Comerica (CMA) to Repurchase up to $288M in Stock

March 14, 2013 4:54 PM EDT
Comerica Incorporated (NYSE: CMA) today announced that the Federal Reserve had completed its 2013 Capital Plan review and that it did not object to the Comerica capital plan and capital distributions contemplated in the plan. The plan provides for up to $288 million in equity repurchases for the four-quarter period commencing in the second quarter 2013 and ending in the first quarter 2014. In addition, Comerica's Capital Plan includes the authority to redeem $25 million of subordinated notes due 2018 when callable later this year.

"We are pleased the Federal Reserve has completed its review and that we are moving forward with our 2013 capital plan," said Ralph W. Babb Jr., chairman and chief executive officer. "Our ability to execute our plan reaffirms our company's strong capital position and continued focus on growth."

On January 22, 2013, Comerica announced that its Board of Directors increased the quarterly cash dividend for common stock 13 percent to 17 cents ($0.17) per share, payable April 1, 2013, to common stock shareholders of record on March 15, 2013.

"We remain focused on total payout to shareholders, reflected by share repurchases and dividends, while maintaining our strong capital ratios," Babb said.

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