Comerica Incorporated is a

financial services company Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial inst ...

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 wi ...

, 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 language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

Arizona Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a U.S. state, state in the Southwestern United States. It is the list of U.S. states and territories by area, 6th largest and the list of U.S. states and territories by population, 14 ...

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 ...

Michigan Michigan () is a U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest, upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the List of U.S. states and ...

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, a ...

, 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 tota ...

and

Mexico Mexico ( Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guate ...

. The bank sponsors

Comerica Park Comerica Park is a baseball stadium located in Downtown Detroit. It has been the home of Major League Baseball's Detroit Tigers since 2000, when the team left Tiger Stadium. History Construction Founded in 1894, the Tigers had played at the c ...

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 Elon John Farnsworth (July 30, 1837 – July 3, 1863) was a Union Army captain in the American Civil War. He commanded Brigade 1, Division 3 of the Cavalry Corps (Union Army) from June 28, 1863 to July 3, 1863, when he was mortally wounded and di ...

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. 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 1990, Comerica received approval to construct a new headquarters building, One Detroit Center. 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 organiza ...

for $190 million. In 1998, the bank signed a 30-year $66 million agreement for the naming rights to

in downtown Detroit, home to the

Detroit Tigers The Detroit Tigers are an American professional baseball team based in Detroit. The Tigers compete in Major League Baseball (MLB) as a member of the American League (AL) Central division. One of the AL's eight charter franchises, the club was f ...

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 (AL) ...

. 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 — ...

. 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 specificall ...

benefits, to people who do not have bank accounts (

unbanked The unbanked are adults who do not have their own bank accounts. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available. Causes Some reasons a person might not have a b ...

). 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