Technically, this falls under the category of Breaking News: Just this morning, Comerica Bank announced it was moving its corporate HQ to Dallas, which, we are happy to announce this morning, still qualifies as a step up from Detroit, where Comerica's been based since 1849. (It was, initially, known as the Detroit Savings Fund Institute. In case you were wondering.) There's a tiny AP story about the move; a press release too, which is far more informative. Says the company's official release, Comerica brings with it $58 billion in assets, making it "the largest bank holding company headquartered in" Texas. (For now, we'll take Comerica's word.)
Comerica will keep 7,300 employees in Michigan, but it expects to have the move here completed sometime by late summer or early fall. But why the move in the first place? Well, simple: The economy is better in Texas than Michigan, and the bank does most of its business here and in Arizona, California and Florida. Ralph Babb, Jr., chairman and chief executive officer of Comerica, just wants to be near his customers -- and his money.
"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," Babb says in the release. "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."
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