DALLAS, June 14, 2018 /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 Warrants exercise price will be reduced to $7.151 per share (from $7.159 per share). This dividend declaration did not result in a change in the Warrant Share Number of 0.24 per share. Each of these adjustments will be effective on June 15, 2018. Sterling Warrants exercised on or prior to June 13, 2018 will not be entitled to these adjustments.
These adjustments resulted from the declaration by the Comerica Incorporated Board of Directors on April 24, 2018, of a dividend of $0.34 per share on Comerica Common Stock. The dividend is payable July 1, 2018, to common stock shareholders of record at the close of business on June 15, 2018. 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 Warrants 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 (www.comerica.com).
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.