Comerica Incorporated - CMA STOCK NEWS

Comerica Bank's Texas Economic Activity Index rose to 116.1 in August, marking a 22% increase from the cyclical low of 95.5. This is the second consecutive month of improvement, following a decline from March to June. Eight out of nine components, including nonfarm employment and housing starts, showed positive trends. However, the drilling rig count remains a concern. Four economic risk factors for Texas include regional coronavirus spread, economic strength, energy industry risks, and challenges in airlines. Comerica reported total assets of $83.6 billion as of September 30, 2020.

Comerica Bank's Michigan Economic Activity Index rose to 103.1 in August, marking a 19% increase from its cyclical low. This improvement follows earlier business re-openings in summer, with all nine sub-indexes showing gains for at least two months. Key indicators such as housing starts, light vehicle production, and hotel occupancy have also improved. However, potential risks loom from rising COVID-19 cases and declining auto demand, which could affect Michigan's economic recovery. Comerica reported total assets of $83.6 billion as of September 30, 2020.

Comerica Incorporated (NYSE: CMA) announced the appointment of Beatrice Kelly as Senior Vice President and Director of Community Development Lending, effective October 5. Kelly, a veteran in financial services, aims to enhance Comerica's community lending initiatives. Previously at Fifth Third Bank, she has significant experience in supporting small businesses. Comerica's recent efforts include processing approximately $3.8 billion in PPP loans for businesses affected by COVID-19 and a commitment of $8 million for pandemic relief, which will benefit various community programs and financial institutions.

Comerica Bank has partnered with the Local Initiatives Support Corporation (LISC) to enhance funding access for small businesses and nonprofits, particularly those led by people of color. A $1 million grant from Comerica will support a loan-loss reserve, enabling $4 million in new capital to flow into communities including Los Angeles, Detroit, and Phoenix. This initiative aims to assist organizations facing challenges due to COVID-19 while continuing to build on their existing collaboration focused on job and affordable housing development.

Comerica Bank announced a $350,000 donation to Michigan Women Forward (MWF) to support women-led small businesses impacted by COVID-19. This contribution aids MWF's Entrepreneur Resilience Fund, which provides essential loan dollars for business recovery across the state. Comerica has invested nearly $4 million in Michigan through various community support initiatives. MWF has helped over 12,300 women start businesses, emphasizing its commitment to empowering female entrepreneurs. The partnership aims to address the negative effects of the pandemic on local businesses.

Comerica Incorporated (NYSE: CMA) announced its third quarter 2020 financial results on October 20, 2020. The results highlight Comerica's strategic alignment across three business segments: Commercial Bank, Retail Bank, and Wealth Management. The financials can be accessed on Comerica's Investor Relations webpage. A comprehensive conference call will take place at 7 a.m. CT on the same date, allowing stakeholders to review specific earnings metrics. The company operates primarily in Texas, with additional locations in Arizona, California, Florida, and Michigan.

Comerica Bank's California Economic Activity Index rose to 92.8 in July, marking a 3-point increase over the cyclical low. This reflects a modest recovery, with six of eight components improving, including nonfarm employment and housing starts. The state has reabsorbed 885,700 jobs or 34% of jobs lost during March-April. However, uncertainties loom due to high unemployment, the end of enhanced benefits, potential COVID-19 spikes, and ongoing wildfires. The economic outlook for California remains cautious as risk factors could impact recovery.

Comerica Bank's Texas Economic Activity Index rose to 111.7 in July, marking a 17% increase from its cyclical low of 95.5. The index averaged 139.0 for 2019, surpassing 2018's average. Six of nine sub-indexes indicated growth, including nonfarm payrolls and housing starts. However, unemployment claims and drilling rig counts remained negative, with the latter stable around 110 rigs. Oil prices stayed near $40/barrel, impacting drilling activity. Ongoing fiscal stimulus negotiations may affect airline employment in Texas, which is crucial for the state's economy.

Comerica Bank's Michigan Economic Activity Index rose to 95.1 in July, marking an 8-point increase or 10% from its cyclical low. This growth indicates a recovery, with eight out of nine sub-indexes showing positive contributions, notably in nonfarm payrolls, housing starts, and total state trade. However, the economic outlook is cautious due to a rise in coronavirus cases in September, which poses risks for the state's economy and auto sales. The index averaged 117.7 in 2019, indicating ongoing economic challenges.