This year, Comerica Incorporated celebrates its 30-year anniversary of trading on the New York Stock Exchange (NYSE). To date, Comerica is among the NYSE’s Historical Roster for Oldest Listed Companies, ranking #51.
In March 1991, Comerica applied to list 19,966,755 shares of Common Stock on the NYSE and, on April 2, 1991, began trading under the Ticker Symbol “CMA.” Before being listed on the NYSE, Comerica’s company's stock had been traded on the Nasdaq National Market System (Nasdaq/NMS).
At the time of the NYSE listing, Comerica’s then Chairman and Chief Executive Officer, Eugene (Gene) Miller, said, “A move to the New York Stock Exchange is in the best interests of our shareholders…Over the years we have been served well by the NASDAQ system and by the firms that have made a market in our stock. However, our Board of Directors believes that the shareholders will benefit from the increased visibility and liquidity afforded by listing on the Big Board.”
On April 2, 1991, Comerica visited the NYSE to celebrate its Original Listing ceremony on the Trading Floor.
“Comerica is excited to celebrate its 30-year anniversary of being listed on the New York Stock Exchange,” says Jim Herzog, Comerica’s Chief Financial Officer. “Over the past 30 years, Comerica has been able to leverage our NYSE listing through a wide range of advantages, including access to capital, improved branding and visibility, accountability, and increased liquidity.”
Comerica Visits the NYSE
On March 5, 1999, Comerica colleagues once again visited the NYSE to celebrate its 150th Anniversary of Founding and rang the Closing Bell. In 2024, Comerica plans to return to the NYSE Trading Floor to celebrate its 175th Anniversary of Founding.
Brief History of Comerica
Comerica Incorporated traces its founding to 1849, when the company was originally named Detroit Savings Fund Institute. In 1871, Detroit Savings Fund Institute changed its name to The Detroit Savings Bank and in 1936 changed its name to The Detroit Bank. In 1933, Manufacturers National Bank of Detroit, Comerica's future merger partner, was founded by Edsel B. Ford, Henry Ford's son. Manufacturers bought United States Savings Bank in 1952 and in 1955 merged with Industrial National Bank. That same year, The Detroit Bank acquired the Detroit Trust Company, forming Detroit Bank & Trust, which itself merged with The Birmingham National Bank, Ferndale National Bank, and Detroit Wabeek Bank & Trust Company in 1956. In 1982, The Detroit Bank & Trust Company was renamed Comerica Bank to reflect its growing ambitions.
In 1992, Comerica merged with Manufacturers National Bank of Detroit, which was considered a “merger of equals” since both banks were approximately the same size in assets and employees. With this merger, Comerica Bank became one of the 25 largest U.S. financial holding companies.