Comerica Shares Fall Most in a Year After Losing Federal Program

Shares of Comerica Inc. fell the most in more than a year after the business-focused regional lender said it probably lost a contract to help millions of people receive their federal benefits.

The bank will likely no longer issue the Direct Express debit card for the US Treasury after its contract expires in early 2025, Comerica said in a presentation on its website Friday.

That means it will probably lose access to a big batch of cheap and reliable deposits from a program it has administered since 2008. Average balances for the 4.5 million recipients in the program stood at ...