Comerica Announces Expansion of its North Texas Middle Market Team, New Banking Group in Dallas Significant Increase in Banking Group Headcount to Facilitate Growth of Comerica's Primary Revenue Generator in its Headquarters State
DALLAS, March 10, 2014 /PRNewswire/ -- Comerica Bank today announced the expansion of its Middle Market banking division in North Texas by 26 percent, or nine employees, to complement the bank's three existing Middle Market groups operating in Dallas. A new commercial banking group, which will focus largely on North Texas general middle market and commercial and industrial companies with annual revenues between $20 and $500 million, will be based in Dallas at Comerica's NorthPark offices. When named, the group manager of the banking group will report directly to David B. Terry, Senior Vice President and Division Manager – North Texas Middle Market Banking. The announcement was made by J. Patrick Faubion, Texas Market President.
"Texas has a thriving business climate, and the diversity and number of middle market firms in North Texas are of tremendous benefit to the region," said Faubion. "As confidence in the economy builds, Comerica, as the largest U.S. bank headquartered in Texas, is well-equipped to assist those firms in investing in future growth and prosperity."
In addition to the new group manager role, Comerica will add eight new full-time employees across the division, which will consist of five Middle Market bankers and three lending assistants. The new banking group will be tasked with servicing existing client relationships as well as developing new business, and the positions will be filled with both internal and external candidates. Comerica's commercial relationship managers average 12 years of banking and specific industry experience.
"We are pleased to be able to expand our core Middle Market business in North Texas to help even more local companies achieve success, and to do so in a manner consistent with our commitment to excellence, our relationship focus and trusted advisor approach," said Terry. "After 25 years of doing business in Texas, our relationship managers and trusted advisors have demonstrated Comerica's value proposition to our clients, and that has allowed us to grow and be successful. We look forward to continuing to build upon our reputation as the leading bank for business, especially in our headquarters state."
As of December 31, 2013, more than 70 percent of Comerica's Business Bank loans were within its Middle Market category. With a focus on client relationships, Comerica's Middle Market division specializes in a broad array of industries, with particular expertise in the manufacturing, distribution, automotive, energy, entertainment, environmental services, mortgage warehouse and technology and life sciences industries, among many other specialty services.
In January, Comerica announced it was honored with 16 national and regional Greenwich Excellence Awards for Middle Market Banking, and was ranked within the top five percent of U.S. banks with "distinctive quality" and designated as "performing at a differentiated level relative to peers," according to the Greenwich study. Greenwich Associates is a leading worldwide strategic consulting and research firm specializing in financial services.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $65.2 billion at December 31, 2013. To find us on Facebook, please visit www.facebook.com/ComericaCares. Follow Comerica on Twitter at @ComericaCares and follow Comerica Chief Economist Robert Dye at @Comerica_Econ.
SOURCE Comerica Bank