is complete, creating the 12th largest bank in California.
 "Through this merger, we gain the unprecedented opportunity to increase and enhance our presence in the South Bay area and gain new presence in Santa Cruz and Monterey counties," said Comerica Bank- California Chairman Jack Conner. "This expanded service network will enable us to serve our customers even better.
 "By joining forces with the largest independent bank in the South Bay area, Comerica Bank-California underscores its commitment to meeting the needs of individuals and businesses in the community," said Conner. "We saw a fit with Pacific Western for many reasons, not the least of which is their commitment to quality customer service."
 Comerica California's plan is to be the preferred bank in Northern California and select Southern California markets. Comerica Bank- California has consistently focused on businesses and their owners, and Pacific Western will complement this well and provide access to additional markets.
 Comerica Incorporated was an early entrant into the California banking market, once California banking laws were changed. In 1991, Comerica Incorporated acquired Plaza Commerce Bancorp, holding company for Plaza Bank of Commerce, and InBancshares, holding company for Bank of Industry. These banks were merged and the names were changed to Comerica Bank-California. Prior to the merger with Pacific Western Bancshares, Comerica Bank-California had assets of approximately $1 billion.
 Comerica Incorporated reported assets of $27 billion at June 1993. In addition to California, it operates banks in Michigan, Texas, Illinois and Florida.
 -0- 9/9/93
 /CONTACT: Detroit media, Wayne J. Mielke, 313-222-4732, or Kathleen A. Pitton, 313-222-4916, or investors, Leonard B. Carlton, 313-222-4940, or Judith V. Hicks, 313-222-6317, or California media, Rebecca A. Levey, 408-291-6648, all of Comerica/

CO: Comerica Incorporated; Pacific Western Bancshares ST: Michigan, California IN: FIN SU: TNM

ML -- DE007 -- 0130 09/09/93 08:39 EDT
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Publication:PR Newswire
Date:Sep 9, 1993

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