DETROIT, March 15 /PRNewswire-FirstCall/ -- The overall Community Reinvestment Act performance of Comerica Bank has been rated "Outstanding" by the Federal Reserve Bank of Chicago. This is the highest rating that can be achieved by a bank.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
Comerica was evaluated by the Federal Reserve in the categories of lending, investment and service. Major factors supporting Comerica's "Outstanding" rating provided by the Federal Reserve included:
- Comerica's high volume of community development loans, which benefited
low- and moderate-income areas and individuals;
- Comerica's outstanding level of community development investments,
particularly in Michigan, California and Texas. These investments
included low-income housing tax credits, mortgage backed securities and
contributions benefiting low- and moderate-income areas and
individuals; and
- Comerica's high level of community development services, which include
volunteer activities that meet CRA qualifications. These activities
included financial education initiatives and participation on the
boards of organizations that provide services to low- and moderate-
income areas and individuals.
"Comerica's 'Outstanding' rating confirms our strong commitment to the communities in which we operate," Comerica Chairman Ralph Babb said.
James Garavaglia, Comerica senior vice president, Corporate Compliance & Public Affairs said: "These ratings are a reflection of the successful community partnerships that we have formed over the years which allow the bank to serve a vital role in the community and economic development of our markets."
The Community Reinvestment Act (CRA), enacted by Congress in 1977, requires financial institutions to meet the credit needs of all segments of the communities they serve, including low- and moderate-income neighborhoods. Upon completion of a CRA examination, an overall CRA Rating is assigned using a four-tiered rating system. These ratings are: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
Comerica Incorporated (NYSE: CMA) is a financial services company strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, and Canada and Mexico.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: Michigan, Sara Snyder, +1-313-222-9617, or
slsnyder@comerica.com, or Scott Talley, +1-313-222-2917, or
satalley@comerica.com, or California, Barry Holtzclaw, +1-408-556-5111, or
bholtzclaw@comerica.com, or Texas, Vickie Cook, +1-214-969-6507, or
vjcook@comerica.com, all of Comerica Bank
Web site: http://www.comerica.com/
