Financial services company.
1717 Main Street
Dallas, TX 75201
CEO: Ralph Babb Jr.
Stock Symbol: CMA
Comerica Incorporated is a financial services company headquartered in Dallas, strategically aligned into three major business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management.
Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $69.1 billion at the end of 2014.
Comerica ranks among the 25 largest banking companies and has a presence in seven of the 11 largest U.S. cities.
In 2014, the company reported net income of $514 million.
Average total loans increased 5% to $46.6 billion in 2014. Average total deposits increased $3.1 billion, or 6 percent, to $54.8 billion in 2014.
The company has naming rights to the baseball stadium of the Detroit Tigers -- Comerica Park.
1849 - Comerica forerunner Detroit Savings
Fund Institute founded by Elon Farnsworth on March 5th. It took
in $41 in deposits on the first day of business from six customers.
1871 - Company name changed to The Detroit
1933 - Manufacturers National Bank of Detroit
founded; Comerica 1992 merger partner.
1936 - Company name changed to The Detroit
1956 - The Detroit Bank, The Birmingham
National Bank, Ferndale National Bank, and Detroit Wabeek Bank
and Trust Company were consolidated to form The Detroit Bank
& Trust Company.
1973 - A holding company, DETROITBANK Corporation,
was formed in response to changes in bank regulations.
1982 - Corporation changed name to Comerica
1982 - Comerica entered Florida market
by forming Comerica Trust Company of Florida, N.A.
1987 - Manufacturers National Corporation,
a future merger partner of Comerica, entered the Illinois market
by acquiring Affiliated Banc Group, Inc. The affiliate became
known as Comerica Bank-Illinois.
1988 - Comerica entered the Texas market
by acquiring Grand Bancshares, Inc. The affiliate is now known
as Comerica Bank-Texas.
1991 - Comerica entered the California
market by purchasing Plaza Commerce Bancorp and InBancshares.
The affiliate is now known as Comerica Bank-California.
1992 - Comerica merged with Manufacturers
1996 - Comerica divested of subsidiaries
Comerica Bank-Illinois and John V. Carr & Son, Inc.
1999 - Comerica marked the 150th anniversary
of its founding.
2001 - Comerica completes the acquisition
of Imperial Bancorp. Comerica Bank-California becomes the fourth
largest bank in California.
2003 - Comerica consolidates bank charters.
2004 - Comerica customers can now bank
2008 - Comerica moved its headquarters from Detroit to Dallas.
2011 - Comerica buys Sterling Bank for $1 billion.
Comerica provides employees a number of medical options. Coverage
is available to you and your eligible dependents, including your
children, your spouse or domestic partner. Comerica and you share
the cost; your before-tax contribution varies with the medical
plan you choose and selected coverage level.
Comerica provides employees with very generous dental benefits.
Your before-tax contribution varies with the dental plan selected
and coverage level chosen.
Comerica provides employees the opportunity to select coverage
in a vision plan. There are two plans available, both with scheduled
benefits for exams, lenses, frames and contact lenses.
Wellness Program and Employee Assistance
Comerica's Wellness Program has been offering a variety of health
promotion and risk reduction activities to employees since 1988.
Some examples: Health Screening Program, Flu Shot Program, Blood
Drives and Smoking Cessation programs.
Comerica's Employee Assistance Plan (EAP)
provides free, short-term, confidential help in resolving personal
and work-related difficulties.
Personal Financial Management
Defined Contribution Pension Plan
Full-time salaried employees hired after January 1, 2007 that
are at least 21 years of age and have one-year of service with
Comerica, will receive an annual company-defined contribution
(based on age and years of service) that will be placed into
an account established in their 401(k) account. Employees will
have the same investment options that are available in the 401(k)
plan and will manage the investment risk.
Preferred Savings Plan 401(k)
Employees with six months of continuous service are auto-enrolled at a 2.0% deferral rate. Employer match for any participant up to the maximum of 100 percent of the first four percent of qualified earnings that have been contributed to the 401(k) plan (annual 2009 IRS compensation limit is $245,000) and, the match vests immediately for all full and part time colleagues.
Comerica offers several investment options
for you to direct your contributions. You will be able to transfer
your account balances between funds and change your payroll contributions
on an on-going basis.
Employee Stock Purchase Plan
The Employee Stock Purchase Plan (ESPP) is an affordable program
that offers an excellent opportunity for you to own Comerica
stock. You are eligible to participate in the plan beginning
two weeks after your hire date. Shares are purchased through
payroll deduction on an after-tax basis. Comerica provides a
15% quarterly match and a 5% retention match.
Comerica offers a tuition reimbursement program to full-time
colleagues after the first of the month following one month of
service. This benefit is available for both undergraduate and
Vacation is accrued based on the length of service with the company.
Of course, not everyone needs or wants the same amount of vacation
each year. At open enrollment, you may have the opportunity to
buy or sell up to five days of vacation time. Of course, you
may also choose to keep your current accrued vacation time and
not buy or sell any vacation days at all.
Comerica observes 10 paid holidays.
Updated January 17, 2015