Detroit, March 5, 2024 – Comerica Bank is celebrating its 175th anniversary this year. In fact, on this very date 175 years ago, Michigan Governor Epaphroditus Ransom signed an act authorizing the formation of the Detroit Savings Fund Institute – today known as Comerica Bank – as a trust to encourage reliable care of a working person’s savings. Today, Comerica operates 407 banking centers across the country offering personal, small business and commercial banking services, as well as wealth management.
Under its original Detroit Savings Fund Institute name, Comerica opened its doors on Aug. 17, 1849, to a city bustling with shipyards, river trade, sawmills and horse-drawn carriages. At this time in history, most banks existed to serve the business community. But the Institute had a different vision – to serve the people – and courted customers from the working class, merchants and even children. Unlike most banks of that time, the Institute paid interest on deposits, had no shareholders or capital stock, and was managed by unpaid fiduciaries. It had six customers that first business day, with receipts totaling $41.
Through the Civil War, world wars, the Great Depression, the economic and political turbulence of the 20th century, the Great Recession, a global pandemic and now more than two decades into the 21st century, Comerica Bank has stood as a beacon of strength to its customers, colleagues and within the communities it serves.
Comerica expanded to Florida in 1982, to Texas in 1988, to California in the early 1990s, to Arizona in 2001, and then most recently to North Carolina in 2021 and Colorado in 2022. Even with a larger footprint - spanning coast-to-coast with offices in 14 of the 15 largest metropolitan areas in the United States -- the company continues to maintain a significant presence in Detroit, remaining one of southeast Michigan’s largest employers and serving customers through Metro Detroit’s largest banking center network.
Nationally, Comerica employs more than 7,000 diverse and talented colleagues. The bank’s efforts are focused on attracting, engaging and retaining top talent by fostering a diverse, equitable, and inclusive workplace and culture.
Comerica's commitment to the community is bolstered through direct support to transformative nonprofit partners and by Comerica colleagues volunteering thousands of hours improving the communities where they both live and work. In the past five years alone, Comerica Bank and the Comerica Charitable Foundation have contributed more than $45 million to philanthropic organizations in its markets, and Comerica colleagues have volunteered over 320,000 hours, which translates to approximately $9.2 million worth of donated time.
About Comerica
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on building relationships and helping people and businesses be successful, providing more than 400 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded 175 years ago in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $85.8 billion at December 31, 2023. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X (formerly known as Twitter), Instagram and LinkedIn.
