Comerica is planning to acquire Sterling Bancshares for a total of $1.3 billion in stocks, The Wall Street Journal reports. The buyer will pay $0.2365 for each share of Sterling.
As part of the deal, Sterling Chairman and CEO, Downey Bridgwater, will be president of the new bank’s Houston area. Sterling was advised by Morgan Stanley, while Sandler O’Neill advised Comerica.
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