Comerica Bank Announces Prime Rate Reduction, Suspends Share Repurchase Program

DALLAS, March 16, 2020 /PRNewswire/ -- Comerica Bank announced it will reduce its prime rate to 3.25 percent from 4.25 percent effective tomorrow, March 17, 2020.

"The well-being of our customers, employees and communities is our priority during this uncertain time," said Curt Farmer, Comerica Chairman, President and CEO. "Comerica has extensive plans in place to handle situations such as this to ensure our customers' funds remain protected and accessible and that you are safe coming into our facilities. Comerica has a strong liquidity profile, and we are well-capitalized which positions us to continue to meet our customers' needs."

Comerica also announced it is joining other U.S. financial institutions in suspending its share repurchase program through the end of the second quarter of 2020. This action will help ensure Comerica can use its strong levels of capital and liquidity to support our customers.

Comerica customers facing hardship related to the Novel Coronavirus (COVID-19) are encouraged to reach out to their banking representative or call (888) 444-9876 to discuss their banking needs with a trained specialist. Representatives are available Monday through Friday from 8 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET.

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $73 billion at Dec. 31, 2019.

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SOURCE Comerica Bank