PHOENIX, Feb. 6 /PRNewswire-FirstCall/ -- Comerica Bank, one of the 25 largest banking companies in the U.S., is expanding in the Phoenix metropolitan area.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
New Comerica banking centers were opened in Mesa, north Phoenix and Scottsdale in late 2005 and early 2006, with more new offices planned in 2006 and beyond.
"Arizona's population and business growth, especially in the Phoenix region, make it an ideal place for us to grow," said Meredith "Russ" Russell, Arizona regional president for the Detroit-based bank.
"We believe that this metropolitan area is under-served from a financial services perspective, and we have added retail banking centers and small-business, private banking and commercial bankers here to offer the Phoenix region new banking alternatives," he said.
Russell said he expects Comerica to use its longstanding reputation for building customer relationships and its full range of financial services to attract new customers and grow quickly in the region. Comerica is ranked first among the top 50 U.S. bank holding companies in commercial loans as a percent of total assets, and is the eighth-largest SBA 7(a) lender in the country.
The bank's primary Arizona office is at 1 North Central in downtown Phoenix, home of small business, middle market, wealth management, commercial and residential real estate and SBA-lending operations. Comerica plans to open a new retail banking center at that address, in a corner ground floor location, later this year. The most recent banking center opening was Jan. 25 in Scottsdale, near the Scottsdale Airpark.
"In 2006 we expect to open banking centers in 10 new locations in California and three more in Arizona," said Mike Fulton, president and CEO of Comerica's Western Market. "We expect to open approximately one banking center per month for the next five years in the Western Market."
The Arizona operations are part of Comerica's Western Market, which in the fourth quarter of 2005 generated 33 percent of Comerica Inc.'s net income. In California, Comerica in 15 years has grown to become the state's fourth-largest bank.
Current Comerica Bank locations: -- 1 North Central Avenue, Phoenix -- 1825 Val Vista Drive, Mesa -- 3200 North Central Ave., Phoenix -- 14801 N. Scottsdale Rd., Scottsdale About Comerica Inc.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica's approximately 10,800 employees focus on relationships, and helping people and businesses be successful. Comerica Bank locations can be found in Michigan, California, Texas, Arizona and Florida, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $53.0 billion at December 31, 2005. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .
FCMN Contact: bholtzclaw@comerica.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: To schedule an interview with Meredith Russell in Phoenix, call
+1-408-556-5111
Web site: http://www.comerica.com/
