| Type | 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 | 511 (December 2010)[1] |
| Key people | • Ralph W. Babb, Jr., Chairman, President and Chief Executive Officer • Lars C. Anderson, Vice Chairman |
| Services | • Commercial banking • Retail banking • Wealth management |
| Revenue | 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 | comerica.com |
Comerica Incorporated is an American financial-services company headquartered in Dallas, Texas. 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.
It is among the 25-largest banking companies in the U.S., and had $54.1 billion in total assets and $41.1 billion in total core deposits as of June 30, 2011; it is the largest bank-holding company headquartered in Texas.[citation needed] The company's operating units include the Business Bank, the Retail Bank, and Wealth Management.
Employing 9,100 people, its major operations are located in Dallas; Detroit, Michigan; and Auburn Hills, Michigan. Ralph W. Babb, Jr. is the Chairman of the Board of Directors and Chief Executive Officer; Elizabeth Acton is the Chief Financial Officer.[2]
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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. 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. The California market was added in 1991 when Plaza Commerce Bancorp and InBancshares were acquired.
In 1992, it 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, the company sold its Illinois operation, which was acquired through its merger with Manufacturers, to ABN-AMRO Holdings. In 2000, it sold its credit card division to MBNA. In 2001, it acquired Imperial Bank of California.
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 thirty years for the naming rights to Comerica Park.
On March 6, 2007, the company announced its decision to relocate its corporate headquarters to Dallas.[3] The move was completed in August 2007 when the company moved into 1717 Main Street in downtown Dallas.[4] The building has since been renamed Comerica Bank Tower.[5]
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 Sterling Bank of Texas for $1.03 billion.
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.[6]
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