COMERICA BANK Profile
Comerica Bank is a financial services company that was founded in Detroit and is currently headquartered out of Dallas. The company can trace its history back to the Detroit Savings Fund Institute founded in 1948 by Elon Farnsworth. The company would change its name to the Detroit Savings Bank and Detroit bank in 1871 and 1936, respectively. Comerica Bank can also trace its history back to the Manufacturers National Bank of Detroit, which was founded in 1933 and would join the bank in its merger in 1992. The bank would go through a series of mergers in 1956 with The Birmingham National Bank, Ferndale National Bank, and Detroit Wabeek Bank and Trust Company to create the Detroit Bank & Trust Company in 1956. DetroitBank Corporation would be created in 1973 as a holding company. The company would change its name to its current Comerica name in 1982, continuing to expand its presence through mergers with companies such as Grand Bancshares, Inc. and forming various regional based subsidiaries including Comerica Trust Company of Florida. Comerica acquired Imperial Bancorp in 2001 and would consolidate its bank charters in 2003 before moving its corporate headquarters to its current location in Dallas. The company currently operates through a variety of subsidiaries including its Michigan Market of Comerica Bank, California Market of Comerica Bank, Texas Market of Comerica Bank, Comerica Bank – Canada, Comerica Insurance Services, Inc., Comerica Leasing Corporation, and Comerica Securities, Inc., among various others. Comerica bank currently has a variety of operations across the United States as well as in Canada and Mexico with the holding company Comerica Inc. being the 22nd largest U.S. Financial Holding Company. The company has over 9,000 employees located in almost 500 locations, having almost $70 billion in total assets under management and bringing in over $2.5 billion in revenue.