DALLAS, Nov. 5, 2024
/PRNewswire/ -- The Board of Directors of Comerica
Incorporated (NYSE: CMA) declared a quarterly cash dividend for
common stock of 71 cents ($0.71) per share. The dividend is payable
Jan. 1, 2025, to shareholders of
record at the close of business on Dec. 13,
2024.
The Board also declared a dividend of $1,406.25 per share (equivalent to $14.0625 per depositary share) on the Series A
Non-Cumulative Perpetual Preferred Stock of Comerica Incorporated,
payable Jan. 1, 2025, to preferred
stock shareholders of record at the close of business on
Dec. 13, 2024.
In addition, the Board approved the authorization to purchase up
to an additional 10 million shares of Comerica Incorporated
outstanding common stock. This authorization is in addition to the
5 million shares remaining at Sept. 30,
2024, under the Board's prior authorizations for the share
repurchase program. There is no expiration date for the share
repurchase program. The timing and actual amount of share
repurchases are subject to various factors, including the
Corporation's earnings generation, capital needs to fund future
loan growth and market conditions. Shares may be repurchased
through open market repurchases, privately negotiated transactions,
structured repurchase agreements with third parties and/or
otherwise, including utilizing Rule10b5-1 plans. The repurchased
shares may be held as treasury stock or retired.
This year, Comerica Bank celebrates its 175th
anniversary. A subsidiary of Comerica Incorporated (NYSE: CMA),
Comerica Bank is a financial services company headquartered in
Dallas, Texas, and is
strategically aligned by three business segments: The Commercial
Bank, The Retail Bank and Wealth Management. Comerica, one of the
25 largest commercial U.S. financial holding companies, focuses on
building relationships and helping people and businesses be
successful, providing nearly 380 banking centers across the country
with locations in Arizona,
California, Florida, Michigan and Texas. Founded on Aug.
17, 1849, in Detroit,
Michigan, Comerica continues to expand into new regions,
most recently in the Southeast, including North Carolina and Mountain West Market in
Colorado. Comerica has offices in
17 states and services 14 of the 15 largest U.S. metropolitan
areas, as well as Canada and
Mexico. Comerica reported total
assets of $79.7 billion at
Sept. 30, 2024. Learn more about how
Comerica is raising expectations of what a bank can be by
visiting www.comerica.com, and follow us
on Facebook, X, Instagram and LinkedIn.
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SOURCE Comerica Incorporated