Comerica Appoints Sonya Trac National Asian American Business Development Manager; Moves $2.5 Million in Deposits to Asian American Minority Depository Institution

Rhea-AI Summary

Comerica Bank announced the appointment of Sonya Trac as National Asian American Business Development Manager, aiming to strengthen relationships with Asian American businesses across key states. In addition, the bank is depositing $2.5 million into Royal Business Bank to enhance access to capital for the Asian American community. This partnership builds on previous commitments, including $10 million deposited in other Minority Depository Institutions. Trac's leadership is expected to bolster community engagement, supporting local businesses through innovative solutions.

Positive

• Appointment of Sonya Trac is expected to enhance community relations.
• Investment of $2.5 million into Royal Business Bank strengthens access to capital.
• Continued support for Asian American businesses positions Comerica favorably in diverse markets.

Negative

• Potential concerns about continuity and experience gaps with new management.

DALLAS, May 12, 2021 /PRNewswire/ -- Comerica Bank announced it has appointed Sonya Trac as National Asian American Business Development Manager to support its ongoing commitment to strengthening relationships with Asian American business leaders, entrepreneurs and communities across its five primary markets of California, Texas, Michigan, Arizona and Florida. These responsibilities are an extension of Trac's current role as Vice President, External Affairs – Northern California. Additionally, Comerica is depositing $2.5 million into Asian American Minority Depository Institution (MDI) Royal Business Bank of Los Angeles, Calif.

Sonya Trac
As National Asian American Business Development Manager, Trac will collaborate with Comerica's Asian American Pacific Islander Business Resource Groups, Chief Diversity Officer Nate Bennett, and Chief Community Officer Irvin Ashford, Jr. to identify and build partnerships with Asian American nonprofit organizations and community partners across the bank's national footprint.

Trac, who joined Comerica in October 2018, has demonstrated her passion for improving local communities throughout her career. She previously held management positions at Silicon Valley Children's Fund and TeenForce. Trac has also volunteered with numerous nonprofit organizations throughout Santa Clara County.

"Sonya has successfully demonstrated her leadership in Northern California, and we are pleased to leverage her strengths in engaging our Asian American Pacific Islander communities across all our markets," said Ashford, Jr. "Comerica is only as strong as the communities we serve, and it remains business critical to ensure we are meeting the needs of our diverse communities."

"I am truly passionate about serving our communities and providing opportunities to strengthen businesses," said Trac. "I look forward to working with our Asian American and Pacific Islander communities, our bankers, local Community Development Financial Institutions and Minority Depository Institutions to identify innovative solutions to support Asian American business' needs."

$2.5 Million in Deposits to Asian American MDI
Comerica is responding to the growing need of access to capital in the Asian American community by establishing a partnership with Royal Business Bank. The partnership includes $2.5 million in deposits to Royal Business Bank for its efforts to support access to capital and foster economic viability in the markets it serves.

This is the latest in a string of partnerships Comerica has established with MDIs across its five-state footprint. Last year, Comerica announced it was placing $10 million in deposits to four MDIs across California, Michigan and Texas. Deposits of $2.5 million were provided to First Independence Bank in Detroit, Mich.; Broadway Federal Bank in Los Angeles, Calif.; Unity National Bank in Houston, Texas; and Commercial Bank of California in Irvine, Calif.

In March, Comerica and the Comerica Charitable Foundation announced it would invest approximately $16 million to support small businesses and communities impacted by the COVID-19 pandemic. Of the $16 million, $12 million will be directed to Community Development Financial Institutions (CDFIs) to provide critical financial aid to small and micro businesses in low- to moderate-income communities. The $16 million investment is in addition to the $11 million provided in 2020 that was directed toward small business relief and assisting nonprofits with essential needs. 

Asian Senior Citizens Anti-Violence Initiative
Addressing the alarming rise in racially motivated violence targeting the Asian American and Pacific Islander communities has been the focus in 2021. Comerica launched the Asian Senior Citizens Anti-Violence Initiative, providing $100,000 in contributions and in-kind volunteer support to Asian American nonprofit organizations. The campaign launched in the California market with support provided to APA Family Support Services, Asian Pacific Islander Small Business Program and Koreatown Youth + Community Center. Part of the initiative included supplying 1,000 personal safety alarms, as well as supporting personal and financial security programs that address elder abuse and fraud prevention.

"Diversity is not only reflected in our internal policies, but we also continue to carry it outward in how we conduct business," said Bennett. "We look forward to forging new partnerships and building upon the relationships we currently have in place."

Diverse Leadership & Outreach
Trac joins Summer Faussette as Comerica's latest Business Development Manager to help Comerica build upon its success in serving diverse communities. In March, Comerica announced Faussette as the National African American Business Development Manager. Monica L. Martinez continues to serve as the National Hispanic Business Development leader.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), 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 $86.3 billion as of March 31, 2020.

 

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SOURCE Comerica Bank

FAQ

What is the role of Sonya Trac at Comerica Bank?

Sonya Trac has been appointed as the National Asian American Business Development Manager to enhance relationships with Asian American communities.

How much is Comerica Bank depositing into Royal Business Bank?

Comerica Bank is depositing $2.5 million into Royal Business Bank.

What are the goals of the Asian American Business Development initiative?

The initiative aims to support Asian American business leaders and communities by enhancing capital access and fostering partnerships.

When was Sonya Trac appointed to her new role?

Sonya Trac was appointed on May 12, 2021.

What previous investments has Comerica made to support minority depository institutions?

Last year, Comerica deposited $10 million across four minority depository institutions to support diverse communities.