DETROIT -- Comerica Inc. has completed the acquisition of Pacific Western Bancshares in San Jose, Calif., for approximately $124 million of Comerica common stock.
The $1 billion-asset Pacific Western Bancshares is the parent company of Pacific Western Bank. The merger is expected to occur in early July.
Comerica Bank-California currently operates seven branches in the state, four in Northern California and three in Southern California.
The merger will add Pacific Western Bank's 23 Northern California branches in Santa Clara County, Santa Cruz County, and Monterey County to Comerica Bank-California.