DALLAS, April 24, 2018 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today announced its board of directors declared a quarterly cash dividend for common stock of 34 cents($0.34) per share, a 13 percent increase from the prior quarter. The dividend is payable July 1, 2018, to shareholders of record at the close of business on June 15, 2018.
"Today's dividend increase of 13 percent reflects our strong capital position and solid financial performance," said Ralph W. Babb Jr., Comerica's chairman and chief executive officer. "Returning excess capital to our shareholders remains a priority in 2018."
This action was taken in conjunction with Comerica's announcement on June 28, 2017, that the Federal Reserve did not object to the company's annual capital plan and contemplated capital distributions under the 2017 Comprehensive Capital Analysis and Review (CCAR).
Earlier in the day, Comerica held its annual meeting of shareholders at Comerica Bank Tower in Dallas, Texas.
Comerica shareholders today elected the following directors to its Board of Directors for one-year terms: Ralph W. Babb Jr., chairman and chief executive officer, Comerica Incorporated and Comerica Bank; Michael E. Collins, chair and senior counselor, Blake Collins Group; Roger A. Cregg, president and chief executive officer, AV Homes, Inc.; T. Kevin DeNicola, former chief financial officer, KiOR, Inc.; Jacqueline P. Kane, retired executive vice president of Human Resources and Corporate Affairs, The Clorox Company; Richard G. Lindner, retired senior executive vice president and chief financial officer, AT&T Inc.; Barbara R. Smith, chairman, president and chief executive officer, Commercial Metals Company; Robert S. Taubman, chairman, president and chief executive officer, Taubman Centers Inc. and The Taubman Company; Reginald M. Turner, Jr., member, Clark Hill PLC; Nina G. Vaca, chairman and chief executive officer, Pinnacle Technical Resources, Inc. and Vaca Industries Inc.; and Michael G. Van de Ven, chief operating officer, Southwest Airlines Co.
Full biographies for all directors can be found in the Proxy Statement.
Shareholders also ratified the appointment of Ernst & Young LLP as independent registered public accounting firm; approved a non-binding, advisory proposal approving executive compensation; and approved the Comerica Incorporated 2018 Long-Term Incentive Plan.
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.