Comerica Incorporated is a financial services company headquartered in

Dallas, Texas Dallas () is the third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the fourth-largest metropolitan area in the United States at 7.5 million people. It is the largest city in and seat of Dallas County w ...

, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. It has retail banking operations in

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

Arizona Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

Michigan Michigan () is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the 10th-largest state by population, the 11th-largest by area, and the ...

and

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

, with select business operations in several other U.S. states, as well as in

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

and

Mexico Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...

. The bank sponsors

Comerica Park Comerica Park is a baseball stadium located in Downtown Detroit. It has been the home of Major League Baseball's Detroit Tigers since 2000, when the team left Tiger Stadium. History Construction Founded in 1894, the Tigers had played at the ...

in Detroit and formerly sponsored the

Comerica Theatre The Arizona Financial Theatre (formerly known as the Dodge Theatre, the Comerica Theatre and the Arizona Federal Theatre) is a multi-use theatre in Downtown Phoenix, Arizona. The venue seats 5,000 people. History Jerry Colangelo, longtime fo ...

Phoenix Phoenix most often refers to: * Phoenix (mythology), a legendary bird from ancient Greek folklore * Phoenix, Arizona, a city in the United States Phoenix may also refer to: Mythology Greek mythological figures * Phoenix (son of Amyntor), a ...

. From 2007 to 2010, Comerica also sponsored the

Comerica Bank New Year's Parade The Comerica Bank New Year's Parade (also known as the Cotton Bowl Parade) was an annual New Year's Day parade held in downtown Dallas, Texas. The parade was sponsored by Comerica Bank, presented by the J. Curtis Sanford Parade Committee, and benef ...

in Dallas.

History

In 1849, the company was founded in Detroit by

Elon Farnsworth Elon John Farnsworth (July 30, 1837 – July 3, 1863) was a Union Army captain in the American Civil War. He commanded Brigade 1, Division 3 of the Cavalry Corps (Union Army) from June 28, 1863 to July 3, 1863, when he was mortally wounded and die ...

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 The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

. 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. In 1973, it formed a holding company, DetroitBank Corporation. 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 of Michigan. It entered the Texas market in 1988 when it acquired Grand Bancshares. In 1990, Comerica received approval to construct a new headquarters building,

One Detroit Center Ally Detroit Center, formerly One Detroit Center, is a skyscraper and class-A office building located in Downtown Detroit, overlooking the Detroit Financial District. Rising , the 43-story tower is the tallest office building in Michigan and ...

. In 1991, the bank expanded to California by acquiring Plaza Commerce Bancorp and InBancshares. In 1992, the bank merged with a similarly-sized Detroit-based bank, Manufacturers National Corporation. In 1996, the bank sold its Illinois operation to

LaSalle Bank LaSalle Bank Corporation was the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. (formerly Standard Federal Bank). With US$116 billion in assets, it was headquartered at 135 South LaSalle Street in Chicago, Illinois. LaSa ...

parent

ABN Amro ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organizat ...

for $190 million. In 1998, the bank signed a 30-year $66 million agreement for the naming rights to

in downtown Detroit, home to the

Detroit Tigers The Detroit Tigers are an American professional baseball team based in Detroit. The Tigers compete in Major League Baseball (MLB) as a member of the American League (AL) Central division. One of the AL's eight charter franchises, the club was f ...

Major League Baseball Major League Baseball (MLB) is a professional baseball organization and the oldest major professional sports league in the world. MLB is composed of 30 total teams, divided equally between the National League (NL) and the American League (AL), ...

. In 2000, the bank sold its credit card division to

MBNA MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006. History The former Maryland National ...

and formed an alliance with the company. In 2001, the bank acquired Imperial Bank of California, which also had branches in Arizona. 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 The Sun Belt is a region of the United States generally considered to stretch across the Southeast and Southwest. Another rough definition of the region is the area south of the 36th parallel. Several climates can be found in the region — des ...

. In August, the company announced that it selected 1717 Main Street in

Downtown Dallas Downtown Dallas is the central business district (CBD) of Dallas, Dallas, Texas, United States, located in the geographic center of the city. It is the second-largest business district in the state of Texas. The area termed "Downtown" has tradit ...

. The company executives began moving into the new location in November 2007 and the building was renamed Comerica Tower. In January 2008, the

United States Department of the Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...

selected the company as the issuing bank for its Direct Express

debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...

program. The federal government uses the Express Debit product to issue electronic payments, such as

Social Security Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specificall ...

benefits, to people who do not have bank accounts (

unbanked The unbanked are adults who do not have their own bank accounts. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available. Causes Some reasons a person might not have a bank ...

). In July 2011, the bank acquired Sterling Bank of Texas for $1.03 billion. In 2017, the bank announced plans to reduce its office space by 500,000 square feet, saving $7 million in 2018. In March 2020, Comerica appointed a new executive vice president and chief enterprise technology and operations services officer, Megan Crespi. In May 2021, the bank announced that it would provide $5 billion in small business loans from 2021 to 2023. Online today (1/16/22) $90 billion in assets are attributed to Comerica Commercial Bank as stock is traded and recommended by the online dailys. On January 21, 2022 Comerica announced the appointment of a new chief economist, William (Bill) Adams.

References

External links

{{Authority control Banks based in Texas Banks based in the Dallas–Fort Worth metroplex American companies established in 1849 Banks established in 1849 Companies based in Dallas Companies listed on the New York Stock Exchange 1849 establishments in Michigan