Comerica
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| Comerica | |
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| Type | Public (NYSE: CMA) |
| Founded | 1849 |
| Headquarters | Dallas, Texas, USA |
| Key people | Ralph W. Babb, Jr., CEO & Chairman |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | 11,600 |
| Website | www.comerica.com |
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas with locations in other states including Michigan, California, Texas, Arizona and Florida. There are select business operations in several other states, as well as in Canada, Mexico and China.
Comerica is among the twenty largest banking companies in the U.S. with $62.3 billion in total assets and $41.2 billion in total deposits as of 31 December 2007; it is the largest bank holding company headquarted in Texas. Comerica's operating units include corporate banking, small business banking and personal financial services.
11,600 people are employeed by Comerica. Currently, Ralph W. Babb, Jr. is the Chairman of the Board of Directors and CEO; Elizabeth Acton is the CFO.
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[edit] History
Comerica was founded in Detroit by Elon Fransworth in 1849 as the Detroit Savings Fund Institute. The company's named changed to The Detroit Savings Bank in 1871 and to simply The Detroit Bank in 1936, being one of the few area banks to survive the Great Depression. In 1953, it merged with Birmingham National Bank, Ferndale National Bank and Detroit Wabeek Bank and Trust Company to form The Detroit Bank & Trust Company. The current name was adapted in 1982.
In 1982, Comerica 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. California was added to its footprint in 1991 when Plaza Commerce Bancorp and InBancshares were acquired.
In 1992, Comerica merged with 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 headquarters of the merged bank was relocated to the newly constructed Comerica Tower at Detroit Center in downtown Detroit in 1993.
In 1996, Comerica sold off its Illinois operation, which was acquired through its merger with Manufacturers, to ABN-AMRO Holdings. In 2000, Comerica sold its credit card division to MBNA. In 2001, it acquired Imperial Bank of California.
On 6 March 2007, Comerica announced its decision to relocate its corporate headquarters to Dallas, ending its reign of 158 years in Detroit. The decision was attributed to its long-term strategy of growth in the South and Southwest regions of the United States. The move was completed in August 2007 when Comerica moved into the 60-story 1717 Main in downtown Dallas. The building has since been renamed Comerica Bank Tower.
In January 2008, Comerica was selected by the Department of the Treasury as the financial agent for its Direct Express debit card program.
[edit] Comerica in Detroit
Although Comerica moved its corporate headquarters to Dallas, the bank remains strong in metro Detroit. As of 30 June 2007, Comerica is the largest metro Detroit bank in number of branches (169), deposits ($20.6 billion, 23.3% market share) and assets. More than 7,300 of Comerica's employees work in Michigan. 71% of Comerica's Q1 2008 profit derived from its Midwest division, which is largely comprised of the Michigan market. [1] Comerica's focus outside of Michigan is small to medium sized businesses whereas large businesses comprise a large portion of its business within Michigan.
Comerica also owns the naming rights to the baseball stadium in downtown Detroit. In 1998, the bank paid $66 million over thirty years for the naming rights to Comerica Park, home to the Detroit Tigers of Major League Baseball.
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[edit] External links
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