SAN JOSE, Nov. 14 /PRNewswire/ -- Comerica Bank, continuing its expansion in the Bay Area, has opened two retail banking centers on the San Francisco peninsula, one in South San Francisco and one in Millbrae.
The announcement today by Mike Fulton, president and CEO of Comerica Bank's Western Market, of the 10th new banking center in California in 2006 continues a retail expansion in San Francisco and the peninsula that began in late 2004.
The Millbrae Banking Center opened today; the South San Francisco Banking Center opened Oct. 27. There are now six Comerica banking centers in San Francisco and San Mateo counties, 23 in the Bay Area.
"These new banking centers fill in a gap for us between San Mateo and San Francisco, and give us the opportunity to provide banking services to under-served communities on the Peninsula," said Fulton. "The regional economy is strong, and the Bay Area is an important part of the bank's overall growth strategy."
That strategy, begun in 2004, has seen the number of Comerica banking centers in California grow from 41 in early 2004 to 68 this week. Fulton said the growth will accelerate in 2007: He anticipates there will be 86 Comerica banking centers in California by January 2008. He said the bank's 2007 plans include the addition of another Peninsula banking center in early 2007, in Burlingame.
The bank's plans for the Peninsula also include the opening of a regional small business banking office in Millbrae.
The Michigan-based bank has said it will be accelerating the pace of its retail expansion and its business-line diversification in fast-growing markets in California, Arizona, Texas and Florida over the next four years. In mid-2006, 37 percent of Comerica banking centers were located outside of Michigan. By the end of 2010, the bank expects more than half of its banking centers will be located in the new Western and Sun Belt markets. The new banking centers feature Saturday banking hours, ATMs and night-depositories.
The South San Francisco office, at 401 Grand Ave., South San Francisco, opened Oct. 27. The manager is Sol Oquendo.
The Millbrae office, at 49 El Camino Road, opened today. The manager is Mario del Puerto.
About Comerica Bank
The Western Market of Comerica Bank includes 73 retail banking centers in two states, California and Arizona: 68 in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, and Santa Cruz /Monterey; also, five banking centers in greater Phoenix, Ariz. In the third quarter of 2006, the Western Market generated 29 percent of the net income for Comerica Incorporated, on approximately $16.6 billion in assets at Sept. 30, 2006.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people be successful. Comerica reported total assets of $58.5 billion at September 30, 2006. For more information, go to http://www.comerica.com/.
CONTACT: Barry Holtzclaw of Comerica Bank, +1-408-556-5111,
+1-408-315-6554, or bholtzclaw@comerica.com
