Comerica Completes Sterling Takeover
by: Andrew Schneider, July 28, 2011 3:07:00 pm
The takeover will triple Comerica's Houston market share, provide it an entry into the San Antonio and Kerrville areas, and complement its banking center network in Dallas-Fort Worth.
Downey Bridgwater, formerly chairman and CEO of Sterling, now becomes Comerica's Houston market president. He says the Comerica takeover will mean a range of new services for consumers and, especially, for businesses.
"They have lines of business that will help a litany of different groups specializing in health care, life sciences, technology, automobile dealerships and the automobile industry overall, energy, energy services...it goes on and on. They even have an entertainment group out in California."
Sterling branches and ATMs will continue to carry the Sterling name until Comerica finishes converting systems later this year. Until then, Sterling branches will operate as a division of Comerica.