DETROIT, July 15 /PRNewswire-FirstCall/ -- Comerica today announced it has reached a settlement with the Securities and Exchange Commission that resolves an inquiry arising from the October 2, 2002, restatement of Comerica's financial statements for the quarter ended June 30, 2002. Comerica restated second quarter 2002 earnings to reflect additional provision for loan losses and credit losses on lending-related commitments. Comerica has consented to the issuance of a cease and desist order, without admitting or denying the findings of the order.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
The SEC order does not assert any fraud or intent to mislead investors by Comerica or its employees. No fines or other sanctions were assessed against Comerica or its employees, and no further adjustments are required to any financial statements.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned into the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $53.5 billion at March 31, 2005.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Incorporated
Web site: http://www.comerica.com/
