Comerica Incorporated is a
financial services company headquartered in
Dallas, Texas
Dallas () is the third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the fourth-largest metropolitan area in the United States at 7.5 million people. It is the largest city in and seat of Dallas County ...
, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. It has retail banking operations in
Texas
Texas (, ; Spanish: ''Texas'', ''Tejas'') is a state in the South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by ...
,
Arizona
Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...
,
California
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
,
Michigan
Michigan () is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the 10th-largest state by population, the 11th-largest by area, and t ...
and
Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and ...
, with select business operations in several other U.S. states, as well as in
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
and
Mexico
Mexico (Spanish language, Spanish: México), officially the United Mexican States, is a List of sovereign states, country in the southern portion of North America. It is borders of Mexico, bordered to the north by the United States; to the so ...
.
[
The bank sponsors Comerica Park in Detroit and formerly sponsored the Comerica Theatre in Phoenix. From 2007 to 2010, Comerica also sponsored the Comerica Bank New Year's Parade in Dallas.
]
History
In 1849, the company was founded in Detroit by Elon Farnsworth as the Detroit Savings Fund Institute.
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
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
.[ 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 1990, Comerica received approval to construct a new headquarters building, ]One Detroit Center
Ally Detroit Center, formerly One Detroit Center, is a skyscraper and class-A office building located in Downtown Detroit, overlooking the Detroit Financial District. Rising , the 43-story tower is the tallest office building in Michigan an ...
.
In 1991, the bank expanded to California by acquiring Plaza Commerce Bancorp and InBancshares.
In 1992, the bank merged with a similarly-sized Detroit-based bank, Manufacturers National Corporation.
In 1996, the bank sold its Illinois operation to LaSalle Bank parent ABN Amro
ABN or abn may refer to:
Companies
* ABN AMRO Group, a Dutch bank group
* ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank
* Algemene Bank Nederland, a now-defunct Dutch bank
Radio, news and television organizati ...
for $190 million.
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
Major League Baseball (MLB) is a professional baseball organization and the oldest major professional sports league in the world. MLB is composed of 30 total teams, divided equally between the National League (NL) and the American League (A ...
.
In 2000, the bank sold its credit card division to MBNA and formed an alliance with the company.
In 2001, the bank acquired Imperial Bank of California, which also had branches in Arizona.
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
The Sun Belt is a region of the United States generally considered to stretch across the Southeast and Southwest. Another rough definition of the region is the area south of the 36th parallel. Several climates can be found in the region — d ...
. In August, the company announced that it selected 1717 Main Street in Downtown Dallas
Downtown Dallas is the central business district (CBD) of Dallas, Texas, United States, located in the geographic center of the city. It is the second-largest business district in the state of Texas. The area termed "Downtown" has traditionally ...
. 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
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...
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
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifical ...
benefits, to people who do not have bank accounts ( unbanked).
In July 2011, the bank acquired Sterling Bank of Texas for $1.03 billion.
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.
References
External links
{{Authority control
Banks based in Texas
Banks based in the Dallas–Fort Worth metroplex
American companies established in 1849
Banks established in 1849
Companies based in Dallas
Companies listed on the New York Stock Exchange
1849 establishments in Michigan