DALLAS, Jan. 27 /PRNewswire-FirstCall/ -- The Board of Directors of Comerica Incorporated today declared a quarterly cash dividend for common stock of five cents ($0.05) per share. The dividend is payable April 1, 2009, to common stock shareholders of record on March 15, 2009.
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"Comerica's tangible common equity ratio of 7.21 percent is among the highest in the industry," said Ralph W. Babb Jr., chairman and chief executive officer. "Even though we expect credit quality in 2009 to remain consistent with 2008, prudence dictates we retain capital in this uncertain economic environment. Therefore, the board of directors has taken the difficult, but necessary, action of decreasing the quarterly dividend, enabling the retention of nearly $170 million per annum in tangible equity. The additional capital further bolsters our strong capital levels, preserves and enhances Comerica's balance sheet strength, and provides a cushion in these challenging times. We look forward to increasing our dividend when our outlook on the economy improves."
As part of the U.S. Treasury Department's Capital Purchase Program, the Board of Directors of Comerica Incorporated today also declared a quarterly cash dividend for Fixed Rate Cumulative Perpetual Preferred Stock, Series F, of $12.63888889 per share. The dividend is payable February 17, 2009 to such preferred stock shareholders of record on January 31, 2009.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional 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, China and Mexico. Comerica reported total assets of $67.5 billion at December 31, 2008. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
SOURCE: Comerica Incorporated
CONTACT: Media, Wendy Walker, +1-214-462-6669, or Wayne Mielke,
+1-214-462-4463, or Investors, Darlene Persons, +1-214-462-6831, or Walter Galloway, +1-214-462-6834, all of Comerica Incorporated
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