DALLAS, Feb. 29, 2024 /PRNewswire/ -- Comerica Bank
announced today it received the highest overall rating of
"Outstanding" in its 2023 Community Reinvestment Act (CRA)
Performance Evaluation by the Federal Reserve Board (FRB).
The examination consisted of a review of the bank's 2020, 2021
and 2022 Home Mortgage Disclosure Act (HMDA) and CRA small business
lending data, as well as community development loans, investments
and services between Jan. 1, 2021,
and June 30, 2023.
"Comerica Bank is committed to serving our communities and we
are honored to have earned an Outstanding CRA rating," said
Wendy Bridges, Comerica Bank
Executive Vice President, Corporate Responsibility. "We elevated
how we support and serve individuals and businesses, as well as
boost economic development in our footprint in recent years. We
look forward to carrying this momentum into our milestone 175th
anniversary year and beyond."
Comerica's most notable achievements during the review period
that contributed to its Outstanding CRA rating include:
- 18,000 mortgage loans totaling $5.6
billion and 32,000 small business loans totaling
$6 billion inside Comerica's
assessment areas;
- 1,300 community development loans totaling $5.3 billion inside assessment areas (65% of the
loans -- by count -- were purposed for economic development);
- 1,300 community development donations totaling $16 million and investments totaling more than
$350 million;
- Comerica employees provided 22,000 hours of financial education
and small business technical assistance to benefit low- and
moderate-income individuals and communities;
- Comerica's Financial Education Brigade of approximately 1,000
employees volunteered virtually or in person to help meet the
identified need for financial education throughout the bank's
assessment areas; and
- Opened Comerica BusinessHQ in May
2023, which is a collaborative space established in
Dallas-Fort Worth that supports
small businesses in the underserved South
Dallas footprint by providing individuals with no-cost
coworking space and tailored technical assistance -- the center has
served over 1,600 individuals since inception.
The Community Reinvestment Act (CRA), enacted in 1977, requires
the Federal Reserve and other federal banking regulators to
encourage financial institutions to help meet the credit needs of
the communities in which they do business, including LMI
neighborhoods.
About Comerica
This year, Comerica Bank celebrates 175
years of raising expectations for its customers, colleagues and
communities. Comerica Bank, a subsidiary of Comerica Incorporated
(NYSE: CMA), is a financial services company headquartered in
Dallas, Texas, and strategically
aligned by three business segments: The Commercial Bank, The Retail
Bank and Wealth Management. Comerica, one of the 25 largest
commercial U.S. financial holding companies, focuses on building
relationships and helping people and businesses be successful,
providing more than 400 banking centers across the country with
locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug.
17, 1849, in Detroit,
Michigan, Comerica continues to expand into new regions,
including its Southeast Market, based in North Carolina, and Mountain West Market in
Colorado. Comerica has offices in
17 states and services 14 of the 15 largest U.S. metropolitan
areas, as well as Canada and
Mexico. Comerica reported total
assets of $85.8 billion at
Dec. 31, 2023.Learn more about how
Comerica is raising expectations of what a bank can be by
visiting www.comerica.com, and follow us
on Facebook, X (formerly known as
Twitter), Instagram and LinkedIn.
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SOURCE Comerica Bank