Comerica

Comerica, Inc.
Public
Traded as NYSE: CMA
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
 481 (December 31, 2014)[1]
Key people
  • Ralph Babb, Chairman and Chief Executive Officer
 • Curtis C. Farmer, President
Services  • Commercial banking
 • Retail banking
 • Wealth management
Revenue Increase US$ 2.6 billion (2014)[1]
Increase US$ 593 million (2014)[1]
Total assets Increase US$ 69.2 billion (2014)[1]
Total equity Increase US$ 7.4 billion (2014)[1]
Number of employees
 8,876 (December 31, 2014)[1]
Website comerica.com

Comerica, Inc. is an American financial services company headquartered in Dallas, Texas. It was founded in Detroit, Michigan, in 1849 as the Detroit Savings Fund Institute. 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.

Comerica is among the 25 largest U.S. financial holding companies, with $70 billion in total assets, $49.5 billion in total loans, and $56.5 billion in total deposits as of June 30, 2016. It is the largest U.S. commercial bank headquartered in Texas. The company's operating units include the Business Bank, the Retail Bank, and Wealth Management.

Employing nearly 9,000 people, its major operations are located in Detroit, Livonia, Auburn Hills, Michigan and Dallas. Ralph Babb is the Chairman of the Board of Directors and Chief Executive Officer; Curtis C. Farmer is President; and David Duprey is the Chief Financial Officer.[2]

History

The company was founded in Detroit by Elon Farnsworth in 1849 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 1971, it formed a holding company, DetroitBank Corporation. The current name was adopted in 1982.

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

In 1992, it merged with another large Detroit-based bank, Manufacturers National Corporation. Both banks were approximately the same size in assets ($14.3 billion and $12.5 billion, respectively) and employees (7,000 and 6,000). The merged bank announced its headquarters would be in the newly constructed Comerica Tower at Detroit Center in downtown Detroit in 1993. Comerica had previously maintained offices in the Detroit Savings Bank Building and Comerica Tower while Manufacturers Bank occupied space in Tower 200 of Renaissance Center.

In 1996, the company sold its Illinois operation, which it acquired as part of its merger with Manufacturers, to LaSalle Bank. In 2000, the bank sold its credit card division to MBNA. In 2001, it acquired Imperial Bank of California, which also had branches in Arizona.

In 1998, the company purchased the naming rights to the baseball stadium in downtown Detroit, home to the Detroit Tigers of Major League Baseball. It is to pay $66 million over a period of 30 years for the naming rights to Comerica Park.

In October, 2002, Comerica Inc. announced to restate its second-quarter earnings to account for a $213 million charge, to cover climbing loan losses and a decline in the value of its Munder Capital Management unit.[3]

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.[4] 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.[5] The building has since been renamed Comerica Bank Tower.[6]

In January 2008, the company was selected by the U.S. Department of the Treasury as the financial agent for its Direct Express debit-card program.

On January 18, 2011, it announced the acquisition of Houston-based Sterling Bank (Texas) for $1.03 billion, strengthening Comerica's presence in the Lone Star State. The acquisition virtually tripled its market share in Houston, provided it entry into the San Antonio and Kerrville regions, and complemented its banking center network in Dallas/Fort Worth.

In August 2011, the company consolidated its Detroit operations into the 411 Building, vacating One Detroit Center. The 411 Building is the former headquarters of Manufacturers Bank.[7]

In 2014, Comerica provided more than $8.5 million to not-for-profit organizations in its markets. 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.

in 2015, Comerica was again identified as a U.S. leader by CDP, the international not-for-profit, for the quality of climate change related information it has disclosed to investors and the global marketplace. Comerica was awarded a position on the S&P Climate Disclosure Leadership Index (CDLI) as a result of its perfect 100 score, independently assessed against CDP's scoring methodology. Those organizations graded within the top 10 percent constitute the CDLI. This marked Comerica's first perfect 100 disclosure score and the fifth time being listed on the CDLI. Comerica has also twice been listed on the CDP's Climate Performance Leadership Index (CPLI) for its performance in reducing carbon emissions.

Partnership with MasterCard

Comerica Bank, MasterCard, and the U.S. Treasury Department teamed up in 2008 to create the Direct Express Debit MasterCard prepaid debit card. The federal government uses the Express Debit product to issue electronic payments to people who do not have bank accounts, who are often referred to collectively as the "unbanked". Comerica Bank is the issuing bank for the debit card.[8]

See also

References

  1. 1 2 3 4 5 6 "2014 Form 10-K, Comerica Incorporated". U.S. Securities and Exchange Commission.
  2. ↑ "David Duprey bio"
  3. ↑ "Comerica to Record a $213 Million After-Tax Charge Related To Incremental Provision for Credit Losses, Goodwill Impairment" (Press release). Comerica. October 2, 2002.
  4. ↑ "Company Press Release" (Archive) Comerica Bank. March 6, 2007. Retrieved on November 23, 2013.
  5. ↑ Hethcock, Bill. "Large ad agency cites area's vibrancy in decision to return." Dallas Business Journal. December 9, 2007. p. 2. Retrieved October 17, 2010. "In August, Comerica Inc. announced it would move into the skyscraper, formerly known as Bank One Center, when the banking and financial firm relocated its headquarters from Detroit. Comerica leased five floors -- 164,000 square feet -- and the building was renamed to reflect its new lead tenant. Comerica executives began moving in last month."
  6. ↑ "Contact Us" Archived April 21, 2009, at the Wayback Machine.. Comerica. Retrieved April 19, 2009.
  7. ↑ Yung, Katherine (August 27, 2011). "Comerica consolidates downtown". Detroit Free Press. Retrieved 2015-10-02.
  8. ↑ "Federal government chooses direct deposit and prepaid cards over mailing checks", BankCreditNews, 15 Apr 2013, Accessed 22 Apr 2013

External links

This article is issued from Wikipedia - version of the 11/28/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.