Comerica Inc. of Detroit said Wednesday that it will acquire Imperial Bancorp of Inglewood, Calif., for $1.3 billion in stock.
The deal would double Comerica's lending to small and midsize businesses and technology firms in California, but it has raised concerns over credit risk. Comerica would become the state's fourth-largest bank, with $12 billion of assets and $10 billion of deposits there. Comerica California would become the state's largest small-business lender by volume and the largest lender to the entertainment industry. It would rank second in lending to emerging growth companies.