Dallas-Based Comerica to Acquire Sterling Bancshares
by: Andrew Schneider, July 27, 2011 8:07:00 pm
Dallas-based Comerica will nearly double its presence in Houston to 65 banking centers through its acquisition of Sterling. The deal will also expand Comerica’s footprint in the Dallas-Fort Worth area, as well as giving it an entry into San Antonio.
Under the terms of the deal worked out in January, Sterling shareholders will receive just under a quarter of a share of Comerica common stock for each of their Sterling shares.
J. Downey Bridgwater, Sterling's chairman and CEO, is expected to become Comerica's Houston market president following completion of the acquisition.