Comerica

Comerica Incorporated
Public
Traded as
Industry Financial services
Founded 1849 (1849) as Detroit Savings Fund Institute
Founder Elon Farnsworth
Headquarters Comerica Bank Tower
Dallas, Texas, U.S.
Number of locations
 591 branches
Key people
 Ralph W. Babb, Jr., Chairman & CEO
Muneera S. Carr, CFO
Services Commercial banking
Retail banking
Wealth management
Increase $0.743 billion (2017)
Total assets Decrease $71.567 billion (2017)
Total equity Increase $7.963 billion (2017)
Number of employees
 8,190 (2017)
Website comerica.com
Footnotes / references
[1]

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.[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.

The bank sponsors Comerica Park in Detroit, Comerica Theatre in Phoenix, and sponsored the Comerica Bank New Year's Parade in Dallas between 2007 and 2010.

History

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

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 1990, Comerica received approval to construct a new headquarters building, One Detroit Center.[4]

In 1991, the bank expanded to California by acquiring Plaza Commerce Bancorp and InBancshares.[5]

In 1992, the bank merged with a similarly-sized Detroit-based bank, Manufacturers National Corporation.[6][7]

In 1996, the bank sold its Illinois operation to LaSalle Bank parent ABN Amro for $190 million.[8]

In 1998, the bank 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.[9]

In 2000, the bank sold its credit card division to MBNA and formed an alliance with the company.[10]

In 2001, the bank acquired Imperial Bank of California, which also had branches in Arizona.[11][12]

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.[13][14] 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.[15]

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).[16][17]

In July 2011, the bank acquired Sterling Bank of Texas for $1.03 billion.[18][19]

In 2017, the bank announced plans to reduce its office space by 500,000 square feet, saving $7 million in 2018.[20]

References

  1. 1 2 "Comerica Incorporated 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Comerica Celebrates 150 Years of Banking" (Press release). Comerica. October 20, 1998 – via PRNewswire.
  3. 1 2 3 4 "Comerica: 158 years in Detroit". Crain's Detroit Business. March 6, 2007. Retrieved February 1, 2018. (Subscription required (help)).
  4. ↑ "Building Plan In Detroit Starts Debate". The New York Times. August 22, 1990.
  5. ↑ Bates, James (September 21, 1989). "Foray Has Begun: Michigan Firm to Buy Bank In State". Los Angeles Times.
  6. ↑ Quint, Michael (October 29, 1991). "Banks Plan A Merger In Detroit". The New York Times.
  7. ↑ "Comerica, Rival Will Merge in Stock Swap". Los Angeles Times. Associated Press. October 29, 1991.
  8. ↑ "Comerica to Sell Illinois Banking Unit to ABN Amro". The New York Times. March 20, 1996.
  9. ↑ Shea, Bill (February 24, 2016). "Comerica signs sponsorship deal for new Red Wings arena". Crain's Detroit Business.
  10. ↑ "MBNA America Bank and Comerica Form Alliance" (Press release). MBNA Corporation. January 26, 2000 – via PRNewswire.
  11. ↑ "Comerica Completes Imperial Bancorp Acquisition" (Press release). Comerica. January 30, 2001 – via PRNewswire.
  12. ↑ Anderson, Mark (November 21, 2000). "Comerica buys Imperial Bank, enters Sacramento market". Sacramento Business Journal.
  13. ↑ "Comerica to Relocate Corporate Headquarters to Dallas" (Press release). Comerica. March 6, 2007 – via PRNewswire.
  14. ↑ Gupta, Poornima (March 6, 2007). "Comerica moving headquarters to Dallas from Detroit". Reuters.
  15. ↑ Hethcock, Bill (December 9, 2007). "Large ad agency cites area's vibrancy in decision to return". Dallas Business Journal.
  16. ↑ "U.S. Treasury Introduces Direct Express® Debit Card for Social Security Payments" (Press release). U. S. Department of the Treasury. June 10, 2008.
  17. ↑ Brandon, Emily (June 11, 2008). "Social Security Debit Cards: 7 Things You Need to Know". U.S. News & World Report.
  18. ↑ "Comerica Incorporated Completes Acquisition of Sterling Bancshares, Inc" (Press release). Comerica. July 28, 2011 – via PRNewswire.
  19. ↑ Nicholson, Chris V. (January 18, 2011). "Comerica to Buy Sterling Bancshares for $1 Billion". The New York Times.
  20. ↑ Prior, Jon (April 25, 2017). "Comerica to trim office space by 500,000 square feet". Dallas Business Journal.
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