Comerica

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.

History

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 Savings Bank.

1933 - Manufacturers National Bank of Detroit founded; Comerica 1992 merger partner.

1936 - Company name changed to The Detroit Bank.

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 Incorporated.

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 National Corporation.

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 nationwide.

2008 - Comerica moved its headquarters from Detroit to Dallas.

2011 - Comerica buys Sterling Bank for $1 billion.

Benefits

Health

Medical Coverage
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.

Dental Coverage
Comerica provides employees with very generous dental benefits. Your before-tax contribution varies with the dental plan selected and coverage level chosen.

Vision Coverage
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 Plan
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.

Tuition Reimbursement
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 graduate programs.

Leisure

Vacation
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.

Holidays
Comerica observes 10 paid holidays.

Updated January 17, 2015