Comerica said Wednesday that it will take a $4.7 million charge in the fourth quarter to cover costs of the early redemption of $500 million of trust-preferred securities.

The $56 billion-asset Dallas company said regulatory reform prompted it to fully redeem the 6.576% securities at par, plus accrued and unpaid distributions to the redemption date. The law says that trust-preferred securities can no longer be counted as Tier 1 capital but grandfathers in existing trust-preferreds at companies with less than $15 billion of assets.

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