Comerica Incorporated ("Comerica") is a financial services company, incorporated under the laws of the State of Delaware, and headquartered in Dallas, Texas. As of December 31, 2009, it was among the 25 largest commercial bank holding companies in the United States. Comerica was formed in 1973 to acquire the outstanding common stock of Comerica Bank, which at such time was a Michigan banking corporation and one of Michigan's oldest banks (formerly Comerica Bank-Detroit). On October 31, 2007, Comerica Bank, a Michigan banking corporation, was merged with and into Comerica Bank, a Texas banking association ("Comerica Bank"). As of December 31, 2009, Comerica owned directly or indirectly all the outstanding common stock of 2 active banking and 48 non-banking subsidiaries. At December 31, 2009, Comerica had total assets of approximately $59.2 billion, total deposits of approximately $39.7 billion, total loans (net of unearned income) of approximately $42.2 billion and shareholders' equity of approximately $7.0 billion.
BUSINESS STRATEGY
Comerica has strategically aligned its operations into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. In addition to the three major business segments, the Finance Division is also reported as a segment.
The Business Bank is primarily comprised of the following businesses: middle market, commercial real estate, national dealer services, international finance, global corporate, leasing, financial services, and technology and life sciences. This business segment meets the needs of medium-size businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services.
The Retail Bank includes small business banking and personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. In addition to a full range of financial services provided to small business customers, this business segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, student loans, home equity lines of credit and residential mortgage loans.
Wealth & Institutional Management offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and discount securities brokerage services. This business segment also offers the sale of annuity products, as well as life, disability and long-term care insurance products.
The Finance segment includes Comerica's securities portfolio and asset and liability management activities. This segment is responsible for managing Comerica's funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage Comerica's exposure to liquidity, interest rate risk and foreign exchange risk.
In addition, Comerica has positioned itself to deliver financial services in its four primary geographic markets: Midwest, Western, Texas and Florida.
The Midwest market consists of Michigan, Ohio and Illinois. The Michigan operations represent the significant majority of the Midwest market.
The Western market consists of the states of California, Arizona, Nevada, Colorado and Washington. Currently, California operations represent the significant majority of the Western market.
The Texas and Florida markets consist of the states of Texas and Florida, respectively.
In addition to the four primary geographic markets, Comerica also considers Other Markets and International as market segments. Other Markets include businesses with a national perspective, Comerica's investment management and trust alliance businesses as well as activities in all other markets in which Comerica has operations, except for the International market. The International market represents the activities of Comerica's international finance division, which provides banking services primarily to foreign-owned, North American-based companies and secondarily to international operations of North American-based companies.
We provide financial information for our segments and information about our non-U.S. revenues and long-lived assets: (1) under the caption, "Strategic Lines of Business" on pages 25 through 29 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which pages are hereby incorporated by reference; and (2) in Note 24 of the Notes to Consolidated Financial Statements located on pages 138 through 143 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which pages are hereby incorporated by reference.
We provide information about the net interest income and noninterest income we received from our various classes of products and services: (1) under the caption, "Analysis of Net Interest Income—Fully Taxable Equivalent (FTE)" on page 15 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which page is hereby incorporated by reference; (2) under the caption "Net Interest Income" on page 17 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which page is hereby incorporated by reference; and (3) under the caption "Noninterest Income" on pages 19 through 21 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which pages are hereby incorporated by reference.
We provide information on risks attendant to foreign operations: (1) under the caption, "Provision for Credit Losses" on pages 18 and 19 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which pages are hereby incorporated by reference; (2) under the caption "Geographic Market Segments" on page 27 through 29 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which pages are hereby incorporated by reference; (3) under the caption, "International Cross-Border Outstandings" on page 35 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which page is hereby incorporated by reference; and (4) under the caption "Allowance for Credit Losses" on pages 39 through 41 of Comerica's Annual Report to Shareholders for the year ended December 31, 2009, which pages are hereby incorporated by reference.
EMPLOYEES
As of December 31, 2009, Comerica and its subsidiaries had 8,939 full-time and 781 part-time employees.