Comerica Bank Canada
Comerica Bank Canada
is a Toronto based, Schedule III, foreign subsidiary of Comerica Bank, which in turn is the primary bank subsidiary of Comerica Incorporated, a U.S. financial services holding company. The Canada bank subsidiary was officially established in 1998, with Comerica Bank, United States, first established way back in 1849 in Detroit Michigan, as Detroit Savings Fund Institute. Since that time, Comerica Bank has experienced multiple, mergers, acquisitions, divestures, and restructuring.
After many mergers and acquisitions from its inception in 1849, the original Detroit Bank became Comerica Inc, in 1982, and started to buy its way towards a presence in the major growth markets of Florida, California and Texas, culminating with a major merger with Manufacturers National Bank in 1992, retaining the Comerica name and brand.
Growth and Expansion
Comerica Bank Canada has two branches in Canada, in Toronto and Windsor, offering a full range of cash management, trade, foreign exchange and treasury services to its corporate customers, that are Canadian companies and or subsidiaries of U.S. companies conducting business in Canada. Worldwide, Comerica Bank has over 11, 000 employees, thousands of members, approximately 480 branches, more than 700 ATMs, and counting. Comerica is the twenty-third largest bank in the United States and growing.
Comerica continues to expand its branches in its four major markets of, 1. The Midwest region, primarily in Michigan, 2. The Western region, of California, Arizona, Nevada, Colorado and Washington, with major operations in California and Arizona, 3. Florida, and 4. Texas. Comerica recently moved its corporate headquarters from Detroit Michigan to Dallas, Texas, by merging its Michigan banking corporation, into its Texas banking association. Comerica is not a member of the CDIC, but is a FDIC member and member of the CBA.
Structure and Financial Services
Comerica Inc. recently posted astonishing, total assets of sixty-six billion dollars and continues to pay its shareholders healthy dividends, despite the recent sub-prime mortgage crisis in the U.S. Comerica Bank in the United States is divided into, retail bank, business bank and wealth management operations. Comerica is among the top 10 lenders making small business SBA 7 (a) loans, and is number one in issuing pre-paid commercial cards, which represents the breadth and scope of its business division. The Canadian branch is limited to servicing its corporate clients with an emphasis on international finance banking services including, corporate term deposits, trade services, letters of credit and all manner of foreign exchange services.
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