Comerica Bank's Loretta Smith Retires After 46 Years Of Service

“If you’re not careful, time will pass in the
blink of an eye.”
However cliché this might be, those are the words Loretta Smith uses to describe her career at Comerica Bank.
That career began in 1968, when it was known as The Detroit Bank & Trust Company. She joined the ranks as a clerk in the human resources department where she worked for nearly 20 years, eventually managing staff recruitment for the Michigan bank.
“I knew I had more to offer than just clerical work,” said Smith.
With the thought of doing more lingering in the back of her mind and a desire to better herself acting as motivation, Smith decided to head back to the classroom. A lifelong Detroiter and product of Detroit Public Schools, it was only fitting that she enrolled at the University of Detroit Mercy.
“Going back to school was an interesting turnaround in my life,” said Smith. “Education helped propel my career to where I aspired to be. I believe that every life experience — school, work, church, friendships — are all learning experiences that direct your life.”
Legacy
“My first real job was working at Hudson’s Department Store in Northland Center,” said Smith. “And, though I didn’t know it then, I developed skills that would help me throughout my career.”
With no prior work experience, she went in for her first job interview at the famous department store. A first interview is intimidating for most high school kids, especially at one of the world’s largest department stores. Not for her. Instead, an impressionable Smith came away from her first professional meeting with a job and a newfound interest for job interviews.
“Being a fairly analytical person, I was quite intrigued by the interview process,” said Smith. “Making people feel comfortable and asking the right questions all play an important role in matching people with positions suited to their skill set.”
During her time with Comerica Bank’s human resources department, Smith developed a position that would assist with the interviewing process. By managing and mentoring her staff who interviewed candidates, she increased efficiency by ensuring her team was asking questions that would create a comfortable environment and elicit truthful responses, instead of wasting time with the same questions students had been rehearsing in business school for years.
So, when the Community Reinvestment Act (CRA) team came knocking on her office door, Smith saw an opportunity to use the skills she developed in human resources to have a positive impact on the communities served by Comerica Bank.
“I immediately saw a parallel with my human resources and CRA positions,” said Smith.
Instead of matching candidates with jobs, Smith was now matching local nonprofits, schools and community organizations with the resources they needed for community and economic development. The position presented another opportunity to enhance the lives of people within the community.
Under the Community Reinvestment Act, a financial institution must serve the needs of the communities in which it does business. Comerica embraces community involvement and it was Smith’s job, as vice president of public affairs, to identify those needs and offer solutions.
“It makes me smile to know that Comerica Bank is committed to helping our communities grow,” said Smith.
Passion
“As a child I wanted to be a math teacher,” said Smith. “Knowing the importance of receiving an education, I wanted to share my passion and educate young people.”
Although her career went a different direction, Smith still found ways to help educate the youth of Detroit using the resources available at the bank. In fact, one of the first programs she supported when joining the CRA team was a partnership with the Detroit Public Library to encourage community members to use the library through such programs as Meet Your Librarian, Detroit Aloud and Libraries Change Lives.
Smith has also been involved with Pro-Literacy Detroit, an organization that provides people the opportunity to be an informed citizen, a supportive and involved parent, a viable employee and a lifelong learner.
“I have great respect for Loretta. She is a wonderful person who exudes honesty and integrity,” said Margaret Williams, executive director, Pro-Literacy Detroit. “Since 2001, she has been active with Pro-Literacy Detroit by helping expand volunteer training and outreach and acting as a mentor and advisor.”
After many years of community service and countless programs, Smith feels most proud of her work to establish the CRA Associations of Michigan. She was instrumental in establishing the Oakland County CRA Association, the first in Southeast Michigan. In the last 15 years, the number of associations has grown to nine with compliance officers from banks across Michigan participating. Also, the CRA Associations model has been replicated in several other states and is recognized by all federal regulatory agencies. Responsible for the educational component, the CRA Associations of Michigan hosts an annual conference for banks, regulators and community partners.
Another favorite for Smith is Comerica’s Youth Savings Program which teaches students the value of financial literacy and personal savings at an early age.
“The ability to establish wealth in our community is critical,” said Smith. “Even if it starts with basic budgeting and how to apply basic math skills learned in school to the real world, it’s important.”
Today, Comerica Bank offers Youth Savings Programs at 16 schools throughout metro Detroit.
The next chapter
“It’s not the end. Retirement is simply a new season of my life,” said Smith. “I fully expect it to be another smooth transition.”
In retirement, Smith plans to continue serving on a couple of advisory boards but will focus on her work with small congregations throughout Detroit with nonprofits she and her husband started over the last 20 years. She also plans to mentor area youth to help guide them toward higher education and eventually careers.
Smith believes the transition for Comerica’s CRA team will be just as smooth.
“As my last day approaches, I feel relaxed because I’m leaving the CRA team in good hands,” said Smith. “Our CRA market managers, Michael Cheatham and Jeanine Bryant, have nearly 35 years of experience with the bank, and our administrative assistant, Jaunice Green, is the glue that holds it all together.”
Her first day of retirement just so happens to fall on her birthday and she hopes to share a day of celebration with her husband, Rev. Dr. William Smith, and her three daughters, Stacey, Stephanie and Ashley, and their families.

Loretta Smith (second from right) and her former public affairs colleague, Louise Guyton, with Senator Debbie Stabenow of Michigan and Senator Barack Obama of Illinois, before he became president of the United States.

Smith was presented with an award in recognition of
Comerica’s support of Orchards Children’s Services during the nonprofit’s 50th Annual Champions for Children Gala in 2012.