DALLAS, March 11, 2015 /PRNewswire/ -- Comerica
Incorporated (NYSE: CMA) today announced that after the Federal
Reserve had completed its 2015 Comprehensive Capital Analysis and
Review ("CCAR"), it did not object to the Comerica capital plan and
capital distributions contemplated in the
plan. The plan includes:
- increasing the Company's quarterly dividend to $0.21 per common share, a 5 percent increase over
the current dividend rate. The dividend proposal will be considered
by the Board at its next scheduled meeting on April 28, 2015.
- equity repurchases up to $393
million for the five-quarter period commencing in the second
quarter 2015 and ending in the second quarter 2016.
The reacquired shares will be held as treasury shares and may be
used for various corporate purposes, including to offset issuances
of common shares under Comerica's compensation plans. The timing
and ultimate amount of equity repurchases will be consistent with
the Company's capital plan and will be subject to various factors,
including the Company's capital position, financial performance and
market conditions.
"The Federal Reserve has completed its review and we are
moving forward with our 2015 capital plan, which includes increases
to equity repurchases as well as the dividend. After returning 66
percent of net income to shareholders in 2014, we are pleased to
continue to provide a meaningful return to our shareholders in
2015," said Ralph W. Babb Jr.,
chairman and chief executive officer.
Comerica Incorporated is a financial services company
headquartered in Dallas, Texas,
and strategically aligned by three business segments: The Business
Bank, The Retail Bank, and Wealth Management. Comerica focuses on
relationships, and helping people and businesses be successful. In
addition to Texas, Comerica Bank
locations can be found in Arizona,
California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. Comerica reported total assets of
$69.2 billion at December 31, 2014.
Forward Looking Statements
Any
statements in this news release that are not historical facts are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Words such as "anticipates,"
"believes," "contemplates," "feels," "expects," "estimates,"
"seeks," "strives," "plans," "intends," "outlook," "forecast,"
"position," "target," "mission," "assume," "achievable,"
"potential," "strategy," "goal," "aspiration," "opportunity,"
"initiative," "outcome," "continue," "remain," "maintain," "on
course," "trend," "objective," "looks forward," "projects,"
"models" and variations of such words and similar expressions, or
future or conditional verbs such as "will," "would," "should,"
"could," "might," "can," "may" or similar expressions, as they
relate to Comerica or its management, are intended to identify
forward-looking statements. These forward-looking statements are
predicated on the beliefs and assumptions of Comerica's management
based on information known to Comerica's management as of the date
of this news release and do not purport to speak as of any other
date. Forward-looking statements may include descriptions of plans
and objectives of Comerica's management for future or past
operations, products or services, and forecasts of Comerica's
revenue, earnings or other measures of economic performance,
including statements of profitability, business segments and
subsidiaries, estimates of credit trends and global stability. Such
statements reflect the view of Comerica's management as of this
date with respect to future events and are subject to risks and
uncertainties. Should one or more of these risks materialize or
should underlying beliefs or assumptions prove incorrect,
Comerica's actual results could differ materially from those
discussed. Factors that could cause or contribute to such
differences are changes in general economic, political or industry
conditions; changes in monetary and fiscal policies, including
changes in interest rates; changes in regulation or oversight;
Comerica's ability to maintain adequate sources of funding and
liquidity; the effects of more stringent capital or liquidity
requirements; declines or other changes in the businesses or
industries of Comerica's customers, including the energy industry;
operational difficulties, failure of technology infrastructure or
information security incidents; reliance on other companies to
provide certain key components of business infrastructure; factors
impacting noninterest expenses which are beyond Comerica's control;
changes in the financial markets, including fluctuations in
interest rates and their impact on deposit pricing; changes in
Comerica's credit rating; unfavorable developments concerning
credit quality; the interdependence of financial service companies;
the implementation of Comerica's strategies and business
initiatives; Comerica's ability to utilize technology to
efficiently and effectively develop, market and deliver new
products and services; competitive product and pricing pressures
among financial institutions within Comerica's markets; changes in
customer behavior; any future strategic acquisitions or
divestitures; management's ability to maintain and expand customer
relationships; management's ability to retain key officers and
employees; the impact of legal and regulatory proceedings or
determinations; the effectiveness of methods of reducing risk
exposures; the effects of terrorist activities and other
hostilities; the effects of catastrophic events including, but not
limited to, hurricanes, tornadoes, earthquakes, fires, droughts and
floods; changes in accounting standards and the critical nature of
Comerica's accounting policies. Comerica cautions that the
foregoing list of factors is not exclusive. For discussion of
factors that may cause actual results to differ from expectations,
please refer to our filings with the Securities and Exchange
Commission. In particular, please refer to "Item 1A. Risk Factors"
beginning on page 12 of Comerica's Annual Report on Form 10-K for
the year ended December 31,
2014. Forward-looking statements speak
only as of the date they are made. Comerica does not undertake to
update forward-looking statements to reflect facts, circumstances,
assumptions or events that occur after the date the forward-looking
statements are made. For any forward-looking statements made in
this news release or in any documents, Comerica claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995.
Logo -
http://photos.prnewswire.com/prnh/20010807/CMALOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/comerica-plans-equity-repurchases-of-up-to-393-million-300049284.html
SOURCE Comerica Incorporated