Tuesday, September 17, 2013

Comerica Inc.: Largest US Bank Headquartered in Texas

There are currently more than 9,000 people employed by Comerica Inc., the largest US bank headquartered in Texas. The company is considered to be one of the 25 largest US banking companies and has retail banking operations in states like Arizona, California, Florida, and Michigan.

Other than the states that the company has operations in, it also has an international presence in countries like Canada and Mexico. Major operations are in Dallas, Detroit and Auburn Hills, Michigan. It’s also in Michigan that the company was founded in 1849. It was Elon Farnsworth who created the business as Detroit Savings Fund Institute. The institution changed its name several times before it adopted its current name in 1982. It was called the Detroit Savings Bank in 1871, The Detroit Bank in 1936, and The Detroit Bank & Trust Company in 1956. The latter was used after the business merged with three other financial entities: Birmingham National Bank, Detroit Wabeek Bank and Trust Company, and the Ferndale National Bank. The company is also known as one of the surviving banks after the Great Depression.

The business grew through various acquisitions of financial servicing institutes. In 1983, it acquired the Bank of Commonwealth which gave way to their entrance into the Florida market. Through the acquisition of Grand Bancshares in 1988, it was able to enter the Texas market. The adding of Plaza Commerce Bancorp and InBancshares  in 1991  marked the company’s penetration of the California market.

Comerica also made a merger move with Manufacturers National Corporation in 1992. This somehow doubled the financial stability of the business as both banks have almost the same size in assets. For more than 162 years in the business, the company has always placed their customers first among other things. It now holds assets amounting to $62.9 billion, $51.4 billion in total deposits, and $44.8 billion in total loans.

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