Beatrice Kelly Joins Comerica to Lead Community Development Lending Program

Rhea-AI Summary

Comerica Incorporated (NYSE: CMA) announced the appointment of Beatrice Kelly as Senior Vice President and Director of Community Development Lending, effective October 5. Kelly, a veteran in financial services, aims to enhance Comerica's community lending initiatives. Previously at Fifth Third Bank, she has significant experience in supporting small businesses. Comerica's recent efforts include processing approximately $3.8 billion in PPP loans for businesses affected by COVID-19 and a commitment of $8 million for pandemic relief, which will benefit various community programs and financial institutions.

Positive

• Appointment of Beatrice Kelly strengthens community lending focus.
• Kelly's extensive experience enhances Comerica's strategic initiatives.
• Comerica processed approximately $3.8 billion in PPP loans, aiding 14,800 businesses.
• Commitment of $8 million for COVID-19 relief supports local communities.

Negative

• None.

DALLAS, Oct. 26, 2020 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today announced that Beatrice Kelly joined the bank on Oct. 5 as the new Senior Vice President and Director of Community Development Lending, reporting directly to Peter Sefzik, Executive Vice President, Commercial Bank.

In her new role, Kelly will be responsible for growing Comerica's community development lending program.

"Beatrice's proven experience in connecting with and supporting small businesses, nonprofits and philanthropic partners aligns with our focus on cultivating relationships that assist our customers and improve our communities," said Peter Sefzik, Executive Vice President, Executive Director of Commercial Bank. "Undoubtedly, she will strengthen collaborative initiatives with our line of business leaders to establish go-to-market strategy for Community Reinvestment Act (CRA) lending across Comerica's footprint."

Kelly, an experienced veteran of the financial services industry, rejoins Comerica following an eight-year tenure at Fifth Third Bank. She was most recently the Director of Operations, Community Development and Sustainability at Fifth Third Bank where she was responsible for building and maintaining customized partnerships that helped to advance their CRA-related activities. Kelly also served in roles including Business Banking and CRA lending and investments. Prior to that, Kelly spent 17 years at Comerica where she held roles in Business Banking and Commercial Bank Training & Recruiting.   

Kelly has a Bachelor of Business Administration from Davenport University and a Master of Science Management from Walsh College. She is currently enrolled in the ABA Stonier Graduate Banking program at the University of Pennsylvania. Kelly serves on the Community Reinvestment Fund, USA, Advisory Committee, Local Initiatives Support Corporation (LISC) Cincinnati Advisory Board and is a member of the Delta Sigma Theta Sorority, Incorporated.

"As we seek opportunities to further support community growth and development, Beatrice's expertise will enable us to expand our ability to deliver critical resources, such as much-needed capital," said Comerica Bank Chief Community Officer Irvin Ashford, Jr. "Her leadership will help entrepreneurs and small businesses, especially those from low- to moderate-income communities, during a time when these communities still face incredible challenges ahead."

Comerica has remained focused on meeting the needs of small businesses impacted by COVID-19. Comerica's participation in the Small Business Association Paycheck Protection Program (PPP), a federal program designed to keep employees on payroll, offered financial relief to thousands of businesses. The support provided by Comerica through the program resulted in approximately 14,800 loans processed totaling $3.8 billion in PPP loans funded. 

Comerica has actively supported local communities throughout its five-state footprint of Arizona, California, Florida, Michigan and Texas in response to the global pandemic. In May, Comerica and the Comerica Charitable Foundation announced a commitment of $8 million to COVID-19 relief efforts. Those funds were geared to aid Community Development Financial Institutions (CDFIs) and other nonprofits supporting micro-sized businesses, as well as community programs supporting those impacted by COVID-19.

As part of the COVID-19 relief funds, $1.5 million was invested to Lendistry, a CDFI developed to deliver economic opportunities and progressive growth for small business owners and underserved communities as a source of financing and financial education. Comerica also supported California Farm Link with an investment of $500,000 to California FarmLink, which helps farmers to build strong business skills, access fair financing and establish secure land tenure. Most recently, a $1 million grant was presented to Local Initiatives Support Corporation to assist the organization in providing critical small business loans to businesses adversely impacted by the pandemic. 

Coupled with COVID-19 relief efforts, Comerica has partnered with Minority Depository Institutions (MDIs). Comerica announced it was moving $10 million in deposits to MDIs, as well as building a mutual mentoring relationship with selected institutions.   

About Comerica
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $83.6 billion at Sept. 30, 2020.

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SOURCE Comerica Incorporated

FAQ

What role has Beatrice Kelly been appointed to at Comerica (CMA)?

Beatrice Kelly has been appointed as the Senior Vice President and Director of Community Development Lending.

What financial support has Comerica (CMA) provided during the COVID-19 pandemic?

Comerica has processed approximately $3.8 billion in PPP loans for around 14,800 businesses.

How much has Comerica (CMA) committed to COVID-19 relief efforts?

Comerica has committed $8 million to support COVID-19 relief efforts in local communities.

When did Beatrice Kelly join Comerica (CMA)?

Beatrice Kelly joined Comerica on October 5.

What is Beatrice Kelly's experience prior to joining Comerica (CMA)?

Beatrice Kelly previously worked at Fifth Third Bank, focusing on community development and sustainability.