Dallas-Based Comerica to Acquire Sterling Bancshares

Sources at Comerica Incorporated and Sterling Bancshares are confirming Comerica will complete its takeover of Houston-based Sterling effective tomorrow.

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.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...