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Comerica Bank To Move To Dallas

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TexasStar

TexasStar

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Comerica to Move Headquarters to Dallas

7:29 am, March 6, 2007

DETROIT, March 6 PRNewswire-FirstCall

Detroit-based Comerica Inc. announced Tuesday morning that it would move its headquarters to Dallas in the third quarter of this year, but it said it would maintain a "significant presence in Detroit."

Comerica said in a news release that the move would give it a more central location to serve its markets, which include California, Florida and Texas.

"Moving our corporate headquarters to Dallas will give us greater proximity to all of our markets, and the additional resources in these markets will lead to accelerated growth for Comerica. In addition, the vibrant and diversified economies of Dallas, Houston and Austin will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees," Chairman and CEO Ralph Babb Jr. said in a news release.

The company cited expected population growth in the South and West as helping to drive the decision.

According to a statement issued by the bank, about 200 employees will be affected over the next three years, including certain open positions.

"Michigan and the city of Detroit are key markets for us. Comerica will continue to have approximately 7,300 employees throughout Michigan, where we intend to uphold our long-standing commitment to the local communities. We want our customers across Michigan to know that they can continue to rely on the same Comerica people who provide exceptional customer service and who they've come to know and trust," said Babb.

Comerica named Tom Ogden, executive vice president of global corporate banking, as president of the Michigan market.

The statement said that it would cost $15 million to $20 million to implement the decision.

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RedScare

RedScare

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Great news! Any time a Fortune 500 company selects a Texas city, we all benefit. Good news for downtown D as well. B)

I'd rather Detroit keep the 200 HQ pukes and send the 7,300 Michigan employees, but whatever floats your boat. In Texas, I believe they call that, "All hat and no cattle".

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TexasStar

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I don't think they have decided what part of Dallas they are moving to yet.....But I really hope they do choose Downtown. :rolleyes:

In the front-page article in today's Morning News, Mayor Miller was quoted as saying that the bank's Chairman, Ralph Babb, told her that Comerica would choose a downtown location.

Obviously not set in stone, but I'd feel safe running with that.

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TheNiche

TheNiche

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I'd rather Detroit keep the 200 HQ pukes and send the 7,300 Michigan employees, but whatever floats your boat. In Texas, I believe they call that, "All hat and no cattle".

Just wait. I'll bet that the trickle of relocated employees will be slow and steady. Like with New Orleans, nobody wants to take the bad press for jumping ship all at once. Management comes first; the employees quietly follow.

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KinkaidAlum

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You have to feel sorry for Detroit. That city just can't win.

Comerica was a HUGE presence in that town. It built one of the only new skyscrapers downtown in recent years. It bought the naming rights for the new Tigers Ballpark. It was a Michigan institution. I bet there will be a LOT of resentment in Michigan for this move. I expect the exodus to be swifter than most predict.

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houstonfella

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You have to feel sorry for Detroit. That city just can't win.

Comerica was a HUGE presence in that town. It built one of the only new skyscrapers downtown in recent years. It bought the naming rights for the new Tigers Ballpark. It was a Michigan institution. I bet there will be a LOT of resentment in Michigan for this move. I expect the exodus to be swifter than most predict.

Yeah, right, our hearts go out to Michigan.... NOTTTTTTTTTTTTTTTTTTTTTTTT

Yeah, right, our hearts go out to Michigan.... NOTTTTTTTTTTTTTTTTTTTTTTTT

Great for Dallas.... although it isn't Chevron or something of the size... it is a great rip you off banking instiutute. > :)

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tamtagon

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It's been mentioned that there are two primary long range purposes behind the move to Dallas 1) disassociate from the Detroit Auto Industry, and 2) prepare the Comerica brand for purchase by a bigger bank.

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houstonfella

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Dallas is a natural for Comerica because of the Fed Reserve Bank there. Dallasboi, I believe it will be downtown Dallas from the press I read and Laura's big smile. Good news in the Bayou City too because Direct Energy is moving its HQ down here; also Planet (used to be EV1) has chosen Houston's Bayou Place for its chic new HQ ... a first floor and offices on a 2nd floor suspended from the ceiling of Bayou Place. Sounds pretty GQ to me.

Redscare, remember, yeah, it might only be 200 folks moving from Detroit to Dallas, but those are the execs and they will be bringing big dollars and buying big houses there and Dallas' downtown could use a Fortune 500 company right now. But, yeah, I do agree that it would be better to have 7300 employees as opposed to another HQ.

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dfwcre8tive

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^ I HATE Direct Energy (I just switched from them)... Anyway, that's good for Houston, and also good that another Michigan company is moving to Dallas...

ProQuest moving its headquarters to Dallas

Troubled education supplier gives no number on jobs

12:00 AM CST on Friday, March 9, 2007

By BRENDAN M. CASE / The Dallas Morning News

bcase@dallasnews.com

http://www.dallasnews.com/sharedcontent/dw...n1.379bb29.html

Education materials provider ProQuest Co. plans to move its corporate headquarters to Dallas from Ann Arbor, Mich., by the end of the year.

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Pumapayam

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Great news! Any time a Fortune 500 company selects a Texas city, we all benefit. Good news for downtown D as well. B)

Dallas gets another one. . darn, when will it be our turn.

But at least we are not Tulsa, I feel bad for them.

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2112

2112

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I don't think they have decided what part of Dallas they are moving to yet.....But I really hope they do choose Downtown. :rolleyes:

Is downtown Fort worth considered a downtown of Dallas? (Just wondering.)

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houstonfella

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Dallas gets another one. . darn, when will it be our turn.

But at least we are not Tulsa, I feel bad for them.

Puma: we have the most Fortune 500 companies outside of NY. So I wouldn't fret about that situation. Besides, haven't you noticed the oil companies raking in the dough. :blush:

lol :lol:

I guess I come up with the crap because Dallas is the banking capital of the Southwest, and the Federal Reserve Bank for this area is there. That must be attractive to banks ... ummm ... like Houston is the Energy Capital of the entire freakin' world. But, no, Dallas isn't the banking capital of anything except perhaps Texas, but it is a money maker for Big D. Happy now? This is for Red, not boi

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RedScare

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I guess I come up with the crap because Dallas is the banking capital of the Southwest, and the Federal Reserve Bank for this area is there. That must be attractive to banks ... ummm ... like Houston is the Energy Capital of the entire freakin' world. But, no, Dallas isn't the banking capital of anything except perhaps Texas, but it is a money maker for Big D. Happy now? This is for Red, not boi

Really? Then perhaps you could name some of the other huge banks headquartered in the "Banking Capital of the Southwest"? While you're at it, maybe you could explain why 20 of the 30 largest US banks are NOT located in Fed Reserve cities, including 5 of the top 6. Maybe you could explain why there are more large banks headquartered in Sioux Falls, South Dakota than Texas. Maybe you could explain why of the few relatively small Texas based banks, not ONE of them is located in the "Banking Capital of the Southwest" (or Houston, for that matter).

Take your time. We'll wait.

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houstonfella

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Really? Then perhaps you could name some of the other huge banks headquartered in the "Banking Capital of the Southwest"? While you're at it, maybe you could explain why 20 of the 30 largest US banks are NOT located in Fed Reserve cities, including 5 of the top 6. Maybe you could explain why there are more large banks headquartered in Sioux Falls, South Dakota than Texas. Maybe you could explain why of the few relatively small Texas based banks, not ONE of them is located in the "Banking Capital of the Southwest" (or Houston, for that matter).

Take your time. We'll wait.

Does Sioux Falls offer tax incentives like Delaware? Maybe that could answer that question. Red, do a lot of surfing re: banks? Got that much money? Maybe you can open me an account at Comerica. ;)

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RedScare

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No, but I have read up on why Texas has so few home grown banks versus say, North Carolina. Texas for decades had very restrictive banking regulations. For instance, Texas banks could not offer branch banking, and could not branch into other states. This kept Texas banks from growing. The S&L scandal in the 80s also wiped out 9 of the 10 largest Texas banks. Only Frost Bank survived without folding or being swallowed by other banks.

The result is that while other banks grew nationwide, Texas banks could only grow larger by merging with the big out of state banks, and this only happened after the legislature brought Texas banking laws into the 20th Century in the 1990s. As such, virtually no Texas banks are ranked in the top 75 largest banks in the US. No Texas city is a banking capital, because Texas is not a banking capital.

North Carolina, in contrast, had forward thinking regulations, allowing their banks to grow outside their borders. Banks like Wachovia, which grew fat with tobacco company profits, was able to lend that money anywhere, allowing it to grow. Texas banks, even though flush with oil money, could not. South Dakota drew several banks by virtually eliminating usury rates on credit cards. Citibank and other massive credit card banks moved there to take advantage of this gold mine. Other states eventually followed suit, leading to the crime that is credit card interest rates today.

None of this has to do with where the Federal Reserve is located. All of it has to do with the foresight of state legislatures in crafting banking laws. Note, this is as short of an overview as one can write on Texas banking, but it illustrates why Texas is not a leader in banking.

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