Comerica Bank Appoints Summer Faussette National African American Business Development Manager

Rhea-AI Summary

Comerica Bank has appointed Summer Faussette as its National African American Business Development Manager, enhancing its commitment to African American business leaders and communities. Faussette, with over 17 years of experience, will continue her role in Arizona while overseeing partnerships with nonprofit organizations nationwide. Her leadership aims to strengthen Comerica's outreach efforts, evidenced by the bank's $10 million investment in Minority Depository Institutions and significant community engagement programs that have benefited over 36,000 individuals in financial education during 2020.

Positive

• Appointment of Summer Faussette as National African American Business Development Manager.
• Strengthened outreach to African American communities through existing programs.
• Significant investment of $10 million in Minority Depository Institutions promoting economic viability.

Negative

• None.

DALLAS, March 5, 2021 /PRNewswire/ -- Comerica Bank announced it has appointed Summer Faussette as its National African American Business Development Manager supporting its ongoing commitment to building strong relationships with African American business leaders, entrepreneurs and communities across all markets. These responsibilities are an extension of Faussette's current role as Vice President, External Affairs - Arizona.

As National African American Business Development Manager, Faussette will collaborate with Comerica's African American Business Resource Groups, Chief Diversity Officer Nate Bennett, and Chief Community Officer Irvin Ashford, Jr. on building external partnerships with African American nonprofit organizations across the bank's national footprint.

"Summer brings with her a wealth of experience and knowledge, which will benefit us as we continue to support initiatives that engage African American communities across our markets," said Ashford, Jr.

"Comerica's hallmark is building relationships and this role will allow us to continue strengthening partnerships with nonprofits and community leaders who do so much for our communities," said Faussette. "I am also honored to accept these new responsibilities and broaden Comerica's reach in our communities." 

A veteran of more than 17 years in the financial services industry, Faussette will continue to oversee Arizona's Community Reinvestment Act (CRA) activities, which include CRA volunteerism, civic and community relations, internal and external CRA strategic planning, and fostering community partnerships and investments.

Pivotal to the external affairs team's outreach includes the Business Bootcamps and Comerica Money $ense programs that have gone virtual since the onset of the COVID-19 pandemic. Comerica's impact on local communities in 2020 was felt through the more than 110 of the business bootcamps hosted across its markets, assisting 1,250 small businesses. And, more than 35,000 low- to moderate-income individuals took part in financial education sessions and in 2021 it looks to increase its reach.

In late 2020, Comerica also moved $10 million in deposits to Minority Depository Institutions (MDIs), as well as established mutual mentoring relationships with these institutions. MDIs assist minority and underserved communities and foster economic viability in their communities. Specifically, Comerica allocated $2.5 million to each selected MDI, including 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.

"Summer has demonstrated a passion for working in our communities and will serve to play an instrumental role in developing ways to strengthen our racial equity efforts internally and externally," said Bennett.

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 $88 billion as of Dec. 31, 2020.

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SOURCE Comerica Incorporated

FAQ

What position has Summer Faussette been appointed to at Comerica Bank?

Summer Faussette has been appointed as the National African American Business Development Manager.

What are Summer Faussette's responsibilities at Comerica Bank?

Faussette will oversee partnerships with African American nonprofit organizations and lead initiatives to engage African American communities.

How much did Comerica Bank invest in Minority Depository Institutions?

Comerica Bank invested $10 million in Minority Depository Institutions to support underserved communities.

What impact did Comerica's outreach programs have in 2020?

In 2020, Comerica hosted over 110 business bootcamps and provided financial education to more than 35,000 low- to moderate-income individuals.

When was the announcement regarding Summer Faussette's appointment made?

The announcement was made on March 5, 2021.