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.