Comerica Incorporated - CMA STOCK NEWS

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.

Comerica Bank and the Detroit Lions have partnered for the 2022 My Cause My Cleats campaign, pledging to match up to $100,000 in donations to the Pure Heart Foundation, benefiting children of incarcerated parents. Comerica will contribute the first $10,000. The matching campaign runs until December 9, 2022. This initiative aims to enhance community support, focusing on youth education and mentorship, with additional support from the DEFY Program, which also committed $10,000.

Comerica (NYSE: CMA) will participate in the Goldman Sachs 2022 US Financial Services Conference on December 6, 2022, at 2:40 p.m. CT. The financial services company also announced its fourth quarter 2022 earnings call scheduled for January 19, 2023, at 7:00 a.m. CT. Key executives including CEO Curt Farmer and CFO James Herzog will participate in both events. Interested parties can access the live webcast and presentations via Comerica's Investor Relations page. A replay of the earnings call will be available for one year.