DETROIT, Jan. 30 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today
announced it has completed the acquisition of Imperial Bancorp, headquartered
in Los Angeles.
Shareholders of Imperial Bancorp will receive approximately 21 million
shares of Comerica common stock under a 0.46-to-1.00 fixed exchange ratio.
The $1.3 billion transaction will be accounted for as a pooling of interests.
Imperial shareholders had approved the transaction on January 18, 2001.
The final regulatory approval was obtained on January 22, 2001.
Imperial Chairman George L. Graziadio becomes chairman of the board of
Comerica Bank-California; Comerica Bank-California President and Chief
Executive Officer J. Michael Fulton remains president and chief executive
officer; and, Imperial Bank Vice Chairman Norman P. Creighton becomes vice
chairman of Comerica Bank-California.
Imperial Bank provides customized financial products and services to mid-
size manufacturing, distribution, wholesale, service, import/export, and title
and escrow businesses, in addition to emerging technology, entertainment and
residential construction. Currently, it operates 15 regional banking offices
throughout California and Arizona, Colorado and Washington. Imperial also has
23 small business lending offices across the country, and 15 emerging growth
loan offices serving technology centers nationwide.
Headquartered in San Jose, Calif., Comerica Bank-California has offices in
the Bay Area (San Jose to San Francisco), Santa Cruz Coastal, Los Angeles (Los
Angeles and Orange counties) and San Diego.
Comerica Bank-California is a subsidiary of Comerica Incorporated, a
multi-state financial services provider headquartered in Detroit, with banking
subsidiaries in Michigan, California and Texas, banking operations in Florida
and businesses in several other states. Comerica has an investment services
affiliate, Munder Capital Management, and operates banking subsidiaries in
Canada and Mexico. Comerica Incorporated reported total assets of $42 billion
at December 31, 2000.
SOURCE Comerica Incorporated
CONTACT: Media Contacts: Sharon R. McMurray, 313-222-4881, or Wayne J.
Mielke, 313-222-4732; or Investor Contact: Judith S. Love, 313-222-2840, all
of Comerica Incorporated/
