DALLAS, April 23, 2013 /PRNewswire/ -- The Board of Directors of Comerica Incorporated today declared a quarterly cash dividend for common stock of 17 cents($0.17) per share. The dividend is payable July 1, 2013, to common stock shareholders of record June 14, 2013.
In addition, the board increased the number of shares of common stock that Comerica is authorized to repurchase under its share repurchase program by up to 10 million shares. This action was taken in conjunction with Comerica's announcement on March 14, 2013, that the Federal Reserve did not object to Comerica's 2013 capital plan and contemplated capital distributions. The plan includes up to $288 million in equity repurchases for the four-quarter period commencing in the second quarter 2013 and ending in the first quarter 2014. 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 & 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 and Mexico.