Comerica Incorporated NYSE: CMA is a financial services company headquartered in Detroit. Its headquarters are in the skyscraper now known as Comerica Tower.
Its operating units include Corporate Banking, Small Business Banking, and Personal Financial Services.
Comerica has approximately 11,000 employees. Comerica Bank locations can be found in Michigan, California, Texas and Florida, with select businesses operating in several other states. Comerica has been expanding its operations on the west coast of America, opening several new branches. On the 23rd of February, Comerica opened a new banking center in Cypress, the bank’s fifth banking center in Orange County, at 6812 Katella Avenue, Cypress, California. The Cypress location joins two Comerica banking centers in Newport Beach, and centers in Costa Mesa and Huntington Beach in Orange County. The expansion into Orange County is an aspect of a larger expansion of Comerica into California, where 10 new banking centers are planned in 2006. The Western Portion of Comerica Bank includes 58 bank centers in key California markets, including: San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, and Santa Cruz/Monterey; and four bank centers in Phoenix/Scottsdale, Ariz. In the fourth quarter of 2005, the bank’s Western market generated 33 percent of the net income for Comerica Incorporated, on approximately $15.7 billion in assets at Dec. 31, 2005. Comerica Bank is a under the umbrella of Comerica Incorporated, which is a financial services company, this in turn is strategically aligned into the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on connecting people with money, and helping businesses and people be successful. It is among the 25 largest banking companies in the U.S., with $54 billion in total assets at September 30, 2005.
Comerica currently owns the naming rights to Comerica Park in Detroit, which is home to the Detroit Tigers of Major League Baseball. They agreed to pay $66 million over 30 years for the privilege. Groundbreaking for the $300 million project took place on October 29, 1997. More than 60 percent of the financing is private, with the rest contributed from public sources.
Organized into three operating units, the bank holding company has a Business Bank division that focuses on corporate and asset-based lending to middle-market clients, treasury management, and lending services; it offers lines of credit and international trade finance, among other services. Small Business and Personal Financial Services include consumer lending and deposits, mortgages, small-business banking (including SBA loans), and merchant services. The Wealth and Institutional Management arm, which includes Munder Capital Management, deals in private banking and asset management, trust products, insurance, and retirement services.
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