Comerica Buys Midlantic Units
DETROIT -- Comerica Inc. said it has completed its purchase of the trust business of Midlantic National Bank and Trust Co./Florida, a Ft. Lauderdale-based subsidiary of Midlantic Corp. in New Jersey.
A Comerica unit, Comerica Trust Company of Florida, acquired Midlantic's $315 million in Florida trust assets as well as $11 million in private banking loans and $10 million in home equity loans. The sale brings Comerica Trust Co. to $1.5 billion of trust assets under management.
In addition, Comerica will assume leases at Midlantic's facilities in Ft. Lauderdale, Delray Beach, and Palm Beach. After regulatory approval, which is expected in early 1992, Comerica plans to offer full-service banking at the Ft. Lauderdale office.