Comerica Incorporated - CMA STOCK NEWS

Comerica Bank announced the appointment of Fredy Salguero as Vice President and Southern California External Affairs Market Manager on February 6, 2023. Salguero will enhance Comerica's engagement with local communities, focusing on community and economic development services across several counties, including Los Angeles, Orange, and San Diego. Previously, he was the Community Affairs Coordinator, where he managed diversity initiatives and financial education programs. Salguero holds a Bachelor's degree in Business Administration and Marketing and is actively involved in various community organizations.

Comerica Bank has appointed Kevin Watkins as the new Vice President and Southeast Michigan External Affairs Market Manager. His role involves managing community reinvestment and outreach across southeast Michigan, focusing on fostering relationships with philanthropic organizations and local leaders. Watkins will also guide the bank's initiatives like Comerica Money $ense, aimed at enhancing financial education. With nearly 20 years of experience in the region and a strong background in community involvement, Watkins is expected to strengthen Comerica's commitment to local communities and nonprofit partnerships.

Comerica Securities has launched a new Investment Banking Group to enhance capital market solutions for its commercial and wealth management clients. This group will offer services in mergers and acquisitions and private placement advisory, expanding Comerica's service offerings nationally. Headed by Jack Maier, the team includes experienced professionals like Nicholas Amos, Jeff Wilson, and Brian Miller. Comerica reported total assets of $85.4 billion as of December 31, 2022, reflecting a strong operational base to support this new initiative.

The Comerica California Economic Activity Index fell by 4.9% annualized for the three months ending in October, following strong growth earlier in the year. Despite the decline, the Index remains up 5.7% from the previous year. Key components include a 59,800 increase in employment, although unemployment insurance claims also rose. October saw a 13.0% drop in housing starts and a 7.2% decrease in house prices over the last five months. The economic outlook for California indicates potential further softening due to rising unemployment, high interest rates, and sluggish consumer spending, particularly affecting the tech sector.

The Comerica Texas Economic Activity Index increased by 2.7% annualized in the three months ending October, showing a 6.4% rise year-over-year. Five out of nine index components grew in October, with 58,800 jobs added, maintaining last year’s pace. Despite this, active oil-drilling rigs saw a decline due to high operating costs and labor shortages. Housing starts rebounded, yet the housing market faces challenges from rising mortgage rates and high prices, potentially impacting Texas's economy. The state’s GDP accelerated to 8.2% annualized in Q3 2022, but persistent high inflation and a softening national economy may hinder growth in 2023.

The Comerica Michigan Economic Activity Index fell by 2.9% annualized in the three months through October, despite a 3.6% year-over-year increase. Only four of the index's nine components saw growth in October. Employment in the state rose, but so did continuing claims for unemployment insurance, indicating a mixed job market. Car and light truck assemblies increased to 10.5 million units, but production slowed in subsequent months. House prices declined for five consecutive months, falling 1.9% from the May peak, while housing starts rose by 21.7% year-over-year. The economic outlook for Michigan is cautious due to rising interest rates.

Comerica has launched the SmallBizCo-Op program in North Texas to enhance support for local small businesses. This initiative provides unique benefits aimed at helping these businesses thrive, addressing their common challenges. Key offerings include access to SizeUp for market research, a Sports Ticket Program for client entertainment, and a Small Business Advertising Program. The program also features significant discounts on office supplies and technology solutions. With small businesses making up 99.9% of U.S. businesses, this move underscores Comerica's commitment to empower them. The bank plans to expand this initiative nationwide.

Comerica Incorporated (NYSE: CMA) announced the promotion of three executives effective January 27, 2023. Peter Sefzik becomes Senior EVP, Chief Banking Officer, overseeing Commercial Bank, Retail Bank, and Wealth Management. Megan Crespi is appointed Senior EVP, Chief Operating Officer, focusing on technology and digital transformation. Megan Burkhart assumes the role of Senior EVP, Chief Administrative Officer, overseeing Human Resources and Corporate Responsibility. The promotions reflect the company's commitment to leadership excellence and customer focus, with a total asset report of $85.4 billion as of December 31, 2022.

Comerica Bank and TechTown Detroit announce the return of the Comerica Hatch Detroit Contest, offering $100,000 in startup funding to entrepreneurs aiming to establish a brick-and-mortar business in Detroit, Hamtramck, or Highland Park. The contest opens for applications until Feb. 21, 2023, with public voting determining the winner over four months, culminating in an event on April 26. This initiative aims to foster small business development, having previously supported numerous successful local businesses. Since its inception, Comerica has contributed nearly $1 million to this entrepreneurial incubator.