Comerica Inc

Comerica to Acquire University Bank: The San Jose-based bank holding company said it will buy University Bank & Trust Co. of Palo Alto for about $73 million in stock. Under the definitive agreement, Comerica Inc. will offer 1.7456 shares for each University share.

Comerica Inc. played a key role in Franchise Pictures' attempt to inflate budgets on films such as "Angel Eyes" and "Get Carter," according to a suit filed by German licensor Intertainment. Comerica was the production lender for most of the films at issue in Intertainment's pending suit against Franchise. In 2000, Intertainment claimed the producer of "Battlefield Earth" overbilled its European licensing partner on 10 of 26 films. That case is set for trial early next year.

Comerica Sets Up Costa Mesa Shop: Though not yet a major presence on the Southern California banking scene, Comerica Bank-California hopes that will soon change. The San Jose bank, owned by Detroit's Comerica Inc. banking company, recently opened a branch in Costa Mesa, its third Southern California branch and its first in Orange County. It has 25 branches in Northern California. "We're extremely bullish on the Orange County market," said J.

Comerica Inc., a Detroit bank with 25% of its assets in California, surprised Wall Street on Wednesday when it sharply increased its provisions for loan losses, restated its second-quarter results and said it would take an $86-million charge to reflect the falling value of its asset-management subsidiary. The news slammed Comerica's stock, which fell $10.19, or 20%, to $40 on the New York Stock Exchange.

Comerica Inc. played a key role in Franchise Pictures' attempt to inflate budgets on films such as "Angel Eyes" and "Get Carter," according to a suit filed by German licensor Intertainment. Comerica was the production lender for most of the films at issue in Intertainment's pending suit against Franchise. In 2000, Intertainment claimed the producer of "Battlefield Earth" overbilled its European licensing partner on 10 of 26 films. That case is set for trial early next year.

Comerica Inc. said it will cut 1,890 jobs, or 14% of its payroll, and close about 15 branches to slash costs and boost profit. The Detroit-based bank took a $90-million charge against fourth-quarter earnings to reflect the costs of the job cuts and other restructuring moves. Comerica doesn't know how many people will be fired and how many unfilled positions will be eliminated, bank spokesman Wayne Mielke said.

Wednesday was Wall Street's first chance to vote on Comerica Inc.'s proposed purchase of Imperial Bancorp--and it wasn't exactly a vote of confidence. Shares of the Detroit-based banking company tumbled more than 8%, closing down $5.19 at $55.13 in New York Stock Exchange trading. The deal was announced before the market opened Wednesday morning. Comerica is acquiring Inglewood-based Imperial in a stock swap, and the slide in Comerica's share price reduced the value of the deal to $1.

Comerica Inc. said it will cut 350 senior management and other positions as it combines Inglewood-based Imperial Bancorp, which it recently purchased, with the bank's California businesses. Detroit-based Comerica, the No. 18 U.S. bank, said in a regulatory filing that four jobs were eliminated in California during the first quarter, but it did not say where the remaining cuts would be made. The firings, which represent 3% of Comerica's work force, will occur in the first quarter of next year.

Comerica Inc. said Monday that it will absorb cross-town rival Manufacturers National Corp. in a stock merger valued at about $1.1 billion that would create one of the nation's biggest banks. The deal is the latest in a wave of consolidations to sweep the banking industry in the past few months. It would create a banking company with about $26.8 billion in assets, putting it among the 30 biggest banks in the nation.

UnionBanCal Corp. and Comerica Inc. aided Earthlink co-founder Reed Slatkin's Ponzi scheme that solicited more than $590 million from investors, according to a suit filed by his estate's bankruptcy trustee. Slatkin this year agreed to plead guilty to 15 felony changes in connection with the investment scheme and acknowledged responsibility for at least $254 million in losses. He filed for bankruptcy in 2001.

Comerica Inc. said it will cut 350 senior management and other positions as it combines Inglewood-based Imperial Bancorp, which it recently purchased, with the bank's California businesses. Detroit-based Comerica, the No. 18 U.S. bank, said in a regulatory filing that four jobs were eliminated in California during the first quarter, but it did not say where the remaining cuts would be made. The firings, which represent 3% of Comerica's work force, will occur in the first quarter of next year.

Wells Fargo & Co., the fourth-largest U.S. bank, said Tuesday that first-quarter profit rose 12% as gains on the sale of investments and branches bolstered revenue. Net income was $1.17 billion, or 67 cents a share, compared with $1.04 billion, or 61 cents, in the same period last year. The results matched analysts' estimates. Revenue rose 12% to $5.23 billion. Non-interest income rose 18% to $2.

Wednesday was Wall Street's first chance to vote on Comerica Inc.'s proposed purchase of Imperial Bancorp--and it wasn't exactly a vote of confidence. Shares of the Detroit-based banking company tumbled more than 8%, closing down $5.19 at $55.13 in New York Stock Exchange trading. The deal was announced before the market opened Wednesday morning. Comerica is acquiring Inglewood-based Imperial in a stock swap, and the slide in Comerica's share price reduced the value of the deal to $1.

Imperial Bancorp--one of the largest banks based in Southern California--will announce today that it has agreed to be acquired by Detroit banking company Comerica Inc. in a stock swap valued at $1.25 billion. George L. Graziadio, chairman and chief executive of Inglewood-based Imperial, said Tuesday night that a merger agreement had been reached with Comerica at a price of $27.74 per Imperial share based on Tuesday's closing prices for both companies.

Comerica Inc. said it will cut 1,890 jobs, or 14% of its payroll, and close about 15 branches to slash costs and boost profit. The Detroit-based bank took a $90-million charge against fourth-quarter earnings to reflect the costs of the job cuts and other restructuring moves. Comerica doesn't know how many people will be fired and how many unfilled positions will be eliminated, bank spokesman Wayne Mielke said.

Comerica Inc., a Detroit bank with 25% of its assets in California, surprised Wall Street on Wednesday when it sharply increased its provisions for loan losses, restated its second-quarter results and said it would take an $86-million charge to reflect the falling value of its asset-management subsidiary. The news slammed Comerica's stock, which fell $10.19, or 20%, to $40 on the New York Stock Exchange.

UnionBanCal Corp. and Comerica Inc. aided Earthlink co-founder Reed Slatkin's Ponzi scheme that solicited more than $590 million from investors, according to a suit filed by his estate's bankruptcy trustee. Slatkin this year agreed to plead guilty to 15 felony changes in connection with the investment scheme and acknowledged responsibility for at least $254 million in losses. He filed for bankruptcy in 2001.

Sensing opportunity in a recovering Southern California economy, Detroit-based Comerica Inc. agreed to buy Metrobank, a young and growing Los Angeles banking firm that concentrates on commercial lending. Comerica valued the stock-swap deal at $120 million. Comerica, a $34-billion-asset bank holding company that has established itself in Northern California through several recent acquisitions, sees the Metrobank purchase as a way to quickly boost its modest presence in Southern California.

Comerica Sets Up Costa Mesa Shop: Though not yet a major presence on the Southern California banking scene, Comerica Bank-California hopes that will soon change. The San Jose bank, owned by Detroit's Comerica Inc. banking company, recently opened a branch in Costa Mesa, its third Southern California branch and its first in Orange County. It has 25 branches in Northern California. "We're extremely bullish on the Orange County market," said J.