 | |
 | |
| Formerly | Detroitbank Corporation |
|---|---|
| Company type | Public |
| Industry | Financial services |
| Founded | 1849; 176 years ago (1849) as Detroit Savings Fund Institute |
| Founder | Elon Farnsworth |
| Headquarters | Comerica Bank Tower Dallas, Texas, U.S. |
Number of locations | 499branches (2024) |
Key people | |
| Services | |
| Revenue |  US$4.99 billion (2024) |
| US$698 million (2024) | |
| Total assets | US$79.3 billion (2024) |
| Total equity |  US$6.54 billion (2024) |
Number of employees | 7,565 (2024) |
| Website | comerica |
| Footnotes / references [1] | |
Comerica Incorporated is an American financial services company, headquartered inDallas, Texas. It is the parent ofComerica Bank, a regional commercial bank with 413 branches in the U.S. states ofTexas,Michigan,California,Florida andArizona.[2] Comerica is among the largest U.S. financialholding companies, with offices in a number of U.S. cities.[3]
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 byElon Farnsworth, a lawyer and politician, as theDetroit Savings Fund Institute.[4][5] Michigan GovernorEpaphroditus Ransom signed an act authorizing the formation of the institute.[6] Ransom also appointed 11 men of high repute to serve astrustees. These men served unpaid. The institute's first location was an office that was adjacent and owned byMariners’ 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 unpaidfiduciaries. 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 astockholder-owned corporation. Its name changed toThe Detroit Savings Bank in 1871.[7]
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 toThe Detroit Bank in 1936, being one of the few area banks to survive theGreat Depression.[8]
In 1956, the company merged with Birmingham National Bank, Ferndale National Bank and Detroit Wabeek Bank and Trust Company to formThe Detroit Bank & Trust Company.[8] As the bank's growth continued, so did its presence, opening its first foreign office inLondon in 1969.[6] The early 1970s introduced new technological advancements to banking, which Detroit Bank & Trust would adopt.[6] These advancements includeMaster Charge cards andautomated 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 toLaSalle Bank parentABN Amro for $190 million.[14]
In 1998, the bank signed a 30-year $66 million agreement for the naming rights toComerica Park in downtown Detroit, home to theDetroit Tigers ofMajor League Baseball.[15] A year later, Comerica would celebrate its 150th anniversary.
In 2000, Comerica sold its credit card division toMBNA 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 theSun Belt.[19][20] In August, the company announced that it selected 1717 Main Street inDowntown Dallas. The company executives began moving into the new location in November 2007 and the building was renamedComerica Tower.[21]
In January 2008, theUnited States Department of the Treasury selected the company as the issuing bank for its Direct Expressdebit card program. The federal government uses the Express Debit product to issue electronic payments, such asSocial Security benefits, to people whodo not have bank accounts.[22][23][24]
In July 2011, the bank acquiredSterling Bank of Texas for $1.03 billion.[25][26] The acquisition virtually tripled Comerica's market share in Houston and provided entry into theSan Antonio andKerrville 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 inRaleigh, along with offices inWinston-Salem andCharlotte, the Southeast Market supports Wealth and Commercial Bank customers based inNorth Carolina,Florida,Georgia,South Carolina,Tennessee andVirginia.[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]
