CommerceBank Studied: Last year, another Michigan banking concern took a long look at acquiring CommerceBank.
Comerica Bank in Detroit spent "many months" going over the books of the Newport Beach bank, Dellerba said. Comerica already had acquired Plaza Bank of Commerce in San Jose and was concluding a deal to acquire the Bank of Industry in the City of Industry.
But Comerica suddenly pulled out of the CommerceBank deal, Dellerba said, to complete the purchase of Manufacturers National Bank in Detroit and solidify its position as Michigan's second-largest banking company.
Other industry leaders, however, suggest that Comerica also uncovered some loan problems it didn't like. CommerceBank eventually lost $2.8 million last year, primarily because of two construction loans that soured and nearly a dozen business loans that went bad.