Imperial Bancorp, Comerica in $1.25-Bil Deal

LOS ANGELES-One of the biggest lending institutions still headquartered in Southern California agreed to be acquired Wednesday by Michigan-based Comerica Inc. in a stock-swap valued at $1.25 billion, while two other major lenders in the Southland saw the value of their shares drop after they were downgraded by a key Wall Street analyst.

In the merger deal, Imperial Bancorp—-one of the largest banks still headquartered in Southern California—-agreed to be acquired by Comerica Inc. in a transaction that will give Imperial shareholders 0.46 share of Comerica stock for each share of Imperial. Inglewood-based Imperial has $7.4 billion in assets and 15 branches in the West, 12 of which are in Southern California.

Comerica is the nation’s 24th largest bank. It has $41 billion in assets, thanks in part to its focus on commercial lending.