Comerica Supports City of Detroit with $1 Million “Grand Bargain” Pledge
Jul 16, 2014
Michael T. Ritchie
DETROIT/July 16, 2014 - Today, Comerica Bank-Michigan Market President Michael T. Ritchie joined other business leaders in announcing their organizations' collective support of the city of Detroit through participation in what’s being referred to as the “grand bargain.” As its contribution to the cause, Comerica has committed $1 million toward the $100 million being raised by the Detroit Institute of Arts (DIA) to help the City of Detroit emerge from bankruptcy, support city pensioners and protect the DIA’s art collection for future generations to enjoy.
According to a press release issued by the DIA, the grand bargain will provide Detroit’s pensioners more than $800 million from local donors, local and national foundations and the State of Michigan over a 20-year period, subject to present value discounts for more rapid donor payments. The funds will be directed to a supporting organization of the Community Foundation for Southeast Michigan and then disbursed for city pension payments over the next 20 years. As part of the grand bargain, the City of Detroit will transfer ownership of the DIA’s collection, building and related assets to the private nonprofit corporation that currently operates the museum, Detroit Institute of Arts, Inc.
During his remarks at today’s press event at the DIA, Ritchie elaborated on Comerica’s deep connection with the city.
“Detroit really is where it all started for Comerica, with our founding here 164 years ago. We continue to build on that foundation; providing almost $1 billion in consumer, commercial and community development loans to Detroit residents and businesses last year, and supporting the city’s nonprofit organizations through our charitable contributions and the volunteer efforts of our colleagues. So I’m particularly proud that Comerica is further deepening that commitment through this $1 million pledge to help our city. We’ve enjoyed being partners with all of you in working to build a stronger Detroit and look forward to seeing the rewards of those efforts.”
Comerica is the largest bank employer in Detroit.