Comerica Incorporated - CMA STOCK NEWS

Comerica Bank's California Economic Activity Index surged to 108.0 in March, marking a 17% rise above the historical low of 92.7 from June 2020. This increase represents the ninth consecutive monthly gain with seven of nine components showing positive growth. The state added 310,300 jobs in the first four months of 2021, despite a job loss in January. Factors such as improved hotel occupancy and rising household incomes are boosting consumer spending. However, supply chain disruptions and rising prices pose challenges for the economy in 2021.

Comerica Bank's Texas Economic Activity Index rose to 115.3 in March 2021, marking a 16% increase from the recent low of 99.3 in June 2020. This recovery is attributed to eight positive sub-indexes, including nonfarm employment and housing starts. In contrast, industrial electricity demand decreased. With oil prices nearing $68 per barrel and an improved drilling rig count, Comerica expects Texas to drive U.S. economic growth this year. Total assets reported at $86.3 billion as of March 31, 2021.

Comerica Bank's Michigan Economic Activity Index rose to 104.9 in March, a 23% increase from its historical low in June 2020. This marks the fourth consecutive monthly increase, with six of nine components showing positive results, notably in nonfarm payrolls and housing starts. However, challenges remain due to supply chain constraints in the auto sector affecting light vehicle production and trade. With COVID restrictions easing, a boost in services and construction is anticipated. Comerica reported total assets of $86.3 billion as of March 31, 2021.

Comerica Incorporated (NYSE: CMA) will participate in the Morgan Stanley US Financials Conference on June 14, 2021, at 7:45 a.m. CT. The company also announced its second quarter 2021 earnings call for July 21, 2021, at 7:00 a.m. CT. This call will cover financial results and provide insights to investors, with live webcast access available on their Investor Relations page. The details will be furnished in Form 8-K filings on the SEC website.

Comerica Bank and the National College Resources Foundation (NCRF) are hosting the Detroit Empowerment Weekend from May 20-22, 2021, a free virtual event aimed at assisting high school students with college applications. Participants can waive application fees and receive on-the-spot college acceptances and scholarships. The program includes informative seminars, a STEAM Expo, and dedicated college expos focusing on Latino and Black students. This initiative reinforces Comerica's commitment to community support amid challenges posed by the COVID-19 pandemic.

Comerica Bank announced the appointment of Sonya Trac as National Asian American Business Development Manager, aiming to strengthen relationships with Asian American businesses across key states. In addition, the bank is depositing $2.5 million into Royal Business Bank to enhance access to capital for the Asian American community. This partnership builds on previous commitments, including $10 million deposited in other Minority Depository Institutions. Trac's leadership is expected to bolster community engagement, supporting local businesses through innovative solutions.

Comerica Bank, on May 3, 2021, announced a significant commitment of $5 billion to small business lending over the next three years. This initiative aims to support small businesses recovering from the COVID-19 pandemic and includes the expansion of the RISE! program, which provides resources and financial assistance. Comerica has previously facilitated $3.9 billion through the Paycheck Protection Program and plans to invest $16 million in local nonprofits. The bank emphasizes the critical role of small businesses in communities and their ongoing support efforts.

The California Economic Activity Index from Comerica Bank rose to 105.9 in February 2021, reflecting a 14% increase from the historical low of 92.7 in June 2020. The index outperformed January's revised reading of 105.3. Significant improvements were noted in six of the nine index components, including housing starts and state revenues. The index's methodology was updated to align better with state GDP, introducing new sub-indexes for enplanements and state revenues while removing the Dow Jones Technology Index. Rising consumer confidence and fiscal stimulus are expected to bolster the economy further.

Comerica Bank's Texas Economic Activity Index fell to 114.1 in February, down from 114.6 in January, marking the end of a seven-month upward trend. The decline was attributed to a severe winter freeze impacting the state's economy, causing damage estimates exceeding $200 billion. Despite this setback, six components of the index, including nonfarm employment and house prices, remained positive. The bank anticipates robust economic growth in Texas for the remainder of the year, backed by adjustments to its economic activity methodology.