LOS ANGELES, May 20 /PRNewswire-FirstCall/ -- In a move that will increase its business capabilities and highlights its commitment to downtown Los Angeles, Comerica Bank today announced that it has leased up to 27,000-square feet of commercial office space at Brookfield Properties' Figueroa at Wilshire office property at 601 South Figueroa Street.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"The relocation is centrally positioned within major Los Angeles businesses. It is the ideal place to serve our customers and grow our business," said David White, Southern California president for Comerica Bank. "After 19 years of growth in multiple locations in the city, Comerica Bank is pleased to have one point of operation in downtown to enhance our presence in the central business district in Los Angeles."
Comerica Bank's ground-floor banking center and 12th-floor office space will serve as the bank's new regional office, bringing together five key departments to offer convenient access to the full range of Comerica's financial products. Some the department includes Middle Market, Small Business, Private Banking, Apparel & Textile Industries groups and retail banking.
John R. Barganski, Vice President with Brookfield Properties, stated: "We applaud Comerica Bank's decision to remain in the City of Los Angeles. The bank is a leader in the Los Angeles business community and is a strong addition to our tenant roster. The bank will continue to be one of the pillars of the continued renaissance of the financial district."
The downtown Los Angeles banking center opened last month and grand opening festivities are scheduled for late this summer. Comerica Bank now has 44 banking centers in Southern California, including 22 in Los Angeles County. Since early 2004, Comerica Bank has grown statewide from 41 banking centers to 86. In 2008, Comerica expects to maintain this pace of growth with up to 14 new banking centers in California and five new locations in Arizona. "Over the past four years, we have been advancing our strategy to diversify our customer base and extend Comerica's reach into key high-growth markets like Los Angeles," said White. "Today, a significant percentage of Comerica's earnings is generated in California, Arizona, Texas, and Florida markets. In addition, the vibrant and diversified economies of Los Angeles will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees."
In mid-2006, 37 percent of Comerica banking centers were located outside of Michigan; by the end of 2010, the bank expects more than half of its banking centers will be located in the new Western and Sun Belt markets. Completed in 1990, Figueroa at Wilshire is a 52-story, 1 million-square-foot office tower with a bold architectural presence on the Los Angeles skyline. An open-air plaza located at ground level features a 36-foot-high fire and water sculpture entitled L.A. Prime Matter, by California artist Eric Orr.
About Comerica Bank
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional 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, China and Mexico. Comerica reported total assets of $67 billion at March 31, 2008. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
SOURCE: Comerica Bank
CONTACT: Alfredo Padilla of Comerica Bank, +1-213-486-6222,
+1-213-804-1323 (cell), aepadilla@comerica.com
Web site: http://www.comerica.com/
