Comerica Incorporated

Comerica, Inc. is an American financial services company based in Dallas, Texas. It operates through three primary business segments – Wealth Management, the Business Bank and the Retail Bank. Alongside its business locations in Arizona, Florida, California and Michigan, Comerica’s operations extend beyond US borders to Canada and Mexico. It was incorporated in 1849 as Detroit Savings Fund Institute. This was one of the few companies that survived the Great Depression of the 1930s, and in 1936 changed its name to The Detroit Bank. It then merged with Ferndale National Bank, Birmingham National Bank and the Detroit Wabeek Bank in 1956, thus forming The Detroit Bank & Trust Company. Subsequently, it established a holding company named DetroitBank Corporation in 1973. Its current name – Comerica was adopted in 1982. Comerica shares trade on the New York Stock Exchange (NYSE) under the ticker symbol of CMA. CMA stocks are a component of the S&P 500 index as well as the Russell 1000 index. It has several subsidiaries including Comerica Insurance Services, Inc., Comerica Securities, Inc., Comerica Bank and Comerica Leasing Corporation. CMA acquired its hometown competitor, Bank of the Commonwealth of Michigan, in 1982. It expanded its domestic business operations by acquiring the Grand Bancshares in 1988 and entered the Florida market. Similarly, it debuted in California through the acquisition of Plaza Commerce Bancorp and InBankshares. Another major merger followed in 1992 when it consolidated with the Manufacturer National Corp, a Detroit-based bank. In 2011, CMA bought-off Texas’s Sterling Bank in a transaction of $1.03 billion. As of 2020, CMA ranked 1154th on Forbes’ list of Global 2000. Forbes also recognised CMA as one of America’s Best Banks. Points of Light, the world’s largest organisation for volunteer service, named Comerica, Inc. in its list of The Civic 50, for its contribution towards local communities.