Comerica Plans Share Repurchase of Up to $375 Million
DALLAS, March 14, 2012 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today announced that the Federal Reserve had completed its 2012 Capital Plan review and that it did not object to the Comerica (CMA) capital plan and capital distributions contemplated in the plan. The plan provides for up to $375 million in equity repurchases for the period commencing the first quarter 2012 and ending the first quarter 2013. The plan, which was approved by Comerica's Board of Directors, further contemplates an increase in Comerica's quarterly dividend from 10 cents per share to 15 cents per share, a 50 percent increase. The dividend proposal will be considered by the Board at its April 24, 2012, meeting. In addition, Comerica's Capital Plan includes the authority to redeem its remaining $25 million of trust preferred securities when callable.
"We are pleased the Federal Reserve has completed its review and that we are moving forward with our capital plan, which targets an increase in our total payout to shareholders in 2012. The targeted equity repurchase amount represents a significant increase over the $110 million we repurchased in 2011," said Ralph W. Babb Jr., chairman and chief executive officer. "Our ability to execute our plan reaffirms our company's strong capital position and improved financial performance."
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $61 billion at December 31, 2011. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
Forward Looking Statements
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SOURCE Comerica Incorporated