Dallas-based Comerica Inc. entered into an accelerated share repurchase agreement to repurchase $500 million of the company's common shares.

Pursuant to the agreement, Comerica will initially be delivered 80% of the expected total common shares to be repurchased.

The final number of shares repurchased and delivered under the agreement will be based on the volume weighted average share price of the company's common stock during the term of the transaction, which is expected to be completed in the fourth quarter.