Comerica buys InBancshares.

Comerica Buys InBancshares

SAN JOSE, Calif. - Comerica Inc. said it has completed its acquisition of InBancshares, a Southern California banking company with $200 million in assets.

Detroit-based Comerica, which had $13.3 billion in assets at midyear 1990, said InBancshares' principal subsidiary, Bank of Industry, will become a subsidiary of Comerica California Inc. Bank of Industry is based in City of Industry and has offices in Encino, Santa Ana, and San Francisco.

Comerica paid $33 million cash, or $17.04 a share, for InBancshares, which will contribute to Comerica's business-banking-oriented California strategy.

Shareholders of the acquired company will also receive proceeds from a liquidating trust formed to collect on two commercial loans with a face amount of $2.4 million. If the loans are collected in full, the shareholders will receive an additional $2.1 million.

"The addition of Bank of Industry is in keeping with our California strategy and gives us a strong banking presence in Southern California," said Eugene A. Miller, Comerica's chairman, president, and chief executive officer.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER