Sterling Bancshares Shareholders Approve Merger With Comerica (SBIB, CMA)

Sterling Bancshares, Inc. SBIB announced today that its common shareholders have voted to approve the merger agreement providing for the merger of Sterling with and into Comerica Incorporated CMA, with Comerica continuing as the surviving entity.   At a special meeting held on May 5, 2011, the merger agreement was approved by more than 84.5% of the shares voted, which represents approximately 85.6% of the total number of shares outstanding as of the March 30, 2011 record date.   Under the terms of the merger agreement and subject to customary closing conditions, including regulatory approvals, upon completion of the merger, Sterling's shareholders will be entitled to receive 0.2365 of a share of Comerica common stock for each share of Sterling common stock held immediately prior to the merger, subject to payment of cash in lieu of fractional shares. The merger is expected to be completed in the second quarter of 2011.