Comerica

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Comerica Incorporated
Public company
Traded as NYSECMA
S&P 500 Component
Industry Banking
Financial services
Founded Detroit, Michigan, United States (1849 as Detroit Savings Fund Institute)
Headquarters Comerica Bank Tower
Dallas, Texas, United States
Number of locations
591[1]
Key people
Ralph Babb, Chairman and Chief Executive Officer
Curtis C. Farmer, President
David Duprey, Chief Financial Officer[1]
Services Commercial banking
Retail banking
Wealth management
Revenue Increase US$1.797 billion (2016)[1]
Decrease US$0.477 billion (2016)[1]
Total assets Increase US$71.743 billion (2016)[1]
Total equity Decrease US$7.674 billion (2016)[1]
Number of employees
7,659 (2016)[1]
Website comerica.com

Comerica Incorporated is a financial services company headquartered in Dallas, Texas. In addition to Texas and Michigan, it has retail-banking operations in Arizona, California and Florida, with select business operations in several other U.S. states, as well as in Canada and Mexico.[1]

Comerica is the largest U.S. commercial bank headquartered in Texas and is on the list of largest banks in the United States.

The company's largest offices are in Detroit, Livonia, Auburn Hills, Michigan and Dallas.

History[edit]

The company was founded in Detroit by Elon Farnsworth in 1849 as the Detroit Savings Fund Institute.[2] 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.[3][4] 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.[4][3] In 1973, it formed a holding company, DetroitBank Corporation.[4][3] The current name was adopted in 1982.[4][3]

In 1982, Comerica entered the Florida market.[4] In 1983, it acquired its hometown rival, Bank of the Commonwealth of Michigan.[4] It entered the Texas market in 1988 when it acquired Grand Bancshares.[4] It added the California market in 1991 when it purchased Plaza Commerce Bancorp and InBancshares.[4][5]

In 1990, Comerica received approval to construct a new headquarters building, One Detroit Center.[6]

In 1992, Comerica merged with a similarly-sized Detroit-based bank, Manufacturers National Corporation.[4][7][8]

In 1996, Comerica sold its Illinois operation to LaSalle Bank parent ABN Amro for $190 million.[9]

In 1998, Comerica signed a 30-year $66 million agreement for the naming rights to Comerica Park in downtown Detroit, home to the Detroit Tigers of Major League Baseball.[10]

In 2000, Comerica sold its credit card division to MBNA and formed an alliance with the company.[11]

In 2001, Comerica acquired Imperial Bank of California, which also had branches in Arizona.[12][13]

On March 6, 2007, the company announced its decision to relocate its corporate headquarters to Dallas in order to move closer to its customer base in the Sun Belt.[14][15] In August, the company announced that it selected 1717 Main Street in Downtown Dallas. The company executives began moving into 1717 Main Street in November 2007 and the building was renamed Comerica Tower.[16]

In January 2008, the company was selected by the United States Department of the Treasury 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).[17][18]

In July 2011, Comerica completed the acquisition of Houston-based Sterling Bank (Texas) for $1.03 billion, which greatly expanded operations in Texas.[19]

Corporate responsibility[edit]

In 2014, Comerica provided more than $8.5 million to not-for-profit organizations in its markets.[20] Its employees raised more than $2.2 million for the United Way and Black United Fund, and donated their personal time with more than 73,000 hours spent helping to make a positive difference in the communities it serves.[21]

Comerica has established a plan for reducing carbon emissions and has reported its progress in meeting its sustainability goals.[22]

See also[edit]

References[edit]

  1. ^ a b c d e f g h "COMERICA INCORPORATED 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission. 
  2. ^ "Comerica Celebrates 150 Years of Banking" (Press release). PRNewswire. October 20, 1998. 
  3. ^ a b c d "Comerica: 158 years in Detroit". Crain Communications. March 6, 2007. 
  4. ^ a b c d e f g h i Comerica: Company History
  5. ^ BATES, JAMES (September 21, 1989). "Foray Has Begun: Michigan Firm to Buy Bank In State". Los Angeles Times. 
  6. ^ "Building Plan In Detroit Starts Debate". The New York Times. August 22, 1990. 
  7. ^ QUINT, MICHAEL (October 29, 1991). "Banks Plan A Merger In Detroit". The New York Times. 
  8. ^ "Comerica, Rival Will Merge in Stock Swap". Associated Press. Los Angeles Times. October 29, 1991. 
  9. ^ "Comerica to Sell Illinois Banking Unit to ABN Amro". The New York Times. March 20, 1996. 
  10. ^ Shea, Bill (February 24, 2016). "Comerica signs sponsorship deal for new Red Wings arena". Crain Communications. 
  11. ^ "MBNA America Bank and Comerica Form Alliance" (Press release). PRNewswire. January 26, 2000. 
  12. ^ "Comerica Completes Imperial Bancorp Acquisition" (Press release). PRNewswire. January 30, 2001. 
  13. ^ Anderson, Mark (November 21, 2000). "Comerica buys Imperial Bank, enters Sacramento market". American City Business Journals. 
  14. ^ "Comerica to Relocate Corporate Headquarters to Dallas" (Press release). PRNewswire. March 6, 2007. 
  15. ^ Gupta, Poornima (March 6, 2007). "Comerica moving headquarters to Dallas from Detroit". Reuters. 
  16. ^ Hethcock, Bill (December 9, 2007). "Large ad agency cites area's vibrancy in decision to return". American City Business Journals. 
  17. ^ "U.S. Treasury Introduces Direct Express® Debit Card for Social Security Payments" (Press release). United States Department of the Treasury. June 10, 2008. 
  18. ^ Brandon, Emily (June 11, 2008). "Social Security Debit Cards: 7 Things You Need to Know". U.S. News & World Report. 
  19. ^ "Comerica Incorporated Completes Acquisition of Sterling Bancshares, Inc." (Press release). PRNewswire. July 28, 2011. 
  20. ^ Comerica Incorporated 2015 Annual Meeting of Shareholders
  21. ^ Comerica Recognized with Corporate Social Responsibility Leadership Award
  22. ^ "Comerica Releases Sustainability Progress Report" (Press release). PRNewswire. July 14, 2016. 

External links[edit]