Wikipedia

Comerica

Comerica Incorporatedis an American financial services company, headquartered inDallas, Texas.It is the parent ofComerica Bank,a regional commercial bank with 413 branches in the U.S. states ofTexas,Michigan,California,FloridaandArizona.[2]Comerica is among the largest U.S. financialholding companies,with offices in a number of U.S. cities.[3]

Comerica Incorporated
FormerlyDetroitbank Corporation
Company typePublic
IndustryFinancial services
Founded1849;175 years ago(1849)as Detroit Savings Fund Institute
FounderElon Farnsworth
HeadquartersComerica Bank Tower
Dallas, Texas,U.S.
Number of locations
529branches(2023)
Key people
Curt Farmer (Chairman, President &CEO)
James J. Herzog (CFO)
ServicesCommercial banking
Retail banking
Wealth management
RevenueIncreaseUS$5.25 billion(2023)
DecreaseUS$881 million (2023)
Total assetsIncreaseUS$85.8 billion (2023)
Total equityIncreaseUS$6.41 billion (2023)
Number of employees
7,496 (December 2023)
Websitecomerica
Footnotes / references
[1]

History

edit

1800s

edit

At the start of 1849, there were just three banks in Detroit: Farmers & Mechanics’ Bank, Michigan Insurance Company Bank and the State Bank of Michigan. These three banks were commercial banks that served the business community. On August 17, 1849, Comerica was founded in Detroit byElon Farnsworth,a lawyer and politician, as theDetroit Savings Fund Institute.[4][5]Michigan GovernorEpaphroditus Ransomsigned an act authorizing the formation of the institute.[6]Ransom also appointed 11 men of high repute to serve astrustees.These men served unpaid. The institute's first location was an office that was adjacent and owned byMariners’ Church.[6]

An ad published in 1852-53 issue of Detroit's directory expressed the institute's purpose at the time:

“The design of the Institution is to afford to those who are desirous of saving money, but who have not acquired sufficient to purchase a share in the banks, railroads, or a sum in public stocks, the means of employing their money to advantage…”[6]

Unlike most banks of that time, the Institute paid interest on deposits, had no shareholders or capital stock, and was managed by unpaidfiduciaries.Courting customers from the working class, merchants and even children, the Institute enjoyed steady growth, reaching the $1 million mark in 1870.[7]

In 1871, the state of Michigan passed a new law meant to encourage the formation of banks that offered both savings and commercial services.[6]In response, the Institute transformed from a trust to astockholder-owned corporation.Its name changed toThe Detroit Savings Bankin 1871.[7]

1900s

edit

In 1901, Detroit Savings Bank had 10,000 customers.[6]By 1905, the bank had a staff of 21 employees, who managed a downtown main office and two branches.

As the banking situation in the nation became especially volatile in the 1930s, Detroit Savings Bank attempted to continue offering services. On multiple occasions in 1933, Detroit Savings Bank was the sole bank offering full personal and commercial services in Detroit.[6]The Detroit Savings Bank changed its name toThe Detroit Bankin 1936, being one of the few area banks to survive theGreat Depression.[8]

In 1956, the company merged with Birmingham National Bank, Ferndale National Bank and Detroit Wabeek Bank and Trust Company to formThe Detroit Bank & Trust Company.[8]As the bank's growth continued, so did its presence, opening its first foreign office inLondonin 1969.[6]The early 1970s introduced new technological advancements to banking, which Detroit Bank & Trust would adopt.[6]These advancements includeMaster Chargecards andautomated teller machines(ATM) such as the Ultra/Matic 24. In 1973, it formed a holding company, DetroitBank Corporation.[8]A year later, the Bank & Trust would celebrate its 125th anniversary. The current name,Comerica,was adopted in 1982.[8]

In 1982, Comerica entered the Florida market. In 1983, it acquired its hometown rival, Bank of the Commonwealth of Michigan. In the same year, Comerica entered California and Texas markets by offering auto financing services.[6]It strengthened its entrance into the Texas market in 1988 when it acquired Grand Bancshares.[6]This was the first of 21 Texas acquisitions.

In 1990, Comerica received approval to construct a new headquarters building,One Detroit Center.[9]

In 1991, the bank expanded to California by acquiring Plaza Commerce Bancorp and InBancshares.[10]

In 1992, the bank merged with a similarly sized Detroit-based bank, Manufacturers National Corporation.[11][12]The merger of Comerica and Manufacturers created one of the country's 25 largest bank holding companies.[13]

In 1996, the bank sold its Illinois operation toLaSalle BankparentABN Amrofor $190 million.[14]

In 1998, the bank signed a 30-year $66 million agreement for the naming rights toComerica Parkin downtown Detroit, home to theDetroit TigersofMajor League Baseball.[15]A year later, Comerica would celebrate its 150th anniversary.

2000s

edit

In 2000, Comerica sold its credit card division toMBNAand formed an alliance with the company.[16]

In 2001, the bank acquired Imperial Bank of California, which also had branches in Arizona.[17][18]

In late 2004, the bank began a plan to diversify its operations by opening new banking centers in strong growth markets, primarily in Texas and California.[7]Comerica opened 18 new banking centers in 2005, 25 new banking centers in 2006, and 30 banking centers in 2007.[7]

On March 6, 2007, the company announced its decision to relocate its corporate headquarters to Dallas to move closer to its customer base in theSun Belt.[19][20]In August, the company announced that it selected 1717 Main Street inDowntown Dallas.The company executives began moving into the new location in November 2007 and the building was renamedComerica Tower.[21]

In January 2008, theUnited States Department of the Treasuryselected the company as the issuing bank for its Direct Expressdebit cardprogram. The federal government uses the Express Debit product to issue electronic payments, such asSocial Securitybenefits, to people whodo not have bank accounts.[22][23][24]

In July 2011, the bank acquiredSterling Bankof Texas for $1.03 billion.[25][26]The acquisition virtually tripled Comerica's market share in Houston and provided entry into theSan AntonioandKerrvilleregions.[7]

In 2017, the bank announced plans to reduce its office space by 500,000 square feet, saving $7 million in 2018.[27]

Comerica celebrated a historic milestone in 2019, marking its 170th anniversary.

In May 2021, the bank announced that it would provide $5 billion in small business loans from 2021 to 2023.[28][29]

Comerica expanded into North Carolina with the creation of its new Southeast Market in August 2021.[30]With market headquarters inRaleigh,along with offices inWinston-SalemandCharlotte,the Southeast Market supports Wealth and Commercial Bank customers based inNorth Carolina,Florida,Georgia,South Carolina,TennesseeandVirginia.[30]

On May 29, 2023,American Bankerreported that i2c Inc., a Comerica contractor, conducted Direct Express operations through an office in Pakistan, in violation of the bank's contract with the Treasury, which requires all program operations to be conducted in the United States.[31][32][33]The report caused Comerica's stock price to fall.[33]

Sponsorships

edit

References

edit
  1. ^"Comerica Incorporated 2023 Form 10-K Annual Report".U.S. Securities and Exchange Commission.February 28, 2024.
  2. ^"BankFind Suite: Comerica Bank".Federal Deposit Insurance Corporation.Archivedfrom the original on 2023-10-08.Retrieved2023-10-08.
  3. ^"FRB: Large Commercial Banks, June 30, 2023".Federal Reserve.2023-06-30.Retrieved2023-10-08.
  4. ^"Comerica Celebrates 150 Years of Banking"(Press release). Comerica. October 20, 1998. Archived fromthe originalon October 19, 2017.RetrievedMay 19,2017– viaPRNewswire.
  5. ^Dolan, Matthew."Comerica to cut nearly 800 jobs, close 40 branches".Detroit Free Press.Retrieved2020-05-04.
  6. ^abcdefghijLuedtke, Eleanor (1999).Promises Kept: The Story of Comerica 1849-1999.Detroit, Michigan: Comerica Incorporated.
  7. ^abcde"Company History".Comerica.24 January 2023.Retrieved24 January2023.
  8. ^abcd"Comerica: 158 years in Detroit".Crain's Detroit Business.March 6, 2007.RetrievedFebruary 1,2018.
  9. ^"Building Plan In Detroit Starts Debate".The New York Times.August 22, 1990.
  10. ^Bates, James (September 21, 1989)."Foray Has Begun: Michigan Firm to Buy Bank In State".Los Angeles Times.
  11. ^Quint, Michael (October 29, 1991)."Banks Plan A Merger In Detroit".The New York Times.
  12. ^"Comerica, Rival Will Merge in Stock Swap".Los Angeles Times.Associated Press.October 29, 1991.
  13. ^"Comerica Celebrates 30 Years on the New York Stock Exchange".Comerica MediaRoom.Retrieved2023-01-24.
  14. ^"Comerica to Sell Illinois Banking Unit to ABN Amro".The New York Times.March 20, 1996.
  15. ^Shea, Bill (February 24, 2016)."Comerica signs sponsorship deal for new Red Wings arena".Crain Communications.
  16. ^"MBNA America Bank and Comerica Form Alliance"(Press release). MBNA Corporation. January 26, 2000. Archived fromthe originalon October 19, 2017.RetrievedMay 19,2017– via PRNewswire.
  17. ^"Comerica Completes Imperial Bancorp Acquisition"(Press release). Comerica. January 30, 2001. Archived fromthe originalon October 19, 2017.RetrievedMay 19,2017– via PRNewswire.
  18. ^Anderson, Mark (November 21, 2000)."Comerica buys Imperial Bank, enters Sacramento market".American City Business Journals.
  19. ^"Comerica to Relocate Corporate Headquarters to Dallas"(Press release). Comerica. March 6, 2007. Archived fromthe originalon October 19, 2017.RetrievedMay 19,2017– via PRNewswire.
  20. ^Gupta, Poornima (March 6, 2007)."Comerica moving headquarters to Dallas from Detroit".Reuters.
  21. ^Hethcock, Bill (December 9, 2007)."Large ad agency cites area's vibrancy in decision to return".American City Business Journals.
  22. ^"U.S. Treasury Introduces Direct Express® Debit Card for Social Security Payments"(Press release). U. S. Department of the Treasury. June 10, 2008. Archived fromthe originalon December 8, 2016.RetrievedMay 19,2017.
  23. ^Brandon, Emily (June 11, 2008)."Social Security Debit Cards: 7 Things You Need to Know".U.S. News & World Report.
  24. ^Berry, Kate (2023-05-30)."Comerica in 'serious violation' of Treasury's Direct Express program".American Banker.Retrieved2023-06-07.
  25. ^"Comerica Incorporated Completes Acquisition of Sterling Bancshares, Inc"(Press release). Comerica. July 28, 2011 – via PRNewswire.
  26. ^Nicholson, Chris V. (January 18, 2011)."Comerica to Buy Sterling Bancshares for $1 Billion".The New York Times.
  27. ^Prior, Jon (April 25, 2017)."Comerica to trim office space by 500,000 square feet".Dallas Business Journal.
  28. ^"Comerica Bank Commits $5 Bln To Small Business Lending Over Next 3-yrs".nasdaq.Archivedfrom the original on 2021-07-30.Retrieved2021-07-30.
  29. ^"Best Bank Accounts for Small Businesses".founderjar.6 July 2021.Archivedfrom the original on 2021-07-30.Retrieved2021-07-30.
  30. ^ab"Comerica Bank Expands Southeast Market Presence Into South Carolina, Georgia".Comerica MediaRoom.Retrieved2023-01-24.
  31. ^Berry, Kate (2023-05-30)."Comerica in 'serious violation' of Treasury's Direct Express program".American Banker.Retrieved2023-06-07.
  32. ^"Comerica Bank violated Treasury contract: American Banker".Yahoo Finance.2023-05-30.Retrieved2023-06-07.
  33. ^ab"Kirby McInerney LLP Continues Investigation of Shareholder Claims Against Comerica, Inc. (CMA)".Bloomberg.2023-06-02.Retrieved2023-06-07.
  34. ^"Chevrolet Detroit Grand Prix presented by Lear, June 2 - 4, 2022, Detroit, MI - News".detroitgp.Retrieved2023-10-08.
  35. ^Keenan, Tim (2021-09-21)."DBusiness Daily Update: 313 Presents Announces Exclusive Presenting Partnership with Comerica Bank for Fox Theatre, and More".DBusiness Magazine.Retrieved2023-10-08.
edit
  • Official website
  • Business data for Comerica Incorporated:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Comerica&oldid=1230479553"