DALLAS, June 13, 2017 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today announced that in accordance with the terms of the outstanding legacy Sterling Bancshares, Inc. warrants (OTC Pink: CMP.WW; CUSIP number 200340 123) ("the Sterling Warrants") to purchase shares of Comerica Common Stock, par value $5.00 per share, the Sterling Warrant exercise price will be reduced to $7.177 per share (from $7.18 per share) and the Warrant Share Number will be increased to 0.24 per share (from 0.2365 per share). Each of these adjustments will be effective on June 15, 2017. Any Sterling Warrant exercised on or prior to June 12, 2017 will not be entitled to these adjustments.
These adjustments resulted from the declaration by the Comerica Incorporated Board of Directors on April 25, 2017, of a dividend of $0.26 per share on Comerica Common Stock. The dividend is payable July 1, 2017, to common stock shareholders of record June 15, 2017. This declaration did not trigger the adjustment or carry-forward provisions of the original Comerica Incorporated warrants.
Further information on the Sterling Warrants and the adjustments to the Sterling Warrant exercise price and number of shares of Comerica Common Stock receivable upon exercise, including the Federal income tax treatment of these adjustments, will be available in the Investor Relations section of Comerica's website.
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 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.
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SOURCE Comerica Incorporated