DETROIT, March 6, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Comerica Incorporated (NYSE: CMA) today announced plans to relocate its corporate headquarters to Dallas, Texas. The relocation to Texas, where Comerica already has a major presence, will position the Company in a more central location with greater accessibility to all of its markets. Comerica will maintain its significant presence in Detroit, remaining one of Southeast Michigan's largest employers following the relocation to the new Dallas headquarters office. The relocation is expected to occur by the end of the third quarter of 2007.
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"Over the past three years, we have been advancing our strategy to diversify our customer base and extend Comerica's reach into key high-growth markets," said Ralph W. Babb, Jr., chairman and chief executive officer of Comerica. "Today, a significant percentage of Comerica's earnings is generated in the Texas, Arizona, California and Florida markets. Moving our corporate headquarters to Dallas will give us greater proximity to all of our markets, and the additional resources in these markets will lead to accelerated growth for Comerica. In addition, the vibrant and diversified economies of Dallas, Houston and Austin will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees."
According to U.S. Census Bureau projections, two-thirds of all Americans will live in the southern and western United States by 2030, with 30 percent in just three states -- California, Florida and Texas. Based on data from the International Monetary Fund, Texas is the 10th largest economy in the world with a gross state product of nearly $1 trillion and has one of the highest population growth rates in the country.
Comerica has had a presence in Texas for almost 20 years. The Company currently has 71 banking centers in Dallas, Houston and Austin, and expects to significantly increase its growth in Texas. With more than $58 billion in assets, Comerica will be the largest bank holding company headquartered in the state, which the Company believes represents an important competitive differentiator as it works to enhance existing customer relationships and build new ones. Charles L. "Chuck" Gummer will continue in his role as President of Comerica's Texas Market.
"Given Comerica's long and successful history in the city of Detroit and the state of Michigan, this decision was not taken lightly," Babb continued. "After a comprehensive review of our growth opportunities and very careful consideration, our Board of Directors and executive management believe the relocation of our corporate headquarters is in the best long-term interests of our shareholders, customers and employees."
"Michigan and the city of Detroit are key markets for us. Comerica will continue to have approximately 7,300 employees throughout Michigan, where we intend to uphold our long-standing commitment to the local communities. We want our customers across Michigan to know that they can continue to rely on the same Comerica people who provide exceptional customer service and who they've come to know and trust," said Babb.
Underscoring Comerica's commitment to meeting the needs of its customers and continuing its market leadership in Michigan, Comerica also announced today that Tom Ogden has been appointed President of the Michigan Market.
Mr. Ogden began his banking career with Comerica in 1971, where he held various commercial lending and management positions, including service as the Bank's chief credit officer from 1999 to 2003. Mr. Ogden was named executive vice president in 2001, and in 2003, he assumed the responsibilities for Global Corporate Banking where he oversees International Banking, U.S. Banking, Treasury Management, Corporate Finance and Specialized Industries.
"Today's announcement is important for the future growth and expansion of Comerica, reflecting our commitment to customers in all of the markets we serve," Babb concluded. "We look forward to announcing a specific location for the Dallas corporate headquarters shortly."
Comerica Incorporated is a financial services company strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, and Canada and Mexico. Comerica reported total assets of $58.0 billion at December 31, 2006. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
Attached as part of this press release are frequently asked questions.
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "outcome," "continue," "remain," "maintain," "trend," "objective" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in the pace of an economic recovery and related changes in employment levels, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes and floods, the disruption of private or public utilities, the implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, management's ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, automotive production, the anticipated performance of any new banking centers, the entry of new competitors in Comerica's markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic conditions and related credit and market conditions and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward- looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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