Comerica Incorporated - CMA STOCK NEWS

Comerica Incorporated (NYSE: CMA) announced the appointment of David Whiting as President of the Technology and Life Sciences (TLS) Division, overseeing teams across various states and Toronto, Canada. Whiting, a 17-year veteran of the company, previously directed U.S. TLS offices outside California and has extensive experience in the financial needs of technology firms. Comerica aims to leverage his expertise to enhance banking solutions for technology and bioscience companies. As of June 30, 2020, Comerica reported total assets of $84 billion.

Comerica Bank has announced a $112,000 contribution to Grand Rapids Opportunities for Women (GROW) to support West Michigan entrepreneurs affected by the COVID-19 pandemic. The funds will provide crucial capital and technical assistance for small businesses as they recover. Comerica and GROW will also host Business $ense Boot Camps, the next of which is scheduled for September 22, to educate small business owners on various topics like credit history. This partnership aims to stabilize and promote the growth of small enterprises, highlighting Comerica's ongoing commitment to community support.

Comerica Bank has committed $150,000 to the Loan Relief Fund of Invest Detroit, a nonprofit supporting small businesses impacted by COVID-19. The program is aimed at businesses with fewer than 75 employees and under $1 million in annual revenue, offering loan forgiveness to enhance cash flow. Approximately 79% of eligible businesses are minority or female-owned, and 88% are located in low- to moderate-income areas. This initiative is part of Comerica's broader effort, alongside an $8 million investment in COVID-19 relief for small businesses.

Comerica has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative aimed at standardizing greenhouse gas emissions reporting in the financial sector. This partnership connects Comerica with over 70 global banks, facilitating consistent carbon accounting methodologies. By joining PCAF, Comerica intends to better assess the carbon footprint of its portfolios, enhancing its sustainability efforts. The bank has already achieved significant reductions in greenhouse gas emissions, with a 48% decrease since 2012. Comerica aims for further reductions to align with climate targets set for 2025, 2030, and 2050.

Comerica Bank's California Economic Activity Index fell to a historical low of 90.0 in June, down 7.0% from the previous month. This decline follows an 11.1% drop in May. While only three of the eight components were positive, including house prices and hotel occupancy, the state faces ongoing economic challenges, largely due to rising COVID-19 cases and stricter mitigation efforts. California's labor market has improved slightly, recouping 817,100 jobs out of 2.6 million lost earlier this year, yet high unemployment persists, impacting economic recovery into 2021.

Comerica Bank's Texas Economic Activity Index fell to 106.8 in June 2020, below May's 114.2 but above the cyclical low of 95.5. The index averaged 139.1 for 2019, reflecting ongoing economic challenges due to the COVID-19 pandemic. Two of the nine sub-indexes, house prices and hotel occupancy, were positive, while the others, including nonfarm employment and unemployment insurance claims, showed deterioration. Recovery is expected, but the bank cautions against assuming a V-shaped rebound and anticipates high unemployment rates persisting into next year.

Comerica Bank's Michigan Economic Activity Index fell to a historic low of 86.6 in June 2020, down from 90.3 in May. The year-to-date average is 117.7, indicative of economic decline. The drop reflects ongoing challenges such as high unemployment rates and reduced demand from the pandemic. Four sub-indexes showed positive results, including housing starts and vehicle production, while five negatively impacted components included nonfarm employment and trade revenues. There are cautions against assuming a quick recovery as COVID-19 cases increase.

Comerica Incorporated (NYSE: CMA) announced its participation in the Barclays Global Financial Services Conference on September 14, 2020. The conference will feature key executives, including CEO Curt Farmer and CFO James Herzog. Additionally, Comerica will release its third quarter 2020 financial results on October 20, 2020, followed by an earnings call at 7:00 a.m. CT. Webcast and presentation materials will be available on the company's Investor Relations website. The earnings report may include forward-looking statements.

Comerica Bank announced a $10 million deposit initiative aimed at supporting Minority Depository Institutions (MDIs) within its five-state footprint. The bank allocated $7.5 million to First Independence Bank, Broadway Federal Bank, and Unity National Bank, emphasizing mentorship and collaboration. Chief Community Officer Irvin Ashford Jr. highlighted MDIs' crucial role in assisting communities impacted by COVID-19. Comerica's broader efforts included $8 million in investments for community programming affected by the pandemic, enhancing its commitment to economic viability in underserved areas.