Comerica Bank Achieves 'Outstanding' Rating in Community Reinvestment Act Evaluation by the Federal Reserve Board

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Comerica Bank receives an 'Outstanding' rating in its 2023 Community Reinvestment Act Performance Evaluation by the Federal Reserve Board. The bank's commitment to community service and economic development led to significant achievements, including substantial loans, investments, and support for small businesses.

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

FAQ

What rating did Comerica Bank receive in its 2023 Community Reinvestment Act Performance Evaluation?

Comerica Bank received an 'Outstanding' rating.

What are some notable achievements of Comerica Bank during the review period?

Some notable achievements include 18,000 mortgage loans totaling $5.6 billion, 32,000 small business loans totaling $6 billion, 1,300 community development loans totaling $5.3 billion, 1,300 community development donations totaling $16 million, and investments totaling more than $350 million.

What is the purpose of the Community Reinvestment Act (CRA)?

The Community Reinvestment Act (CRA) requires financial institutions to help meet the credit needs of the communities in which they do business, including LMI neighborhoods.

When was Comerica BusinessHQ opened?

Comerica BusinessHQ was opened in May 2023.

How many hours of financial education and small business technical assistance did Comerica employees provide?

Comerica employees provided 22,000 hours of financial education and small business technical assistance.