Comerica Stock Price, News & Analysis

Comerica Bank has announced the temporary closure of all Texas banking centers and offices due to extreme winter weather and power outages. Despite these closures, Comerica prioritizes the safety of its employees and customers. Customers are encouraged to utilize mobile and web banking services or contact customer support for assistance. The bank, which reported total assets of $88 billion as of December 31, 2020, operates in multiple states including Arizona, California, Florida, and Michigan, as well as in Canada and Mexico.

Comerica Bank has temporarily closed several locations in Texas due to severe winter weather and ongoing power outages. Key markets affected include Austin, Dallas, Fort Worth, Houston, Kerrville, and San Antonio. The bank prioritizes the safety of its customers and staff amid these conditions. Customers are advised to check the Banking Center Locator on the Comerica website for open locations. As of December 31, 2020, Comerica reported total assets of $88 billion.

Comerica Bank's California Economic Activity Index rose to 104.4 in November, marking a 15% increase from its historical low. This represents the fifth consecutive monthly gain, with seven of the eight components rising. The state faced job losses of 52,200 in December due to renewed social restrictions. The recent improvements in the index align with economic rebounds in Q3 and early Q4, though early vaccine rollout issues and more contagious COVID-19 variants present risks. A $900 billion fiscal stimulus is anticipated to bolster the California economy in H2 2021.

Comerica Bank's Texas Economic Activity Index rose to 123.8 in November, representing a 30% increase from its historical low of 95.5. This marks the fifth consecutive month of improvement, driven by rising oil prices. Eight out of nine sub-indexes showed growth, with notable gains in nonfarm employment and state trade. However, hotel occupancy declined, impacted by the pandemic. By December, Texas experienced a net gain of 64,200 payroll jobs compared to a net loss of 140,000 for the entire U.S., although Texas recorded a 7.2% unemployment rate, slightly higher than the national average.

The Michigan Economic Activity Index from Comerica Bank rose to 106.3 in November, marking a 22% increase from its historical low. This is the fifth consecutive month of growth, although the increase was marginal at 0.1%. Only three of nine sub-indexes, including nonfarm payrolls and house prices, saw improvement. Michigan's unemployment rate improved to 7.5% in December, but it remains higher than the national rate of 6.7%. Concerns persist as strains in the economy and social policies may impact the index in the upcoming months.

Comerica Incorporated (NYSE: CMA) announced that David Kunik has been appointed as the Florida Market President, succeeding Patty Nobles who will retire after 33 years at the company. Kunik, who joined Comerica in 2013, will oversee Florida retail banking and enhance business development across the region. He has a diverse background in the financial sector, including roles in wealth management and commercial banking. Comerica reported total assets of $88 billion as of December 31, 2020.

Comerica Incorporated (NYSE: CMA) has announced its fourth quarter 2020 financial results on January 19, 2021. The company focuses on financial services across Commercial Bank, Retail Bank, and Wealth Management segments. Results and earnings presentation are accessible on their Investor Relations page. A conference call to discuss these results is scheduled for January 19, 2021, at 7 a.m. CT. Comerica operates in multiple states including Texas, Arizona, California, Florida, and Michigan, along with activities in Canada and Mexico.