Comerica Directors Increase Quarterly Dividend 5 Percent to 20 Cents per Share
Board Also Authorizes Purchase of Additional Shares of Common Stock to Execute
DALLAS, April 22, 2014
DALLAS, April 22, 2014 /PRNewswire/ --The Board of Directors of Comerica
Incorporated today increased the quarterly cash dividend for common stock five
percent to 20 cents ($0.20) per share. The dividend is payable July 1, 2014,
to common stock shareholders of record June 13, 2014.
"The dividend increase reflects our company's strong capital position and
solid financial performance," said Ralph W. Babb Jr., chairman and chief
executive officer. "As we have done historically, we expect to continue to
actively manage capital in a way that maximizes returns to shareholders while
ensuring that we meet regulatory capital requirements."
As previously announced and going forward, dividend actions contemplated by
the Board will be aligned with the annual Federal Reserve Comprehensive
Capital Analysis and Review process.
The board today also increased the number of shares of common stock that
Comerica is authorized to repurchase under its share repurchase program by 2
million shares. This action was taken in conjunction with Comerica's
announcement on March 26, 2014, that the Federal Reserve did not object to
Comerica's 2014 capital plan and contemplated capital distributions. The plan
includes up to $236 million in share repurchases for the four-quarter period
commencing in the second quarter 2014 and ending in the first quarter 2015.
Shares will be purchased from time to time in the open market or otherwise.
The shares may be held as treasury stock or retired.
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.
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; volatility and
disruptions in global capital and credit markets; changes in Comerica's credit
rating; the interdependence of financial service companies; changes in
regulation or oversight; unfavorable developments concerning credit quality;
the effects of more stringent capital or liquidity requirements; declines or
other changes in the businesses or industries of Comerica's customers;
operational difficulties, failure of technology infrastructure or information
security incidents; 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; changes in
the financial markets, including fluctuations in interest rates and their
impact on deposit pricing; 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 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, 2013. 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.
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SOURCE Comerica Incorporated
Contact: Media Contact: Wayne Mielke, (214) 462-4463; or Investor Contacts:
Darlene Persons, (214) 462-6831, Brittany Butler, (214) 462-6834
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