In the merger deal, Imperial Bancorp—-one of the largest banksstill headquartered in Southern California—-agreed to be acquiredby Comerica Inc. in a transaction that will give Imperialshareholders 0.46 share of Comerica stock for each share ofImperial. Inglewood-based Imperial has $7.4 billion in assets and15 branches in the West, 12 of which are in SouthernCalifornia.
Comerica is the nation's 24th largest bank. It has $41 billionin assets, thanks in part to its focus on commercial lending.
The combined bank will be the fourth-largest in California andthe 19th largest in the United States. Detroit-based Comerica hasbeen aggressively expanding on the West Coast for more than a year,while Imperial's stock was hit by loan-loss worries in the springbut since has rebounded.
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