Comerica Incorporated is a financial services company headquartered in Dallas, Texas. In addition to Texas and Michigan, it has retail-banking operations in Arizona, California and Florida, with select business operations in several other U.S. states, as well as in Canada and Mexico.
Comerica is the largest U.S. commercial bank headquartered in Texas and is on the list of largest banks in the United States.
The company's largest offices are in Detroit, Livonia, Auburn Hills, Michigan and Dallas.
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History
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. 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. It added the California market in 1991 when it purchased Plaza Commerce Bancorp and InBancshares.
In 1990, Comerica received approval to construct a new headquarters building, One Detroit Center.
In 1992, Comerica merged with a similarly-sized Detroit-based bank, Manufacturers National Corporation.
In 1996, Comerica sold its Illinois operation to LaSalle Bank parent ABN Amro for $190 million.
In 1998, Comerica 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.
In 2000, Comerica sold its credit card division to MBNA and formed an alliance with the company.
In 2001, Comerica 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 in order to move closer to its customer base in the Sun Belt. In August, the company announced that it selected 1717 Main Street in Downtown Dallas. The company executives began moving into 1717 Main Street in November 2007 and the building was renamed Comerica Tower.
In January 2008, the company was selected by the United States Department of the Treasury 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 (unbanked).
In July 2011, Comerica completed the acquisition of Houston-based Sterling Bank (Texas) for $1.03 billion, which greatly expanded operations in Texas.
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Corporate responsibility
In 2014, Comerica provided more than $8.5 million to not-for-profit organizations in its markets. Its employees raised more than $2.2 million 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 it serves.
Comerica has established a plan for reducing carbon emissions and has reported its progress in meeting its sustainability goals.
Source of the article : Wikipedia
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