Comerica Incorporated is an American financial services company, based in Dallas, Texas.
The company, which was formed in 1973, is one of the largest financial holding companies in the United States.
It is publicly listed on the New York Stock Exchange (NYSE) under the stock ticker symbol ‘CMA’.
Comerica has three major business segments: the Retail Bank, the Business Bank, and Wealth Management:
The Retail Bank – provides personal and small business banking solutions, including: deposit accounts, installment loans, credit cards, student loans, home equity lines of credit, and residential mortgages.
The Business Bank – provides services for large businesses, multinational corporations and governmental entities, including: commercial loans, lines of credit, deposits, cash management, capital market products, letters of credit, foreign exchange management services and loan syndication services.
Wealth Management – focuses on investment management and advisory services, investment banking and brokerage services, private banking, and retirement solutions.
Comerica and its subsidiaries focus their operations in three primary geographic markets: Texas, California and Michigan.
Overview
- Chairman, President, and CEO: Ralph W. Babb, Jr.
- Type: Public
- Industry: Financial Services
- Listed on the New York Stock Exchange (NYSE)
- NYSE stock ticker symbol: CMA
- S&P 500 Component
- Revenue: $2.610 billion USD (2013)
- Net income: $541 million USD (2013)
- Diluted earnings per share: $2.85 USD (2013)
- Employees: 8,564 full time and 643 part-time (2013)
- Corporate headquarters: Comerica Bank Tower, 1717 Main Street, MC 6404, Dallas, Texas 75201, USA
- Corporate contact number: (214) 462-6831
- Investor relations contact number: 214-462-6831
- Investor relations email address: [email protected]
- Website: http://www.comerica.com/
| Operating data (in $ millions) | 2013 | 2012 |
| Revenue | $2,610 | $2,681 |
| Total interest income | $1,784 | $1,863 |
| Total interest expense | $112 | $135 |
| Net interest income | $1,672 | $1,728 |
| Net interest income after provision for credit losses | $1,626 | $1,649 |
| Total noninterest income | $826 | $818 |
| Total noninterest expenses | $1,722 | $1,757 |
| Income before income taxes | $730 | $710 |
| Provision for income taxes | $189 | $189 |
| Net income | $541 | $521 |
| Net income attributable to common shares | $533 | $515 |
| Total Comprehensive income | $563 | $464 |
| Balance sheet data (in $ millions) | ||
| Total assets | $65,227 | $65,069 |
| Total liabilities | $58,074 | $58,127 |
| Total stockholders’ equity | $7,153 | $6,942 |
| Cash flow data (in $ millions) | ||
| Net cash provided by operating activities | $836 | $672 |
| Net cash provided by (used in) investing activities | $1,174 | $(3,656) |
| Net cash provided by (used in) financing activities | $(93) | $(3,962) |
| Cash and cash equivalents at end of year | $6,451 | $4,534 |
| Common share data (in $) | ||
| Basic earnings (loss) per common share | $2.92 | $2.68 |
| Diluted earnings (loss) per common share | $2.85 | $2.67 |
Source: “Comerica Incorporated 2013 Form 10-K Annual Report”