|Founded||1849as Detroit Savings Fund Institute|
|Headquarters||Comerica Bank Tower|
Dallas, Texas, U.S.
Number of locations
|President, & CEO)|
James J. Herzog (CFO)
|Revenue|| US$3.817 billion (2019)|
US$3.595 billion (2018)
|$1.198 billion (2019)|
|Total assets||$73.402 billion (2019)|
|Total equity||$7.327 billion (2019)|
Number of employees
|Footnotes / references|
Comerica Incorporated is a financial services company headquartered in Dallas, Texas. It has retail banking operations in Texas, Michigan, Arizona, California and Florida, with select business operations in several other U.S. states, as well as in Canada and Mexico.
Its name changed to The Detroit Savings Bank in 1871 and to The Detroit Bank in 1936, being one of the few area banks to survive the Great Depression. In 1956, the company merged with Birmingham National Bank, Ferndale National Bank and Detroit Wabeek Bank and Trust Company to form The Detroit Bank & Trust Company. In 1973, it formed a holding company, DetroitBank Corporation. The current name was adopted in 1982.
In 1982, Comerica entered the Florida market. In 1983, it acquired its hometown rival, Bank of the Commonwealth of Michigan. It entered the Texas market in 1988 when it acquired Grand Bancshares.
In 1991, the bank expanded to California by acquiring Plaza Commerce Bancorp and InBancshares.
On March 6, 2007, the company announced its decision to relocate its corporate headquarters to Dallas to move closer to its customer base in the Sun Belt. In August, the company announced that it selected 1717 Main Street in Downtown Dallas. The company executives began moving into the new location in November 2007 and the building was renamed Comerica Tower.
In January 2008, the United States Department of the Treasury selected the company as the issuing bank for its Direct Express debit card program. The federal government uses the Express Debit product to issue electronic payments, such as Social Security benefits, to people who do not have bank accounts (unbanked).
In 2017, the bank announced plans to reduce its office space by 500,000 square feet, saving $7 million in 2018.
In March 2020, Comerica appointed a new executive vice president and chief enterprise technology and operations services officer, Megan Crespi.
In May 2021, the bank announced that it would provide $5 billion in small business loans from 2021 to 2023. Online today (1/16/22) $90 billion in assets are attributed to Comerica Commercial Bank as stock is traded and recommended by the online dailys.
On January 21, 2022 Comerica announced the appointment of a new chief economist, William (Bill) Adams.
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- Business data for Comerica: