- Comerica
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Comerica Incorporated 
Type Public Traded as NYSE: CMA Industry Financial services
BankingFounded Detroit, Michigan, U.S. (1849) Headquarters Comerica Bank Tower
Dallas, Texas, U.S.Number of locations 511 (December 2010)[1] Key people Ralph W. Babb, Jr.
Lars C. Anderson
(Chairman, President and CEO)
(Vice Chairman)Services Retail banking
Commercial banking
Wealth managementRevenue 
US$ 2.642 billion (2010)[1]Operating income US$ 1.640 billion (2010)[1]Net income 
US$ 227 million (2010)[1]Total assets US$ 53.667 billion (2010)[1]Total equity US$ 5.793 billion (2010)[1]Employees 8,636 (December 2010)[1] Website www.comerica.com Comerica Incorporated is a financial services company headquartered in Dallas, Texas, USA. It has retail banking operations in Arizona, California, Florida, Michigan and Texas; and select business operations in several other U.S. states, as well as in Canada and Mexico.
Comerica is among the 25 largest banking companies in the U.S., and has $54.1 billion in total assets and $41.1 billion in total core deposits as of 30 June 2011; it is the largest bank holding company headquartered in Texas. Comerica's operating units include the Business Bank, the Retail Bank, and Wealth Management.
Comerica employs 9,100 people. Its major operations are located in Dallas, Texas, Detroit, Michigan and Auburn Hills, Michigan. Currently, Ralph W. Babb, Jr. is the Chairman of the Board of Directors and CEO; Elizabeth Acton is the CFO.[2]
Contents
History
Comerica Bank branch, Ann Arbor, MI
Comerica was founded in Detroit by Elon Farnsworth in 1849 as the Detroit Savings Fund Institute. The company's name 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 1956, 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 adopted 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.
In 1998 Comerica purchased the naming rights to the baseball stadium in downtown Detroit, home to the Detroit Tigers of Major League Baseball. The bank will pay $66 million over a period of thirty years for the naming rights to Comerica Park.
On March 6, 2007, Comerica announced its decision to relocate its corporate headquarters to Dallas.[3] The move was completed in August 2007 when Comerica moved into 1717 Main Street in downtown Dallas.[4] The building has since been renamed Comerica Bank Tower.[5]
In January 2008, Comerica was selected by the Department of the Treasury as the financial agent for its Direct Express debit card program.
On January 18, 2011, Comerica announced the acquisition of Sterling Bank of Texas for $1.03 billion.
In August 2011, Comerica consolidated its Detroit operations into the 411 Building, vacating One Detroit Center. The 411 Building is the former headquarters of Manufacturers Bank.[6]
See also
- Comerica Tower at Detroit Center
- Comerica Bank Building
- Comerica Bank Challenger
- Comerica Bank Tower
- Comerica Bank New Year's Parade
References
- ^ a b c d e f g "2010 Form 10-K, Comerica Incorporated". United States Securities and Exchange Commission. http://www.sec.gov/Archives/edgar/data/28412/000119312511049884/dex13.htm.
- ^ "[1]." Comerica Company Profile. Retrieved on October 17, 2010.
- ^ "Comerica to move headquarters to Dallas from Detroit." Northwestern Financial Review. April 1–14, 2007. Retrieved on April 17, 2009.
- ^ "[2]." Retrieved on October 17, 2010.
- ^ "Contact Us." Comerica. Retrieved on April 19, 2009.
- ^ "[3]"Retrieved on August 27, 2001.
External links
50 largest banks / bank holding companies in the United States as of September 30, 2011 Ally • American Express • Associated • BancWest* • Bank of America • Bank of New York Mellon • BB&T • BBVA Compass* • BOK Financial • Capital One • CIT • Citigroup • Citizens Financial Group* • City National (California) • Comerica • Commerce • Discover • East West Bank • Fifth Third • First Citizens • First Horizon • First Niagara • Goldman Sachs • BMO Harris* • Hancock • HSBC Bank USA* • Huntington • JPMorgan Chase • Key • M&T • MetLife • Morgan Stanley • New York Community • Northern Trust • PNC • Popular • RBC* • Regions • Silicon Valley • State Street • SunTrust • Synovus • Taunus* • TCF • TD* • U.S. Bank • UnionBanCal* • Utrecht-America* • Wells Fargo • Zions
* indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only.Categories:- Companies listed on the New York Stock Exchange
- Companies based in Dallas, Texas
- Financial services companies of the United States
- Companies established in 1849
- History of Detroit, Michigan
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