Comerica Incorporated - CMA STOCK NEWS

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.

Comerica Incorporated (NYSE: CMA) announced its fourth quarter 2022 financial results on January 19, 2023. Detailed results are available on the company's Investor Relations website, with additional information filed on Form 8-K. Comerica, headquartered in Dallas, Texas, operates through three segments: Commercial Bank, Retail Bank, and Wealth Management. The company emphasizes relationship building to enhance customer success in financial services across Texas, Arizona, California, Florida, Michigan, and internationally in Canada and Mexico.

Comerica Bank has appointed LaToya Rowell as the National Community Affairs Manager, reporting to Chief Community Officer Irvin Ashford, Jr. Rowell will oversee the bank's national volunteer program and manage community partnerships, enhancing relationships across diverse communities. With a career at Comerica since 2006, she has received various accolades for her community work, including the 'Great Volunteer Connector' award. Comerica, headquartered in Dallas, had total assets of $84.1 billion as of September 30, 2022.

The Comerica California Economic Activity Index saw a sharp decline of 5.8% annualized in the three months ending September 2022, despite a 5.8% year-over-year increase. September showed a downturn with seven of the index's nine components falling. Employment saw a modest rise of 5,300, significantly below the 65,300 average in the previous months. Indicators suggest a softening labor market and declining industrial activity, with housing starts rising unexpectedly while house prices fell 6.8% since May. Challenges from high inflation, rising interest rates, and slowing consumer spending are anticipated.

The Comerica Texas Economic Activity Index declined by 0.6% annualized in the three months ending September, sharply down from previous robust growth. By September, the index showed a year-over-year increase of 7.0%. Six of its nine components fell, with housing starts dropping 17.5% in Q3, impacted by high mortgage rates. Texas GDP growth slowed to 1.8% in Q2 and 0.5% in Q1, with persistent headwinds from inflation and high interest rates expected to hinder growth into 2023.

The Comerica Michigan Economic Activity Index declined at a 3.9% annualized rate for the three months ending September 2022, with seven of its nine components falling.

While the Index is up 3.7% year-over-year, the job market remains mixed with higher jobless claims. Auto production reached a 10.3 million unit pace, indicating a recovery, yet electricity consumption and house prices fell. Housing starts increased but were down 16% in Q3. The overall economic outlook for Michigan suggests slowing growth due to rising interest rates affecting housing and credit-sensitive sectors.

Comerica Bank is launching Comerica BusinessHQ, a dedicated community space aimed at supporting small businesses in Dallas' Southern sector. This initiative will provide essential resources including coworking spaces, incubation fellowships, and technical assistance. Scheduled to open in March 2023, the approximately 8,000-square-foot facility will focus on key areas such as technology, access, and membership. With a commitment to local entrepreneurship, Comerica aims to foster economic revitalization by creating partnerships with community organizations.

Comerica Bank is expanding its Southeast Market by opening new offices in South Carolina and Georgia. This move aligns with its strategy unveiled in August 2021 to better serve existing clients and attract new ones. New locations include commercial banking offices in Columbia and Greenville (SC) and a private banking office in Atlanta (GA). With a focus on growth, Comerica also hired experienced bankers and aims to enhance its presence in North Carolina and Florida. As of Sept. 30, 2022, Comerica reported total assets of $84.1 billion.