Comerica

Last updated
Comerica Incorporated
Company type Public
Industry Financial services
Founded1849;175 years ago (1849) as Detroit Savings Fund Institute
Founder Elon Farnsworth
Headquarters Comerica Bank Tower
Dallas, Texas, U.S.
Number of locations
529 branches (2023)
Key people
Curt Farmer (Chairman, President & CEO)
James J. Herzog (CFO)
Services Commercial banking
Retail banking
Wealth management
RevenueIncrease2.svg US$5.25 billion (2023)
Decrease2.svg US$881 million (2023)
Total assets Increase2.svg US$85.8 billion (2023)
Total equity Increase2.svg US$6.41 billion (2023)
Number of employees
7,496 (2023)
Website comerica.com
Footnotes /references
[1]

Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. [2] Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities. [3]

Contents

History

1800s

At the start of 1849, there were just three banks in Detroit: Farmers & Mechanics’ Bank, Michigan Insurance Company Bank and the State Bank of Michigan. These three banks were commercial banks that served the business community. On August 17, 1849, Comerica was founded in Detroit by Elon Farnsworth, a lawyer and politician, as the Detroit Savings Fund Institute. [4] [5] Michigan Governor Epaphroditus Ransom signed an act authorizing the formation of the institute. [6] Ransom also appointed 11 men of high repute to serve as trustees. These men served unpaid. The institute's first location was an office that was adjacent and owned by Mariners’ Church. [6]

An ad published in 1852-53 issue of Detroit's directory expressed the institute's purpose at the time:

“The design of the Institution is to afford to those who are desirous of saving money, but who have not acquired sufficient to purchase a share in the banks, railroads, or a sum in public stocks, the means of employing their money to advantage…” [6]

Unlike most banks of that time, the Institute paid interest on deposits, had no shareholders or capital stock, and was managed by unpaid fiduciaries. Courting customers from the working class, merchants and even children, the Institute enjoyed steady growth, reaching the $1 million mark in 1870. [7]

In 1871, the state of Michigan passed a new law meant to encourage the formation of banks that offered both savings and commercial services. [6] In response, the Institute transformed from a trust to a stockholder-owned corporation. Its name changed to The Detroit Savings Bank in 1871. [7]

1900s

In 1901, Detroit Savings Bank had 10,000 customers. [6] By 1905, the bank had a staff of 21 employees, who managed a downtown main office and two branches.

As the banking situation in the nation became especially volatile in the 1930s, Detroit Savings Bank attempted to continue offering services. On multiple occasions in 1933, Detroit Savings Bank was the sole bank offering full personal and commercial services in Detroit. [6] The Detroit Savings Bank changed its name to The Detroit Bank in 1936, being one of the few area banks to survive the Great Depression. [8]

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. [8] As the bank's growth continued, so did its presence, opening its first foreign office in London in 1969. [6] The early 1970s introduced new technological advancements to banking, which Detroit Bank & Trust would adopt. [6] These advancements include Master Charge cards and automated teller machines (ATM) such as the Ultra/Matic 24. In 1973, it formed a holding company, DetroitBank Corporation. [8] A year later, the Bank & Trust would celebrate its 125th anniversary. The current name, Comerica, was adopted in 1982. [8]

In 1982, Comerica entered the Florida market. In 1983, it acquired its hometown rival, Bank of the Commonwealth of Michigan. In the same year, Comerica entered California and Texas markets by offering auto financing services. [6] It strengthened its entrance into the Texas market in 1988 when it acquired Grand Bancshares. [6] This was the first of 21 Texas acquisitions.

In 1990, Comerica received approval to construct a new headquarters building, One Detroit Center. [9]

In 1991, the bank expanded to California by acquiring Plaza Commerce Bancorp and InBancshares. [10]

In 1992, the bank merged with a similarly sized Detroit-based bank, Manufacturers National Corporation. [11] [12] The merger of Comerica and Manufacturers created one of the country's 25 largest bank holding companies. [13]

In 1996, the bank sold its Illinois operation to LaSalle Bank parent ABN Amro for $190 million. [14]

In 1998, the bank signed a 30-year $66 million agreement for the naming rights to Comerica Park in downtown Detroit, home to the Detroit Tigers of Major League Baseball. [15] A year later, Comerica would celebrate its 150th anniversary.

2000s

In 2000, Comerica sold its credit card division to MBNA and formed an alliance with the company. [16]

In 2001, the bank acquired Imperial Bank of California, which also had branches in Arizona. [17] [18]

In late 2004, the bank began a plan to diversify its operations by opening new banking centers in strong growth markets, primarily in Texas and California. [7] Comerica opened 18 new banking centers in 2005, 25 new banking centers in 2006, and 30 banking centers in 2007. [7]

On March 6, 2007, the company announced its decision to relocate its corporate headquarters to Dallas to move closer to its customer base in the Sun Belt. [19] [20] In August, the company announced that it selected 1717 Main Street in Downtown Dallas. The company executives began moving into the new location in November 2007 and the building was renamed Comerica Tower. [21]

In January 2008, the United States Department of the Treasury selected the company as the issuing bank for its Direct Express debit card program. The federal government uses the Express Debit product to issue electronic payments, such as Social Security benefits, to people who do not have bank accounts. [22] [23] [24]

In July 2011, the bank acquired Sterling Bank of Texas for $1.03 billion. [25] [26] The acquisition virtually tripled Comerica's market share in Houston and provided entry into the San Antonio and Kerrville regions. [7]

In 2017, the bank announced plans to reduce its office space by 500,000 square feet, saving $7 million in 2018. [27]

Comerica celebrated a historic milestone in 2019, marking its 170th anniversary.

In May 2021, the bank announced that it would provide $5 billion in small business loans from 2021 to 2023. [28] [29]

Comerica expanded into North Carolina with the creation of its new Southeast Market in August 2021. [30] With market headquarters in Raleigh, along with offices in Winston-Salem and Charlotte, the Southeast Market supports Wealth and Commercial Bank customers based in North Carolina, Florida, Georgia, South Carolina, Tennessee and Virginia. [30]

On May 29, 2023, American Banker reported that i2c Inc., a Comerica contractor, conducted Direct Express operations through an office in Pakistan, in violation of the bank's contract with the Treasury, which requires all program operations to be conducted in the United States. [31] [32] [33] The report caused Comerica's stock price to fall. [33]

Sponsorships

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References

  1. ↑ "Comerica Incorporated 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 28, 2024.
  2. ↑ "BankFind Suite: Comerica Bank". Federal Deposit Insurance Corporation . Archived from the original on 2023-10-08. Retrieved 2023-10-08.
  3. ↑ "FRB: Large Commercial Banks, June 30, 2023". Federal Reserve . 2023-06-30. Retrieved 2023-10-08.
  4. ↑ "Comerica Celebrates 150 Years of Banking" (Press release). Comerica. October 20, 1998. Archived from the original on October 19, 2017. Retrieved May 19, 2017– via PRNewswire.
  5. ↑ Dolan, Matthew. "Comerica to cut nearly 800 jobs, close 40 branches". Detroit Free Press. Retrieved 2020-05-04.
  6. 1 2 3 4 5 6 7 8 9 10 Luedtke, Eleanor (1999). Promises Kept: The Story of Comerica 1849-1999. Detroit, Michigan: Comerica Incorporated.
  7. 1 2 3 4 5 "Company History". Comerica. 24 January 2023. Retrieved 24 January 2023.
  8. 1 2 3 4 "Comerica: 158 years in Detroit" . Crain's Detroit Business . March 6, 2007. Retrieved February 1, 2018.
  9. ↑ "Building Plan In Detroit Starts Debate". The New York Times . August 22, 1990.
  10. ↑ Bates, James (September 21, 1989). "Foray Has Begun: Michigan Firm to Buy Bank In State". Los Angeles Times .
  11. ↑ Quint, Michael (October 29, 1991). "Banks Plan A Merger In Detroit". The New York Times.
  12. ↑ "Comerica, Rival Will Merge in Stock Swap" . Los Angeles Times . Associated Press. October 29, 1991.
  13. ↑ "Comerica Celebrates 30 Years on the New York Stock Exchange". Comerica MediaRoom. Retrieved 2023-01-24.
  14. ↑ "Comerica to Sell Illinois Banking Unit to ABN Amro" . The New York Times . March 20, 1996.
  15. ↑ Shea, Bill (February 24, 2016). "Comerica signs sponsorship deal for new Red Wings arena". Crain Communications .
  16. ↑ "MBNA America Bank and Comerica Form Alliance" (Press release). MBNA Corporation. January 26, 2000. Archived from the original on October 19, 2017. Retrieved May 19, 2017– via PRNewswire.
  17. ↑ "Comerica Completes Imperial Bancorp Acquisition" (Press release). Comerica. January 30, 2001. Archived from the original on October 19, 2017. Retrieved May 19, 2017– via PRNewswire.
  18. ↑ Anderson, Mark (November 21, 2000). "Comerica buys Imperial Bank, enters Sacramento market". American City Business Journals .
  19. ↑ "Comerica to Relocate Corporate Headquarters to Dallas" (Press release). Comerica. March 6, 2007. Archived from the original on October 19, 2017. Retrieved May 19, 2017– via PRNewswire.
  20. ↑ Gupta, Poornima (March 6, 2007). "Comerica moving headquarters to Dallas from Detroit". Reuters .
  21. ↑ Hethcock, Bill (December 9, 2007). "Large ad agency cites area's vibrancy in decision to return". American City Business Journals .
  22. ↑ "U.S. Treasury Introduces Direct Express® Debit Card for Social Security Payments" (Press release). U. S. Department of the Treasury. June 10, 2008. Archived from the original on December 8, 2016. Retrieved May 19, 2017.
  23. ↑ Brandon, Emily (June 11, 2008). "Social Security Debit Cards: 7 Things You Need to Know". U.S. News & World Report .
  24. ↑ Berry, Kate (2023-05-30). "Comerica in 'serious violation' of Treasury's Direct Express program". American Banker. Retrieved 2023-06-07.
  25. ↑ "Comerica Incorporated Completes Acquisition of Sterling Bancshares, Inc" (Press release). Comerica. July 28, 2011 – via PRNewswire.
  26. ↑ Nicholson, Chris V. (January 18, 2011). "Comerica to Buy Sterling Bancshares for $1 Billion". The New York Times.
  27. ↑ Prior, Jon (April 25, 2017). "Comerica to trim office space by 500,000 square feet". Dallas Business Journal.
  28. ↑ "Comerica Bank Commits $5 Bln To Small Business Lending Over Next 3-yrs". nasdaq.com. Archived from the original on 2021-07-30. Retrieved 2021-07-30.
  29. ↑ "Best Bank Accounts for Small Businesses". founderjar.com. 6 July 2021. Archived from the original on 2021-07-30. Retrieved 2021-07-30.
  30. 1 2 "Comerica Bank Expands Southeast Market Presence Into South Carolina, Georgia". Comerica MediaRoom. Retrieved 2023-01-24.
  31. ↑ Berry, Kate (2023-05-30). "Comerica in 'serious violation' of Treasury's Direct Express program" . American Banker . Retrieved 2023-06-07.
  32. ↑ "Comerica Bank violated Treasury contract: American Banker". Yahoo Finance. 2023-05-30. Retrieved 2023-06-07.
  33. 1 2 "Kirby McInerney LLP Continues Investigation of Shareholder Claims Against Comerica, Inc. (CMA)". Bloomberg.com. 2023-06-02. Retrieved 2023-06-07.
  34. ↑ "Chevrolet Detroit Grand Prix presented by Lear, June 2 - 4, 2022, Detroit, MI - News". detroitgp.com. Retrieved 2023-10-08.
  35. ↑ Keenan, Tim (2021-09-21). "DBusiness Daily Update: 313 Presents Announces Exclusive Presenting Partnership with Comerica Bank for Fox Theatre, and More". DBusiness Magazine. Retrieved 2023-10-08.
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