Welcome to our dedicated page for Comerica Incorporated news (Ticker: CMA), a resource for investors and traders seeking the latest updates and insights on Comerica Incorporated stock.
Comerica Incorporated (NYSE: CMA) is a prominent financial services company headquartered in Dallas, Texas. The company is strategically aligned by three main business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica is renowned for its emphasis on relationship-based banking, aimed at helping individuals and businesses achieve success.
The Commercial Bank provides companies of all sizes with an extensive range of credit and non-credit financial products and services. The Retail Bank offers personalized financial products and services to individual consumers, while Wealth Management caters to high net worth clients and institutions, ensuring their financial goals are met with precision.
Comerica operates across seven of the ten largest cities in the United States, with 480 banking centers situated in key markets including Texas, Arizona, California, Florida, and Michigan. The company also has a presence in Canada and Mexico, thereby broadening its geographical footprint and service reach.
Founded 175 years ago in Detroit, Michigan, Comerica has grown to become one of the 25 largest commercial U.S. financial holding companies. As of December 31, 2023, Comerica reported total assets worth $85.8 billion. The company continues to expand into new regions such as the Southeast Market based in North Carolina, and the Mountain West Market in Colorado, underscoring its commitment to growth and community service.
Comerica's recent achievements include the launch of its new Frisco Business & Innovation Hub in North Texas, which offers free coworking space for small business customers. Additionally, Comerica has invested $100,000 in the Network for Teaching Entrepreneurship to support entrepreneurship education for under-resourced communities.
The company's financial health is robust, with quarterly financial results showing consistent growth. Comerica is also active in community service, hosting events like Shred Day to promote sustainability and fight hunger through partnerships with organizations such as Gleaners Community Food Bank.
For more information, visit Comerica's official website or follow them on social media platforms like Facebook, X (formerly known as Twitter), Instagram, and LinkedIn.
Comerica Bank is investing $250,000 in Community Development Financial Institution (CDFI) DreamSpring to support small businesses in Dallas and Phoenix amid the ongoing pandemic. This investment is part of Comerica's broader commitment, exceeding $9 million in COVID-19 relief efforts for small businesses and community programs. DreamSpring, a non-profit founded in 1994, aims to provide flexible financial support to underserved communities, helping entrepreneurs achieve their dreams and contributing to economic recovery.
Comerica Bank announced a contribution of over $1 million to six California nonprofits supporting minority-owned small businesses and low- to moderate-income communities affected by COVID-19. This brings its total contributions in California to more than $4.4 million. The funding is part of Comerica's Capital Grant investments aimed at combating economic disruption. The bank has also provided over $2.5 million in funding to Community Development Financial Institutions in California. Comerica focuses on community stability and recovery efforts during the pandemic.
Comerica Bank's California Economic Activity Index rose to 97.7 in September, an 8% increase from its cyclical low. This marks the index's third consecutive gain, influenced by positive trends in nonfarm employment, housing starts, and hotel occupancy. However, concerns arise as California faces a surge in COVID-19 cases, potentially leading to stricter restrictions that could affect economic recovery. The index averaged 124.4 points in 2019, indicating a broader economic impact. As of September 30, 2020, Comerica reported total assets of $83.6 billion.
Comerica Bank's Texas Economic Activity Index rose to 119.0 in September, marking a 25% increase over its cyclical low. The index has shown improvement for three consecutive months, with eight of its nine components positive, including nonfarm payrolls and housing starts. However, the Texas rig count declined for the 22nd month, losing nearly 80% since November 2018. The resurgence of COVID-19 poses risks to the economy, but vaccine developments support expectations for normalization in 2021. Comerica's assets totaled $83.6 billion as of September 30, 2020.
Comerica Bank's Michigan Economic Activity Index rose to 105.6 in September, reflecting a 22% increase from the cyclical low of 86.9. This marks the third consecutive monthly increase, although the 2.5% growth rate suggests smaller future gains. Eight of nine components showed positive signs, with only housing starts declining. However, rising COVID-19 cases have led to tighter state restrictions, potentially impacting economic performance in Q4. Governor Whitmer proposed a $100 million relief plan to support businesses and households, amidst concerns about auto demand.
Comerica Bank has made a $250,000 investment in Ascendus' small business lending program to assist Collier County businesses impacted by the COVID-19 pandemic. This funding aims to provide access to capital for small and micro businesses that are under-resourced. With over $9 million invested in community support since the pandemic began, Comerica emphasizes its commitment to economic recovery in the region. Ascendus, a nonprofit lender, focuses on empowering low- to moderate-income business owners through financial assistance and education.
Comerica Bank announced a $100,000 donation to the Capuchin Soup Kitchen to support its food security mission in Detroit. The donation will aid food drives on Thanksgiving and Christmas, operational costs, and financial education initiatives. Comerica has committed over $4 million in community support during the COVID-19 pandemic, emphasizing its role in improving community wellness. Capuchin Soup Kitchen, operational for over 90 years, assists local families facing poverty and homelessness.
Comerica Incorporated (NYSE: CMA) announced its schedule for upcoming quarterly earnings releases, with the fourth quarter set for January 19, 2021. The company will also participate in the Goldman Sachs US 2020 Financial Services Conference on December 8, 2020, led by key executives including Chairman Curt Farmer and CFO James Herzog. The earnings release and conference materials will be available on Comerica's Investor Relations page, and a replay of the conference call will be accessible for a limited time.
The Board of Directors of Comerica declared a quarterly cash dividend of $0.68 per share for common stock, payable on Jan. 1, 2021, to shareholders of record by Dec. 15, 2020. Additionally, a dividend of $1,406.25 per share on Series A Non-Cumulative Perpetual Preferred Stock will also be paid on the same date. As of Sept. 30, 2020, Comerica reported total assets of $83.6 billion.
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