SAN FRANCISCO -- Continuing its expansion in Northern California, Comerica Inc. has agreed to buy Palo Alto-based University Bank and Trust in a stock swap worth $73 million, or a hefty 2.1 times book value.

The acquisition of University, one of the area's premier community banks, is the Detroit-based bank's fourth in California in the past five years and its third in the San Jose area south of San Francisco.

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