DALLAS, July 6, 2022 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) released its 2021 Corporate Responsibility Report detailing advancements made on key environmental and social matters.
"At Comerica, we have identified key environmental and social issues where we have the ability to drive positive outcomes and help customers meet their own ever-evolving needs," said Curt Farmer, Chairman and Chief Executive Officer, Comerica Bank and Comerica Incorporated.
Comerica's 14th annual Corporate Responsibility Report details the company's progress in 2021 in the following areas:
In November 2021, Comerica announced the establishment of an Office of Corporate Responsibility that reports directly to Farmer. The division is designed to enhance collaboration across the bank and focus on addressing the five commitments above.
"The creation of the Corporate Responsibility division has allowed us to further align valuable resources and continue building on the momentum we have already established to foster change now and into the future for our communities, customers and colleagues," said Wendy Bridges, Executive Vice President, Corporate Responsibility.
More recently, Comerica announced the expansion of its Environmental Services Department (ESD) with the introduction of the Renewable Energy Solutions group. With its newest addition, Comerica can better align credit resources, including underwriting and approval, drive greater organizational consistency, and benefit its broader sustainability objectives by driving green loan growth and improving the accuracy of data related to the bank's renewable efforts.
To further support our communities in 2021, Comerica provided low-income housing tax credit equity investments totaling $75 million and has recently launched an Affordable Housing Tax Credit Lending team. Projects like Edison Crossing in southeast Michigan, which is set to provide 30 newly constructed units, brings opportunities to low- to moderate-income communities. Edison Crossing will provide Permanent Supportive Housing for chronically homeless individuals and households. Along with housing, the project will feature wrap around services that include benefit assistance, mental health services, financial management, employment training and literacy services.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $89.2 billion as of March 31, 2022.
SOURCE Comerica Incorporated