Comerica Inc. (CMA) said Wednesday that it had repaid $2.25 billion of the funds it received through the U.S. Treasury Department’s Troubled Asset Relief Program.
The bank, which has banking operations across the country, publicly issued $800 million in common stock last week in order to raise the capital needed to pay back its TARP loans.
"Clearly, our participation in the Capital Purchase Program helped stabilize the country's financial system at a critical point, and the investment the government made in Comerica resulted in excellent returns for U.S. taxpayers," said Ralph W. Babb Jr., chairman and chief executive officer, in a release. "I believe we have weathered the economic cycle well, maintaining strong liquidity, solid capital, tight control of expenses and with credit metrics which compare favorably to our peer group. We believe the TARP repayment provides a sound foundation for our future growth."
Shares of the bank rose 49 cents or 1.30% in Wednesday’s session, closing at $38.24 a share. The stock was down 14 cents or 0.37% in after-hours trading.
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