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Comerica Incorporated news covers a former financial services company whose Comerica Bank subsidiary operated through The Commercial Bank, The Retail Bank and Wealth Management. Company updates included banking-center activity, community programs, Community Reinvestment Act reviews, operating and financial results, and capital-structure matters tied to its common stock and depositary shares.
Coverage also reflects Comerica's completed merger-related corporate-status changes, including material agreements, shareholder voting matters, governance disclosures, legal claims involving employment practices, and the transition of its public-company reporting and exchange-listed securities.
Comerica Bank's California Economic Activity Index rose to 92.8 in July, marking a 3-point increase over the cyclical low. This reflects a modest recovery, with six of eight components improving, including nonfarm employment and housing starts. The state has reabsorbed 885,700 jobs or 34% of jobs lost during March-April. However, uncertainties loom due to high unemployment, the end of enhanced benefits, potential COVID-19 spikes, and ongoing wildfires. The economic outlook for California remains cautious as risk factors could impact recovery.
Comerica Bank's Texas Economic Activity Index rose to 111.7 in July, marking a 17% increase from its cyclical low of 95.5. The index averaged 139.0 for 2019, surpassing 2018's average. Six of nine sub-indexes indicated growth, including nonfarm payrolls and housing starts. However, unemployment claims and drilling rig counts remained negative, with the latter stable around 110 rigs. Oil prices stayed near $40/barrel, impacting drilling activity. Ongoing fiscal stimulus negotiations may affect airline employment in Texas, which is crucial for the state's economy.
Comerica Bank's Michigan Economic Activity Index rose to 95.1 in July, marking an 8-point increase or 10% from its cyclical low. This growth indicates a recovery, with eight out of nine sub-indexes showing positive contributions, notably in nonfarm payrolls, housing starts, and total state trade. However, the economic outlook is cautious due to a rise in coronavirus cases in September, which poses risks for the state's economy and auto sales. The index averaged 117.7 in 2019, indicating ongoing economic challenges.
Comerica has appointed Jason Baker as the new Houston Market President, succeeding J. Downey Bridgwater, who plans to retire in early 2021 after 24 years at the bank. Baker, previously a top performer in Middle Market banking, will manage commercial banking and community development in Houston. He joined Comerica in 2006 and has held various roles, showcasing a solid leadership record. Comerica reported total assets of $84 billion as of June 30, 2020, highlighting its financial stability.
Comerica Incorporated (NYSE: CMA) announced the appointment of David Whiting as President of the Technology and Life Sciences (TLS) Division, overseeing teams across various states and Toronto, Canada. Whiting, a 17-year veteran of the company, previously directed U.S. TLS offices outside California and has extensive experience in the financial needs of technology firms. Comerica aims to leverage his expertise to enhance banking solutions for technology and bioscience companies. As of June 30, 2020, Comerica reported total assets of $84 billion.
Comerica Bank has announced a $112,000 contribution to Grand Rapids Opportunities for Women (GROW) to support West Michigan entrepreneurs affected by the COVID-19 pandemic. The funds will provide crucial capital and technical assistance for small businesses as they recover. Comerica and GROW will also host Business $ense Boot Camps, the next of which is scheduled for September 22, to educate small business owners on various topics like credit history. This partnership aims to stabilize and promote the growth of small enterprises, highlighting Comerica's ongoing commitment to community support.
Comerica Bank has committed $150,000 to the Loan Relief Fund of Invest Detroit, a nonprofit supporting small businesses impacted by COVID-19. The program is aimed at businesses with fewer than 75 employees and under $1 million in annual revenue, offering loan forgiveness to enhance cash flow. Approximately 79% of eligible businesses are minority or female-owned, and 88% are located in low- to moderate-income areas. This initiative is part of Comerica's broader effort, alongside an $8 million investment in COVID-19 relief for small businesses.
Comerica has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative aimed at standardizing greenhouse gas emissions reporting in the financial sector. This partnership connects Comerica with over 70 global banks, facilitating consistent carbon accounting methodologies. By joining PCAF, Comerica intends to better assess the carbon footprint of its portfolios, enhancing its sustainability efforts. The bank has already achieved significant reductions in greenhouse gas emissions, with a 48% decrease since 2012. Comerica aims for further reductions to align with climate targets set for 2025, 2030, and 2050.
Comerica Bank's California Economic Activity Index fell to a historical low of 90.0 in June, down 7.0% from the previous month. This decline follows an 11.1% drop in May. While only three of the eight components were positive, including house prices and hotel occupancy, the state faces ongoing economic challenges, largely due to rising COVID-19 cases and stricter mitigation efforts. California's labor market has improved slightly, recouping 817,100 jobs out of 2.6 million lost earlier this year, yet high unemployment persists, impacting economic recovery into 2021.
Comerica Bank's Texas Economic Activity Index fell to 106.8 in June 2020, below May's 114.2 but above the cyclical low of 95.5. The index averaged 139.1 for 2019, reflecting ongoing economic challenges due to the COVID-19 pandemic. Two of the nine sub-indexes, house prices and hotel occupancy, were positive, while the others, including nonfarm employment and unemployment insurance claims, showed deterioration. Recovery is expected, but the bank cautions against assuming a V-shaped rebound and anticipates high unemployment rates persisting into next year.