Get Rich City - Comerica

Comerica

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Comerica Incorporated NYSE: CMA is a financial services company headquartered in Dallas, Texas. In 1849, the Detroit Savings Fund Institute was founded by Elon Farnsworth. The company's name changed to The Detroit Savings Bank in 1881 and to simply the Detroit Bank in 1933, being one of the few area banks to survive the Great Depression. In 1953, the Detroit Bank, The Birmingham National Bank, Ferndale National Bank, and Detroit Wabeek Bank and Trust Company consolidated operations to form The Detroit Bank & Trust Company. This remained the name of the bank until 1982 when the current name was adopted. In 1992, Comerica merged with Manufacturers National Corporation.

Currently, Ralph W. Babb, Jr., is the Chairman of the Board of Directors and Chief Executive Officer. The CFO is Elizabeth Acton.

Comerica has approximately 11,000 employees. Comerica Bank locations can be found in Michigan, California, Texas, Arizona, and Florida, with select business operations in several other states. It is among the twenty-five largest banking companies in the U.S., with $54 billion in total assets at September 30, 2005. Comerica's operating units include corporate banking, small business banking, and personal financial services.

Comerica agreed in December 1998 to pay $66,000,000 over thirty years for naming rights to Comerica Park in Detroit, home to the Detroit Tigers of Major League Baseball.

As of May 2006, there are 368 banking locations located in 5 states: 240 in Michigan, 59 in Texas, 7 in Florida and 62 in California and Arizona.

On March 6, 2007, the company announced the relocation of its corporate headquarters to Dallas, Texas. The decision was attributed to Comerica's long-term strategy of growth in the South and Southwest part of the United States. The move is expected to be completed by the 3rd quarter of 2007.

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