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Comerica said it will exchange each share of Sterling common stock for 0.2365 shares of Comerica common stock when the deal closes in the middle of 2011.
Comerica shares are down 7.9%, or $3.34, to $38.91.
Comerica (CMA) shares are lower after it unveiled a deal to buy Sterling Bancshares (SBIB) for a little over $1 billion in a stock-swap deal in an effort to expand its bank business in Texas, MarketWatch reports.
The deal highlights a trend where regional banks are seeking to bolster their deposit base and extend their reach to become even stronger.
Comerica's Chairman and CEO Ralph Babb Jr.
Comerica (NYSE:CMA) has announced it has entered into an agreement to buy regional bank Sterling Bancshares (NYSE:SBIB) for $1.03 billion in a stock-for-stock deal. The transaction values Sterling shares at $9.99 per share - a 30%
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From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
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