Comerica Inc. announced plans Monday to sell at least $800 million of stock and will use the proceeds to help fund the $2.25 billion the bank plans to return to the Treasury Department.
The company intends to tell the Treasury after the sale is completed that it plans to repay the investment made through the Troubled Asset Relief Program. Comerica has banks in hard-hit Michigan, Arizona, Florida and California.
Comerica would be among the nation's last big banks to repay its Tarp aid. Some got approval to do so as far back as June.
In the fourth quarter, Comerica had loan-loss provisions and chargeoffs fall from the third quarter as it continued to report red ink. Comerica has particular exposure to commercial real estate, defaults of which have been surging nationally for more than a year.
