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.
Saturday, Aug. 17 officially marked 175 years that Comerica Bank began raising expectations and cultivating impactful relationships, and it did so right here in Detroit. While reflecting on its legacy, Comerica is building bolder future.
“As we look to our 175th anniversary in 2024, we expect to continue to deliver on our promise to raise expectations of what a bank can be,” said Curt Farmer, Comerica Bank Chairman, President and Chief Executive Officer. “We look forward to continuing our progress on creating positive change for our customers, communities and the world around us.”
Under its original Detroit Savings Fund Institute name, Comerica opened its doors in 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.
Comerica’s first location served customers at the northeast corner of Griswold and Woodbridge in what is now Hart Plaza.
While other banks focused on the business community, The Detroit Savings Fund Institute shifted its focus from businesses to individuals, laying the groundwork for a customer-centric approach that endures to this day.
Early this year on March 5, Comerica celebrated the anniversary when Michigan Governor Epaphroditus Ransom signed an act authorizing the formation of the Detroit Savings Fund Institute as a trust to encourage reliable care of a working person’s savings.
Comerica’s proud history includes a deep and passionate commitment to Detroit and the state of Michigan and has a bold vision for the bank’s future impact. Comerica positively impacts residents by helping customers and communities be successful, providing financial support assisting hundreds of charitable organizations, and actively participating in Michigan’s growth and Detroit’s revitalization.
Comerica Bank now operates 159 banking centers in Michigan, including the largest network in Detroit (17 locations) and southeast Michigan (127 locations) offering personal, small business, commercial and wealth management services.
Comerica remains steadfastly committed to Michigan where it was born and raised.
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. The bank’s footprint spans coast-to-coast with offices in 14 of the 15 largest metropolitan areas in the United States.
Nationally, Comerica employs more than 7,500 talented colleagues, with 4,300 Michigan colleagues accounting for approximately 57% of the entire workforce.
Building on its legacy, Comerica has opened two new operations centers and offices that are transforming the bank’s vision for the future, including a new campus in Michigan. In recent months, Comerica opened the bank’s Great Lakes Campus in Farmington Hills, Mich., a new 340,000 square foot collaboration and operations center that is home to approximately 2,000 colleagues. The new campus is the largest center that supports the bank’s operations across the county and further solidifies Comerica’s commitment to its colleagues and southeast Michigan.
With a focus on education, economic and community development, human services, and equity, Comerica Bank and Comerica Charitable Foundation contributions and grants has totaled approximately $13 million supporting over 650 philanthropic organizations in Michigan since 2020. Comerica colleagues have volunteered nearly 390,000 hours in Michigan valued at $10.3 million over past 10 years.
“As we approach our 175th anniversary, we look forward to continuing our legacy of building stronger communities and making a positive impact that resonates now and for generations to come,” said Wendy Bridges, Comerica Bank Executive Vice President, Executive Director of Corporate Responsibility.
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