Comerica Bank

COMPANY HISTORY Narrative History Through the Civil War, world wars, the Great Depression, the economic and political turbulence of the 20th century, the Great Recession and now over two decades into the 21st century, Comerica Bank stands as a beacon of strength in the communities which we serve. This beacon first shined bright in Detroit more than 170 years ago and its reach now spans across the country with markets in Arizona, California, Florida, Michigan and Texas. Origins Comerica, originally called Detroit Savings Fund Institute, opened its doors on August 17, 1849, to a city bustling with shipyards, river trade, sawmills, horse drawn carriages and dirt roads. It had six customers that day, with receipts totaling $41. Within two years, the patronage increased to more than 300 with the tally at $25,000. Unlike most banks of that time, the Institute paid interest on deposits, had no shareholders or capital stock, and was managed by unpaid fiduciaries. Courting customers from the working class, merchants and even children, the Institute enjoyed steady growth, reaching the $1 million mark in 1870. The next 30 years brought about many changes for the company including a new name, Detroit Savings Bank, and deposits in excess of an incredible $6 million. Market Crash At the turn of the century, Detroit experienced a boom when it became birthplace of the automobile industry. Supporting its meteoric rise, Detroit Savings Bank flourished for the next two decades before facing that fateful day in October 1929 -- the stock market crash. Devastation of the stock market meant shortage of capital, which for Detroit translated into lack of auto sales and ultimately layoffs. Dwindling deposits, shrinking savings accounts and loan defaults sent the banking industry into crisis, but Detroit Savings Bank held on. In 1933 it reveled in a rare influx of cash deposits and new customers. With renewed confidence and increased clientele, the Bank's board members decided to help Detroit regain its financial foothold and became the first area bank to offer Federal Housing Administration mortgages, in addition to aggressively pursuing commercial accounts. World War II A new name, The Detroit Bank, more branches and the opportunity to preserve and expand commercial accounts saw a favorable end to the frenzied 1930s, but a new crisis was just around the corner. As World War II erupted, the Bank saw more than 100 of its valued employees go off to war. With the mostly male teller corps leaving to assist the war effort, women took the opportunity to join the bank and fill vacant positions. One employee who made a tremendous difference during the war was bank president Joseph M. Dodge. Dodge negotiated Air Force contracts, headed the Pentagon War Contract Board and worked with both German and Japanese governments after the war to aid in their economic restoration. He was granted the highest civilian war award, the Medal of Merit, and was even honored by the Japanese emperor. Consolidation Forms Detroit Bank & Trust As Detroit shifted into the exhilarating 1950s mode of poodle skirts, sock hops, television and rock music, The Detroit Bank experienced its own coming of age. Taking a gigantic step forward it merged with the Birmingham National Bank, Ferndale National Bank and the Detroit Wabeek Bank & Trust Company in 1956, forming Detroit Bank & Trust. What had started out more than a 100 years earlier with a mere $41 emerged from the age of innocence and entered the chaotic 1960s with assets well over one billion dollars. People were on the move both personally and professionally, and the Bank helped them improve their homes, autos and educations. To keep up with the times, the Bank installed its first computer to help in processing checks and record keeping. Longer work hours meant less time to visit banks, so Detroit Bank & Trust introduced their first automated teller machine (ATM) in metro Detroit's branches in 1972. Better electronics, designer fashions and trendy vacations had customers clamoring for ways to make their dollars stretch, so the Bank introduced the Master Charge card in the early 70s. Bank regulation modifications in 1973 necessitated restructuring to a holding company, and the DETROITBANK Corporation was created. Comerica Name, New Markets One more name change in the early 1980s and Comerica Incorporated was established. The new name reflected the national scope of Comerica’s products and services and its desire for expansion to new markets. As its senior customers retired or wintered in Florida, Comerica packed some of its bags and headed south in 1982 to establish branch offices. With the economic growth of America, Comerica headed for the wide-open spaces of Texas in 1988 and continued west to California in the early 1990s.