Comerica Incorporated is an American financial services company founded in Detroit Michigan and currently headquartered in Dallas Texas, in addition to Michigan and Texas, it has retail banking operations in Arizona California and Florida and select business operations in several other US states as well as in Canada and Mexico.
It is the 22nd largest US financial holding company with sixty nine point three billion dollars in total assets, forty eight point two billion dollars in total loans and fifty seven billion dollars in total deposits as of March 31st 2015, it is the largest US commercial bank headquartered in Texas.
The company’s operating units include the business bank, the retail bank and wealth management employing nearly 9,000 people, its major operations are located in Detroit Livonia Auburn Hills Michigan, Dallas Ralph Babb is the chairman of the board of directors and chief executive officer Karen Parkhill is the chief financial officer.
The company was founded in Detroit by Ellen Farnsworth in 18-49 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 warbeck bank and trust company to form the Detroit bank and trust company in 1971, it formed a holding company, Detroit bank corporation, the current name was adopted in 1982.
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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 bank shares added the California market in 1991 when it purchased Plaza commerce bank opened in Bank shares in 1992, it merged with another large detroit-based Bank manufacturers national corporation, both banks were approximately the same size in assets and employees.
The merged bank announced its headquarters would be in the newly constructed Comerica tower at Detroit center in downtown Detroit in 1993, Comerica had previously maintained offices in the Detroit Savings Bank building and Comerica tower while manufacturers bank occupied space in tower 200 of renaissance center.
In 1996, the company sold its Illinois operation which it acquired as part of its merger with manufacturers to la Sol bank, in 2000, the bank sold its credit card division to MBNA, in 2001, it acquired Imperial Bank of California which also had branches in Arizona, 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 dollars over a period of 30 years for the naming rights to Comerica Park in October two thousand to Comerica incorporated announced to restate its second-quarter earnings to account for a 213 million dollars charge to cover climbing loan losses and a decline in the value of its munda capital management unit.
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On March six 2007, the company announced its decision to relocate its corporate headquarters to Dallas in order to move closer to its customer base in the Sun Belt, in August, the company announced that its selected 1717 Main Street in downtown Dallas the company executives began moving into 1717 Main Street in November two thousand seven, the building has been renamed Comerica bank tower.
In January 2008, the company was selected by the US Department of the Treasury as the financial agent for its direct express debit card program, on January 18 2011, it announced the acquisition of Houston-based sterling bank for 1.0 three billion dollars strengthening Kimura cos presence in the Lone Star State, the acquisition virtually tripled its market share in Houston provided at entry into the San Antonio and caryville regions and complemented its banking center network and Dallas-fort worth.
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, in 2014, Comerica provided more than 8.5 million dollars to not-for-profit organizations in its markets, its employees raised more than 2.2 million dollars for the United Way and black United fund and donated their personal time with more than 73,000 hours spent helping to make a positive difference in the communities.
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It serves partnership with MasterCard Comerica Bank MasterCard and the US Treasury Department teamed up in 2008 to create the direct express debit master card, prepaid debit card, the federal government uses the express debit product to issue electronic payments to people who do not have bank accounts, who are often referred to collectively as the euro in bank head.
Comerica bank is the issuing bank for the debit card, you can also see Comerica bank building, Comerica bank challenger, Comerica bank new year’s parade list of banks in the America’s list of companies, in Dallas list of Michigan companies references external links Comerica official website, Comerica online newsroom, Comerica senior leadership team.