Comerica

Comerica Bank's products reviews

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Like other financial institutions recognized for their legacy in the United States, Comerica Bank has a long history.

As one of the 50 most important financial institutions in the country, we believe it is important to provide a summary of its origins and what it represents today for the American public.

Comerica Bank's beginnings

Founded in Detroit (MI) in 1849, this bank was originally named the Detroit Savings Fund Institute and began its long history with just 6 customers.

With a different business model, this entity had no capital stock and no partners, paying interest on people's deposits and being managed by unpaid trusts.

At the beginning, the clientele consisted of children, the working class and merchants. During 1871, it was renamed The Detroit Savings Bank, a name it retained until after the Great Depression.

As one of the few institutions that survived that time of crisis, it gained renewed confidence. In 1936 it changed its name to The Detroit Bank and was one of the first to offer FHA mortgages in the area.

Consolidation Era

After the ravages of World War II and 100 years after its founding, the 1950s represented a new era for the bank. During 1956, it joined forces with Birmingham National Bank, Ferndale National Bank and Detroit Wabeek Bank & Trust Company to form Detroit Bank & Trust.

By 1960, the bank had at least $1 billion in assets in its coffers and had a large stake in the quality of life of its customers. This meant helping to improve the automobiles, homes and education of many families.

With the installation of its first computer, it also facilitated check processing and record keeping. To help support the new American work pace, Detroit Bank & Trust installed its first teller in 1972.

This era also meant a lifestyle of increased benefits, which prompted the creation of the Master Charge card. This would be followed by a restructuring in 1973, when the DetroitBank Corporation was formed.

The advent of the 1980s also meant the name change we now know: Comerica Incorporated. This new identity brought with it expansion into markets such as Florida, Texas and California before the new century.

The new brand relied on U.S. economic growth to further establish itself as a household name.

Changes during the new century

Before the turn of the millennium, Comerica took an important step by joining forces with Manufacturers National Corporation, a rival entity in the Detroit area. As this occurred in 1992, this merger also brought with it the blue trapeze logo of Manufacturers and the two banks were united under the Comerica name.

This made this the 25th largest institution in the country at the time and other important developments followed, such as:

• An aggressive diversification plan into Texas, Arizona, California and other areas of the American West, opening 43 new offices between 2005 and 2006.
• The move of its corporate headquarters to Dallas (TX) during the summer of 2007, with the intention of having a more centralized location for its new markets.
• The creation of a LEED-certified facility during 2009 at the Fossil Creek Banking Center, in Fort Worth (TX).
• The purchase of Sterling Bancshares Inc. in Houston (TX) in 2011, which tripled its market share in this important city and allowed its entry into the San Antonio and Kerville region of that state.
• From 2012 through 2015, this corporation continued to focus on its banking strategy to strengthen its financial relationships. As a result, it averaged a new record $58 billion USD in deposits and granted an average of $48 billion in loans.

Comerica Bank Today

Throughout its 170 years of existence, Comerica Bank has become an integral part of the U.S. financial landscape. Part of the eponymous banking group, it is the 37th largest U.S. institution by assets, with about 400 branches and just over 8,000 employees.

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It is considered one of the best companies in which to work and is a widely recognized institution in the world economic context.

Its retail banking has branches in the states of Michigan, Arizona, Texas, Florida and California, and the private and commercial banking section has recently expanded into North Carolina, with clients in South Carolina, Florida, Georgia, Tennessee and Virginia.

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