DALLAS, Feb. 29, 2024 /PRNewswire/ -- Comerica Bank announced today it received the highest overall rating of "Outstanding" in its 2023 Community Reinvestment Act (CRA) Performance Evaluation by the Federal Reserve Board (FRB).
The examination consisted of a review of the bank's 2020, 2021 and 2022 Home Mortgage Disclosure Act (HMDA) and CRA small business lending data, as well as community development loans, investments and services between Jan. 1, 2021, and June 30, 2023.
"Comerica Bank is committed to serving our communities and we are honored to have earned an Outstanding CRA rating," said Wendy Bridges, Comerica Bank Executive Vice President, Corporate Responsibility. "We elevated how we support and serve individuals and businesses, as well as boost economic development in our footprint in recent years. We look forward to carrying this momentum into our milestone 175th anniversary year and beyond."
Comerica's most notable achievements during the review period that contributed to its Outstanding CRA rating include:
The Community Reinvestment Act (CRA), enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including LMI neighborhoods.
About Comerica
This year, Comerica Bank celebrates 175 years of raising expectations for its customers, colleagues and communities. Comerica Bank, a subsidiary of Comerica Incorporated (NYSE: CMA), is 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, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful, providing more than 400 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $85.8 billion at Dec. 31, 2023.Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X (formerly known as Twitter), Instagram and LinkedIn.
SOURCE Comerica Bank