Comerica

Comerica
Comerica Incorporated
Type Public
Traded as NYSECMA
Industry Financial services
Banking
Founded 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.
(Chairman, President and CEO)

Lars C. Anderson
(Vice Chairman)
Services Retail banking
Commercial banking
Wealth management
Revenue decrease US$ 2.642 billion (2010)[1]
Operating income decrease US$ 1.640 billion (2010)[1]
Net income increase US$ 227 million (2010)[1]
Total assets decrease US$ 53.667 billion (2010)[1]
Total equity decrease 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

References

  1. ^ 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. 
  2. ^ "[1]." Comerica Company Profile. Retrieved on October 17, 2010.
  3. ^ "Comerica to move headquarters to Dallas from Detroit." Northwestern Financial Review. April 1–14, 2007. Retrieved on April 17, 2009.
  4. ^ "[2]." Retrieved on October 17, 2010.
  5. ^ "Contact Us." Comerica. Retrieved on April 19, 2009.
  6. ^ "[3]"Retrieved on August 27, 2001.

External links

Portal icon Dallas-Fort Worth portal
Portal icon Detroit portal
Portal icon Companies portal

Wikimedia Foundation. 2010.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • Comerica — Rechtsform Sitz Detroit, Michigan Mitarbeiter rund …   Deutsch Wikipedia

  • Comerica — Incorporated (NYSE : CMA) est une société de services financiers américaine dont le siège social est situé à Dallas. Comerica fait partie des 20 plus grandes banques des États Unis avec 53 milliards USD en dépôts au 31 décembre 2003.… …   Wikipédia en Français

  • Comerica Park — Généralités Adresse 2100 Woodward Avenue Détroit, MI 48201 …   Wikipédia en Français

  • Comerica Park — Location 2100 Woodward Avenue Detroit, Michigan 48201 …   Wikipedia

  • Comerica Bank Tower — Alternative names Bank One Center Chase Center Momentum Place General information Type Commercial offices …   Wikipedia

  • Comerica Incorporated — Comerica Comerica Incorporated (NYSE : CMA) est une société de services financiers américaine dont le siège social est situé à Détroit. Comerica fait partie des 20 plus grandes banques des États Unis avec 53 milliards USD en dépôts au 31… …   Wikipédia en Français

  • Comerica Theatre — Photo of the South East side of the Comerica Theatre (still branded as Dodge Theatre when the photo was taken) Address 400 West Washington Street Phoenix, Arizona 85003 United States …   Wikipedia

  • Comerica Bank Building — April 2009 General information Type Office Location S …   Wikipedia

  • Comerica Bank Building (Lansing) — Comerica Bank Building Comerica Bank Building in downtown Lansing General information Status Complete …   Wikipedia

  • Comerica Bank Challenger —  ATP Challenger Tour Event name Aptos Location Aptos, California, USA Category ATP Challenger Tour Surface Hard Draw 32S/28Q/16D …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”