PALO ALTO, Calif./April 28, 2003 Comerica (NYSE: CMA), a leading financial services company, announced today that its Technology and Life Sciences Division (TLSD) has formed a Venture and Corporate Development Group to focus on strengthening ties with the venture capital community and pursuing other corporate development initiatives. Bay Area native Jim Ellison, managing director of the TLSD's Northwest Region, has been tapped to lead the group.
The mission of the Venture and Corporate Development Group is to build and maintain relationships with the top quartile venture capital firms, maximizing and leveraging the strength of those relationships to benefit the entire division as well as the VCs themselves.
"The formation of this group is an acknowledgement of the importance of providing the venture community with a consistent, centralized point of contact," said Susan Gill, TLSD president. "Jim's deep understanding of the business and his excellent track record in relationship development made him the natural choice to spearhead this effort."
Ellison points out that the TLSD's relationship with the venture capital community is symbiotic, as portfolio companies are often shared and business referrals travel from both directions. This new group will provide a conduit for the efficient exchange of resources and information between Comerica and the venture community.
"Our management team and senior lenders will continue to build and maintain relationships with VCs, and this group will augment their efforts," Ellison said. "Given the challenges faced by the venture capital industry in this post-bubble era, this is the perfect time to step up our level of communication with the VC community."
About Comerica’s Technology and Life Sciences Division
Comerica's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 18 offices located across the U.S., Comerica's Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with nearly $56 billion in assets as of March 31, 2003.
Media Contacts:
Adrienne Moch
Pacifico
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
