Company Overview of Comerica Bank
Comerica Bank provides personal and business banking products and services. Its personal banking products and services include checking accounts, savings accounts, cards, certificates of deposit, online services, and additional services; home and personal loans; and brokerage services, individual retirement accounts, education savings, and insurance. The company’s business banking products and services include checking accounts, financing, savings accounts, and cards and online services; treasury management in the areas of receivables, payables, fraud protection, information management, and liquidity management; international finance, global trade, and foreign exchange; trust and custody ser...
Comerica Bank Tower
1717 Main Street
Dallas, TX 75201
Founded in 1849
Key Executives for Comerica Bank
Chairman, Chief Executive Officer, Member of Management Policy Committee, Chairman of Comerica Incorporated, Chief Executive Officer of Comerica Incorporated and Director of Comerica Incorporated
President and President of Comerica Incorporated
Vice Chairman and Chief Financial Officer
Manager of Central & West Michigan Markets and President of Lansing Region
Arizona Market President and Arizona Regional Manager
Compensation as of Fiscal Year 2015.
Comerica Bank Key Developments
Comerica Incorporated and Comerica Bank Appoint Curtis C. Farmer as President
Apr 29 15
Comerica Incorporated announced that Curtis C. Farmer has been named President of Comerica Incorporated and Comerica Bank. In his new role, Farmer will maintain leadership responsibility for the Retail Bank and Wealth Management, and additionally will oversee the Business Bank. He will continue reporting to Ralph W. Babb, Jr., chairman and chief executive officer. Farmer, 52, came to Comerica as Executive Vice President of Wealth Management in October 2008.
Comerica Bank Opens Its Newest Banking Center
Apr 10 15
Comerica Bank announced the opening of its newest banking center, the high-tech prototype at 75th and Thunderbird in Peoria, Arizona, a close suburb of Phoenix. Its 19th office in the Arizona market, and the first new-build of its kind in the markets Comerica serves, the banking center of the future features a new, progressive design and an array of technology and sustainability features that represent a multi-million dollar investment in the banks Arizona operations. The manager of Comericas 75th and Thunderbird full-service banking center, located at 7525 West Thunderbird Road, Peoria, Arizona, 85381, is Kevin Lira, a seven-year bank veteran. Among the many new building and technology features are: Interactive Teller Machines, which feature secure video conferencing with a banker who can assist with transactions and account questions Technology bar containing tablets and smartphones for demonstrations and training on the use of Comericas mobile banking products Teller Cash Recycler pod, which replaces traditional teller stations and cash drawers and make counting, adding or dispensing cash more secure and efficient, allowing Comerica personal bankers to spend more time with clients Self-tinting glass on exterior floor-to-ceiling walls, which creates greater energy savings and efficiencies Digital marketing wall, which streams news, stock tickers and marketing graphics, doubling as brand signage at night as seen through the storefront floor-to-ceiling windows Collaboration rooms, which can be quickly converted from individual office spaces to private conference rooms for meetings and customer presentations It is very fitting to host Comericas banking center of the future in a region where entrepreneurial spirit and the hi-tech sector greatly benefit the local economy.
Comerica Bank Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2014 ; Provides Guidance for the Year 2015
Jan 16 15
Comerica Bank announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $438 million, net interest income of $415 million, income before income taxes of $219 million, net income attributable to common shares of $148 million or $0.8 per diluted share, return on average common shareholders' equity of 7.96%, return on average assets of 0.86% compared to the total interest income of $456 million, net interest income of $430 million, income before income taxes of $167 million, net income attributable to common shares of $115 million or $0.62 per diluted share, return on average common shareholders' equity of 6.66%, return on average assets of 0.72% for the same quarter a year ago.
For the year, the company reported total interest income of $1,750 million, net interest income of $1,655 million, income before income taxes of $870 million, net income attributable to common shares of $586 million or $3.16 per diluted share, return on average common shareholders' equity of 8.05%, return on average assets of 0.89% compared to the total interest income of $1,784 million, net interest income of $1,672 million, income before income taxes of $786 million, net income attributable to common shares of $533 million or $2.85 per diluted share, return on average common shareholders' equity of 7.76%, return on average assets of 0.85% for the previous year.
The company provided guidance for the year 2015. Management expectations for full-year 2015 compared to full-year 2014, assuming a continuation of the current economic and low-rate environment. Net interest income relatively stable, assuming no rise in interest rates, reflecting a decrease of about $30 million in purchase accounting accretion, to $4 million to $6 million, and the impact of a continuing low rate environment on asset yields, offset by earning asset growth. Provision for credit losses higher, consistent with modest net charge-offs and continued loan growth. Noninterest income relatively stable, reflecting growth in fee income, particularly card fees and fiduciary income, mostly offset by regulatory impacts on letter of credit, derivative and warrant income. Noninterest expenses higher, reflecting increases in technology, regulatory and pension expenses, as well as typical inflationary pressures, with continued focus on driving efficiencies for the long term. Income tax expense to approximate 33% of pre-tax income.
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