Comerica Bank Recognized as One of the 50 Most Community-Minded Companies in the United States for Ninth Consecutive Year

Rhea-AI Summary

Comerica Bank has been named one of the 50 Most Community-Minded Companies in the U.S. by Points of Light for the ninth consecutive year. This accolade highlights Comerica's dedication to corporate citizenship, marking its 10th recognition in the Civic 50 program's 12-year history. In 2023, Comerica volunteers logged over 79,000 hours of community service and exceeded a $5 billion small business lending commitment, impacting more than 15,000 businesses. Additionally, the bank's financial education initiatives benefited over 105,000 individuals, and its new BusinessHQ in Dallas aims to support underserved communities with vital resources.

Positive

• Named to the Civic 50 list for ninth consecutive year, highlighting corporate citizenship.
• Exceeded a $5 billion small business lending goal, aiding over 15,000 businesses.
• Volunteers contributed over 79,000 hours of community service in 2023.
• Financial education programs reached more than 105,000 individuals from low- to moderate-income communities.
• Opened Comerica BusinessHQ in Dallas to support underserved communities with resources and capital.

Negative

• The press release does not provide detailed financial metrics or performance data impacting investors directly.
• No specific information on the financial costs or ROI associated with community programs.

DALLAS, May 14, 2024 /PRNewswire/ -- The Points of Light, the world's largest nonprofit dedicated to accelerating people-powered change, has named Comerica Bank to its 2024 list of The Civic 50. It marks the ninth consecutive year and 10th time overall that Comerica has received the honor in the program's 12-year history of recognizing top community-minded companies in the United States according to its annual survey.

For more than a decade, The Civic 50 has served as the standard for corporate citizenship and showcases how leading companies are moving social impact and community to the core of their business. The Civic 50 honorees are companies with annual U.S. revenues of at least $1 billion and are selected based on four dimensions of their corporate citizenship and social impact programs: 1) investment of resources and volunteerism; 2) integration across business functions; 3) institutionalization through policies; and 4) systems and impact measurement.

"For 175 years, Comerica has demonstrated an unwavering commitment to making a difference in the communities we serve," said Wendy Bridges, Comerica Bank Executive Vice President, Corporate Responsibility. "This recognition highlights the shared commitment of our dedicated colleagues who help deliver impactful change."

The following are highlights of the impact Comerica made on the communities it served in 2023:

• Comerica volunteers contributed more than 79,000 hours of service to local communities.
• Exceeded 100% of its three-year (2021-2023), $5 billion small business lending commitment. The funds helped deliver change by providing meaningful funding to more than 15,000 small businesses.
• Delivered valuable financial education to individuals, entrepreneurs and small business owners. The Comerica $ense financial education program instructed more than 105,000 individuals from low- to moderate-income communities about important financial skills. In addition, its Small Business Bootcamps educated more than 8,000 entrepreneurs and small business owners.
• Opened its innovative Comerica BusinessHQ in Dallas. The state-of-the-art facility aims to empower underserved communities by providing access to capital and other meaningful resources including temporary workspaces, printing and scanning capabilities; access to high-speed Wi-Fi, and more.

The Civic 50 survey is administered by True Impact, and the results are analyzed by VeraWorks. The survey instrument consists of quantitative and multiple-choice questions that informs the scoring process. The Civic 50 is the only survey and ranking systems that exclusively measures corporate community engagement.

"Expectations for companies to be leaders in civic engagement continue to increase," said Jennifer Sirangelo, president and CEO, Points of Light. "Comerica demonstrates how to maximize the full range of their assets – from people power to policy to financial contributions – to meet pressing needs and create thriving communities where they live and work. We're thrilled to uplift and celebrate them as an honoree of The Civic 50 2024."

To view the full report and see the complete list of The Civic 50 2024 honorees, visit www.pointsoflight.org/the-civic-50.

About Comerica
This year, Comerica Bank celebrates its 175^th anniversary. A subsidiary of Comerica Incorporated (NYSE: CMA), Comerica Bank is a financial services company headquartered in Dallas, Texas, and is strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful, providing more than 400 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Comerica continues to expand into new regions, most recently in the Southeast, including North Carolina and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $79.4 billion at March 31, 2024. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X (formerly known as Twitter), Instagram and LinkedIn.   

About Points of Light
Points of Light is a nonpartisan, global nonprofit organization that inspires, equips and mobilizes millions of people to take action that changes the world. We envision a world in which every individual discovers the power to make a difference, creating healthy communities in vibrant, participatory societies. Through 145 affiliates across 39 countries, and in partnership with thousands of nonprofits and corporations, Points of Light engages 3.7 million people in 16.7 million hours of service each year. We bring the power of people to bear where it's needed most. For more information, visit pointsoflight.org.

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SOURCE Comerica Bank

FAQ

What recognition did Comerica Bank receive in 2024?

Comerica Bank was named one of the 50 Most Community-Minded Companies in the U.S. by Points of Light for the ninth consecutive year.

How many hours of community service did Comerica volunteers contribute in 2023?

Comerica volunteers contributed over 79,000 hours of community service in 2023.

What was the impact of Comerica's small business lending commitment from 2021-2023?

Comerica exceeded its $5 billion small business lending commitment, impacting more than 15,000 businesses.

How many individuals benefited from Comerica's financial education programs in 2023?

Over 105,000 individuals from low- to moderate-income communities benefited from Comerica's financial education programs in 2023.

What is Comerica BusinessHQ, and what purpose does it serve?

Comerica BusinessHQ is an innovative facility in Dallas that supports underserved communities by providing access to capital and resources like workspaces, high-speed Wi-Fi, and more.