Comerica Bank Unveils Plans for Business & Innovation Hub in Frisco, Texas

Rhea-AI Summary

Comerica (NYSE: CMA) announced its plans for a new Business & Innovation Hub in Frisco, Texas, set to open between late 2023 and early 2024. This hub will be located in a new office tower at The Star and will accommodate around 300 employees across various teams. The development emphasizes collaboration and enhanced technology, including an innovation center. This strategic expansion aims to better meet customer needs and attract top talent while complementing the existing headquarters in Dallas. Total assets reported as of June 30, 2022, stood at $86.9 billion.

Positive

• Opening of a new Business & Innovation Hub in Frisco, Texas.
• Expected to enhance collaboration and technology support for approximately 300 employees.
• Strategic expansion positioned to meet evolving customer needs and attract top talent.
• Complementary to existing operations in downtown Dallas.

Negative

• None.

Frisco Business & Innovation Hub set to make debut at The Star in late 2023

DALLAS, Sept. 14, 2022 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today announced corporate expansion plans in North Texas with development underway for its new Business & Innovation Hub in Frisco.

To meet the evolving needs of its colleagues and customers, Comerica Bank will open the hub in a new office tower at 17 Cowboys Way at The Star development between late 2023 and early 2024. The building is currently under construction, with Comerica's tenant construction beginning later this year.

"This represents a significant investment in Comerica's strategic vision that will benefit all Comerica colleagues and customers," said Megan Crespi, Executive Vice President and Chief Enterprise Technology & Operations Services Officer. "Expanding our corporate headquarters footprint to one of the most desirable locations for business and innovation in the U.S. is positioning our bank for future success."

The new space will prioritize collaboration for our colleagues and feature enhanced technology to support mobility, while also supporting individual focus and productivity. Additionally, colleagues will have access to an innovation center to test new concepts and a tech genius bar.

The Frisco Business & Innovation Hub will house about 300 Comerica colleagues from a variety of teams, including technology and product management to front-line business units. The enhanced opportunities for cross-functional collaboration will allow Comerica to further promote digital and business innovation, as well as better meet the changing needs of its customer base. The company's Human Resources department will also be standing up new Learning and Interview Centers at the new office. Comerica will occupy retail space on the first floor of the multi-tenant building to support a banking center, customer entertainment and a community resource center.

"Frisco is known for cultivating an exceptional environment for businesses to thrive," added Brian Foley, Comerica's Texas Market President. "The hub's on-site amenities and prominent location will help to support our company's vision for future growth, including our ability to attract and retain top talent."

Comerica will have external signage at the top of the building and occupy floors nine through 11 of the Class A+ tower, with a balcony overlooking the surrounding facilities. The Star's mixed-use campus approach offers colleagues ample entertainment, sports, retail, residential, and educational opportunities, along with more beneficial amenities that will further enhance our colleagues' experience and attract new talent. The development is also conveniently accessible to major freeways.

Comerica's Business & Innovation Hub will be complementary to the company's headquarters in downtown Dallas. Executive offices, Commercial Bank, Wealth Management, Credit, and several other business units will continue to operate from the Comerica Bank Tower at 1717 Main Street.   

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 $86.9 billion as of June 30, 2022.

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SOURCE Comerica Incorporated

FAQ

When is Comerica's Business & Innovation Hub expected to open?

The hub is set to open between late 2023 and early 2024.

Where will Comerica's Business & Innovation Hub be located?

It will be located in a new office tower at The Star in Frisco, Texas.

How many employees will work at the Frisco hub?

About 300 Comerica colleagues from various teams will be housed at the hub.

What are the key features of Comerica's new hub?

The hub will focus on collaboration, enhanced technology, and include an innovation center.

What is Comerica's total assets as of June 30, 2022?

Comerica reported total assets of $86.9 billion as of June 30, 2022.