Comerica
Annual Report 2000

Plain-text annual report

st ren g t h of l ea d e rs h i p Comerica Incorporated Comerica Tower at Detroit Center 500 Woodward Avenue, MC 3391 Detroit, Michigan 48226 www.comerica.com 2000 Annual Report Comerica’s Vision Financial Highlights 2000 Annual Report 1 We are in business to help our customers, employees, communities and shareholders be successful. We are committed to delivering the highest quality financial services by: • Providing outstanding value and building enduring customer relationships. • Creating a positive environment for our colleagues, built on trust, teamwork and respect. • Demonstrating leadership in our communities. • Ensuring a consistent, superior return for our owners. Contents 1 Financial Highlights 2 At a Glance 4 Letter to Shareholders 8 Strength of Leadership 16 Directors and Officers 22 Financial Review and Reports Corporate Description Comerica Incorporated (NYSE: CMA) is a multi-state financial services provider headquartered in Detroit with banking subsidiaries in Michigan, California and Texas; banking operations in Florida; and, businesses in several other states. Comerica has an investment services affiliate, Munder Capital Management, and operates commercial banking subsidiaries in Canada and Mexico. A Fortune 500 company, Comerica at year-end 2000 was the 22nd largest banking company in the United States, with $42 billion in total assets. Comerica is the business bank of choice for owner-managed companies. It ranks among the top 20 U.S. bank holding companies in small business lending and ranks first among the nation’s top 50 bank holding companies in commercial loans as a percent of total assets. Comerica’s more than 10,000 employees deliver comprehensive financial services through a diverse network that includes offices in select high growth metropolitan markets, web and telephone banking, approximately 330 branch and supermarket locations, and 625 automated teller machines. Comerica is organized into three focused operating units: Business Bank Corporate Banking (National Business Finance; U.S. Banking; Middle Market Banking; W.Y. Campbell) International Finance, Treasury Management Services Individual Bank Private Banking, Small Business Banking and Personal Financial Services Investment Bank Investment Services (Comerica Securities; Munder Capital Management; Wilson, Kemp & Associates), Comerica Insurance Group, Institutional Trust, Retirement Services 2000 1999 Amount Percent Change Income Statement Net interest income Net income Basic net income per share Diluted net income per common share Cash dividends per common share Book value per common share Market value per share $ 1,659 749 4.68 4.63 1.60 23.94 59.38 $ 1,547 673 4.20 4.14 1.44 20.60 46.69 $ 112 76 0.48 0.49 0.16 3.34 12.69 Ratios Return on average common shareholders’ equity Return on average assets Average common shareholders’ equity as a percentage of average assets 21.16% 1.86 21.86% 1.82 8.58 8.11 Balance Sheet (at December 31) Total assets Total earning assets Loans Business loans Deposits Common shareholders’ equity Net Income (In Millions) 530 417 749 673 607 $41,985 38,903 36,060 33,817 27,168 3,757 $38,653 36,046 32,693 30,473 23,291 3,225 $ 3,332 2,857 3,367 3,344 3,877 532 Diluted Net Income Per Common Share (In Dollars) 4.63 4.14 3.72 3.19 2.38 7% 11 11 12 11 16 27 9% 8 10 11 17 17 96 97 98 99 00 96 97 98 99 00 2 Comerica Incorporated 2000 Annual Report 3 At a Glance Our Strengths and Strategies Business Bank Core Competencies Comerica forges long-term customer relationships with a strong focus on its principal strengths: business lending and asset gathering. The bank’s three primary operating units are aligned to ensure profitability, growth and quality. Each unit contributes to Comerica’s Individual Bank success in the financial services marketplace. Investment Bank Overview Strengths Strategies Comerica’s Business Bank provides companies with an array of credit and non-credit financial products and services. It builds long-lasting relationships with business customers, with an emphasis on middle market companies. The Business Bank offers corporate clients highly professional business lending, credit underwriting and cash management services. • One of the nation’s premier business • Leverage relationships by cross-selling banks. products and services. • Expertise in forming strong • Emphasize skill-based commercial relationships with corporate clients. banking activities. • Lending units organized by customer • Focus on high-growth metropolitan characteristics and location. markets. • Experienced and seasoned staff. • Leverage growing Internet capabilities • Technologically advanced treasury management and international trade services with a North American commercial banking platform. to enhance quality of service. • Build upon the strength of locally based loan decision making. Comerica’s Individual Bank focuses on deepening relationships with consumers, and owners and managers of small businesses. It also delivers highly responsive and personalized private banking services to affluent individuals. Individual Bank distribution channels include branch offices, banking by personal computer and telephone, automated teller machines and supermarkets. • Proven expertise in gathering • Continue to grow market share among consumer assets. profitable segments. • Nationally recognized small • Leverage strong referrals from internal business lender. and external networks. • Well-established, powerful sales culture. • Continue to maximize the business potential of strategic alliances. • Diversity of products and services • Roll out new products to enhance with competitive pricing. • Team-based, relationship management approach. business opportunities in the marketplace. • Enhance the electronic delivery of retail products and services. Comerica’s Investment Bank offers a full range of investment products and services to individuals, companies and other entities. Major areas of focus include institutional trust, retirement services, full-service brokerage services and insurance. The Investment Bank plays a vital role in keeping client assets focused within Comerica. • Solid partnerships with Business Bank • Continue to broaden product offerings and Individual Bank customers. and delivery channels. • Investment services affiliate, Munder Capital Management, is one of the nation’s leading money management companies. • National delivery platform. • Continue focus on gathering client assets. • Enhance Internet-based brokerage and trust services. • Leverage affiliation with Munder • Blue-chip investment client base. Capital Management. • Expanded online outreach capabilities. • Expand insurance offerings through strategic alliances. 4 Comerica Incorporated 2000 Annual Report 5 Chairman’s Letter Dear Fellow Shareholders, The year 2000 ended as it opened — with an exciting event illustrating Comerica’s strength and leadership. From the cold, snowy opening day in April at Comerica Park in downtown Detroit, to our November announcement in Los Angeles of our acquisition of Imperial Bancorp, 2000 was an important year for Comerica. Return on Average Common Equity (In Percentages) 22.54 21.32 21.86 21.16 15.98 16.10 16.91 15.50 18.02 16.22 Dividends Per Common Share (In Dollars) 1.60 1.44 1.28 1.15 1.01 We continued to lead the industry, ranking in the top 10 of the 50 largest U.S. bank holding companies as measured by return on equity. Return on assets was 1.86 percent, and return on common equity was 21.16 percent, ranking Comerica number five and number nine respectively among 96 97 98 99 00 96 97 98 99 00 the top 50 U.S. bank holding companies. Our efficiency ratio is one of the lowest, at 48 cents on the dollar. The market rewarded our strong performance; our stock price increased 27 percent in the year 2000, well ahead of the 19 percent gain in the Keefe 50-Bank Index. As we have in the past 32 consecutive years, Comerica increased its annual dividend. In January 2001, we raised the quarterly dividend for common stock by 10 percent to $0.44 per share. Our success is the result of our highly disciplined strategy, our expertise in relationship banking and our people. Our strategy is to be a premier business lender in major metropolitan markets throughout the United States, while Eugene A. Miller Chairman, President and Chief Executive Officer Comerica Industry Average offering full-scale retail services in our home state of our customers manage their businesses through the ups Michigan, and on an accommodation basis in our and downs of an economic cycle. other markets. Over the years we have shed ancillary businesses and refocused our entire company on those Our expertise in relationship banking also serves us segments of the market that we believe offer the best well as we execute our asset gathering strategy to gather growth opportunities and the best match with our skills. and manage the assets of our individual customers. As a result of our unwavering focus on our strategy, more We are with them through their entire life cycle: from their than 90 percent of all loans in our portfolio are to business first savings account, to their first home mortgage, to enterprises. Our well-developed credit culture serves as financing their children’s college education, to retirement the foundation of our business lending. and estate planning. Working hand-in-hand with our business lending strategy And often times, paths cross. For example, many a business is our emphasis on relationship banking. We continuously owner has sold the business we helped to grow and prosper, cultivate long-term relationships. As a result, we can help and turned to us for financial planning, and trust and retirement services. 6 Comerica Incorporated 2000 Annual Report 7 Working hand-in-hand with our business lending strategy is our emphasis on relationship banking. We continuously cultivate long-term relationships. Comparison of Five Year Cumulative Total Return Among Comerica Incorporated, Keefe 50-Bank Index and S&P 500 Index (Assumes $100 Invested on 12/31/95 and Reinvestment of Dividends) Comerica Incorporated Keefe 50-Bank Index S & P 500 Index Our acquisition of Imperial is a perfect strategic fit. We to phase in cost savings and one year to convert to common A vital component to our success is brand recognition waited four years for the right one. Imperial is the right operating platforms. This should give us the time to ensure and awareness, which will continue to grow as a result one. Not only does it meet our criteria, it delivers broader that we retain customers and employees; in other words, a of our acquisition of Imperial, and the immense success skill and adds scale at the right time in the evolution time line that will allow us to make this integration seamless. of Comerica Park. of our company. And, their business lending strategy fits $ 300 $ 200 $ 100 $ 0 our strategy like a silk glove. When the integration is complete, Comerica Bank-California At the heart of our company is our colleagues, whose work will rank number one in that state in Small Business is guided by a set of core values and who act like owners We will combine Imperial’s growth record with our solid Administration (SBA) lending, entertainment lending and in of the company — because they are owners. They care growth, financial discipline and strong credit culture. speciality deposits; number two in Emerging Growth lending; about their customers, fellow shareholders and the success The acquisition leverages complementary strengths in and number four in commercial and industrial lending. of Comerica. It is because of them that Comerica is a corporate banking, expands our presence in high-growth proven leader in the financial services industry today, and 1995 1996 1997 1998 1999 2000 California markets, builds a leadership position in the Nationwide, Comerica will rank number two in Emerging well-positioned to meet the challenges that lie ahead As a result of our highly disciplined strategy, we have been able to deliver consistent growth in revenue and earnings. While we have been focused on executing this strategy, we have watched on the sidelines as a number of banks engaged in merger and acquisition transactions (and subsequently disappointed their shareholders). We refrained from that activity, because we believe that skill is more important than scale in business lending and because Emerging Growth business niche, and does so with low Growth lending; and in the top five in SBA lending, in 2001. execution risk and financially attractive terms to our entertainment lending and in specialty deposits. shareholders. The resulting combination gives us excellent potential to further enhance shareholder value by As I mentioned earlier, our well-developed credit culture creating a larger, stronger, well-disciplined, middle-market is the foundation of our business lending. We intend to relationship lender in California. bring our strengths — extensive credit training, solidly We welcome our new colleagues from Imperial to the credit administration process — to this integration. Our Chairman, President and Chief Executive Officer integrated lending and credit functions, and a proactive Eugene A. Miller Comerica team. They will benefit from being part of a larger excellent credit quality also will enable us to weather any organization that is committed to employees and their economic downturn in the year 2001. we will not engage in any transaction that does not create professional development, and I know we will be enriched shareholder value. Also, we are only interested in a transaction that meets our high standards for strategic fit, financial logic and a smooth integration. by their fresh perspectives and new ideas. Going forward, internal growth will continue to be our main driver, but we will look at acquisition opportunities as they Our number-one priority for the year 2001 will be the arise. Also in 2001, we intend to open at least four new integration of Imperial and Comerica Bank-California. branch offices in fast-growing communities in Michigan, We have set a realistic integration timetable over two years as well as one in Houston, Texas. 8 Comerica Incorporated 2000 Annual Report 9 Strength of Leadership We are the business bank of choice. Comerica is a premier business bank. Our emphasis is on middle market and small business lending. We are among the nation’s top 20 small business lenders. We also rank first in commercial and industrial loans as a percent of total assets. More than 90 percent of Comerica’s loan portfolio is comprised of business loans. More than half of the portfolio is made up of loans to middle market companies. The typical business loan ($5 million) at Comerica is to an owner-managed company with $5 million to $250 million in annual sales. Our approach to lending is anything but typical. We focus on relationships. We know how to form lasting relationships with business owners and managers. We get to know and understand them, as well as their businesses. By offering creative solutions that meet their distinct needs, we are helping their businesses succeed. Our winning strategy is built on skill, not scale. Our skill is our expertise in relationship building. This is a differentiating strength. Relationship managers at Comerica are known for their ingenuity, flexibility, responsiveness and attention to detail. They are seasoned professionals, with 15 to 20 years of experience being the norm. Having lasting relationships with customers means we stay the course with them through thick and thin. We are used to navigating the swift currents of change. Along with our ability and willingness to lend, we have a proven ability to cross-sell our customers a variety of lending and non-lending products and services that meet their needs and help them be successful. s k i l l 10 Comerica Incorporated 2000 Annual Report 11 Leveraging our Strengths PaineWebber Location Dain Rauscher Location Comerica Private Banking Center f o cu s We operate in high-growth metropolitan areas. We have chosen to operate in high-growth, metropolitan markets where we can practice our brand of business banking. The two cities in which our banks in Texas and California are headquartered — San Jose and Dallas — are ranked number five and number nine in Fortune magazine’s 2000 ranking of “the best cities for business.” In addition, we have business banking offices in Atlanta, San Francisco, Denver and Chicago — four other cities on Fortune’s top 10 cities list. And, Michigan, our headquarters state, has led the nation for the fourth year in a row in business expansion and development, according to Site Selection magazine. Our geographic footprint is greatly extended by our union with Imperial Bancorp, which provides us deeper penetration into California as well as entry into Phoenix, Boston, the Seattle area and other high-growth centers of business. We also have business banking operations north and south of the U.S. border. Our North American platform is a benefit to companies that have cross-border relationships. From Toronto to Mexico City and many points in between, we are able to quickly and efficiently support the trade and investment flows of our business customers. Local decision making contributes to our success in the markets we serve. It is our people who make the difference. We are asset gatherers. Comerica deepens its relationships with individual and corporate customers through asset gathering. Our primary objective is to earn the right to manage, advise and hold client assets. Comerica’s asset gathering is driven by a strong sales and service culture and a passion to help customers succeed. Our investment services affiliate, Munder Capital Management (www.munder.com), helps us accomplish our asset-gathering objective. Munder Capital Management is a leading U.S. money management firm with approximately $48 billion in assets under management. Our nationwide alliances with PaineWebber and Dain Rauscher also support our asset-gathering objective. Trust alliances such as these have become an important new line of business for Private Banking, giving Comerica the ability to market its trust services nationwide and providing significant distribution channels through which we can offer our personal trust products. While our asset gathering is nationwide in scope, as a company we focus our banking activities in major business centers. 12 Comerica Incorporated 2000 Annual Report 13 Strength of Character We are highly motivated. Shared goals drive our sales culture. Individual and team performance in meeting customer needs is rewarded. We have more than 10 national business referral programs, such as those undertaken in Private Banking and Treasury Management Services, that reward employees for referrals resulting in new business. Comerica’s Million Dollar Investment Club (MDIC) rewards employees and retirees whose successful referrals to key investment areas total $1 million or more in one calendar year. Some 1,000 colleagues are MDIC members. As part of Brainstorm 2000! we rewarded employees for their great ideas to increase efficiency, enhance revenue and reduce costs. The 10 winning ideas are expected to generate $1.3 million in annual revenue and reduce annual expenses by $1.7 million. Scott Cornell and Estella Roberts, both of Comerica’s Service Company, won the top prize for their idea to streamline customer statements. Our National Quality Excellence Award recognizes 10 Comerica colleagues annually who demonstrate a superior level of customer service. Our overall winner for 2000 is Arma Brown, a branch manager in Michigan. Our emphasis on service quality is matched by our attention to credit quality. We are expert underwriters; our credit culture is strong. At Comerica, we know how to underwrite credit. Despite fluctuations in the economy, our asset quality remains superior. Constant monitoring and controls provide a solid foundation for our credit process. There is a seamless integration of credit and lending at Comerica. All of our credit officers have experience that includes work as lenders. Likewise, all of our lenders have received credit training. Our internal credit college is second to none. The on-the-job training and continuing credit education we provide sets us apart from others within and outside of our industry. Speed and accuracy are hallmarks of our deeply ingrained credit culture. They are the same attributes that play an important role in the delivery of state-of-the-art services to customers. acc u r a cy 14 Comerica Incorporated 2000 Annual Report 15 Leadership at Work We are technologically advanced. Customers appreciate the growing availability from Comerica of leading-edge Internet services. With the launch in 2000 of Comerica NetVisionSM, businesses can quickly determine their cash position and manage funds from anywhere in the world through an industry standard web browser. Comerica became the first financial services provider to offer balance reporting, file transfer and transaction initiation services over the Advanced Network Exchange (ANX®), a virtual private tunnel through the Internet. Comerica also became the first U.S. banking company to offer TradeCard® to initiate, negotiate, fulfill and settle international trade transactions online. Comerica’s commercial card programs provide businesses powerful information management tools with online access to reporting. Individual customers also benefit from our emphasis on Internet technology. Comerica Web Banking made its debut in 2000 as our online banking system. Private Banking created an Internet site for high net worth clients. Comerica Securities, our full service broker-dealer, also enhanced its Internet presence in 2000. Comerica’s ability to manage technological change is a proven strength. The dedication of our Service Company, particularly in its transformation to a customer-service focused support organization, enables our business units to succeed. Dedication at Comerica also extends to the places where we live and work. a bi l i t y We are leaders in the communities we serve. At Comerica, we know that our business can only be as healthy as the markets we serve. That is why we are dedicated to improving the communities where we live and work. We do this through contributions, partnerships and volunteer resources. For example, in 2000 Comerica raised more than $1.8 million in employee pledges for United Way and the Black United Fund, a 14 percent increase over the previous year. Our Comerica Charitable Foundation serves as a model of corporate responsibility and leadership in the Michigan community. A foundation grant to the Barbara Ann Karmanos Cancer Institute, for example, supports a special program for cancer patients visiting the Institute for the first time. A grant from Comerica Bank-California to the Mayfair Neighborhood Improvement Initiative supports the initiative’s Leadership Academy. A gift from Comerica Bank-Texas enables enhancements at Old City Park, such as digital audio tours of The Historical Village of Dallas. The Florida region of Comerica Bank partners with the Boca Raton YMCA, and in 2000 served as main sponsor of the annual Champion’s Ball, one of the Y’s top fundraisers. We listen. We understand. We make it work. 16 Comerica Incorporated 2000 Annual Report 17 Our Leadership Team Comerica Incorporated Board of Directors 1. Heinz C. Prechter Chairman and Founder ASC Incorporated (c) 2. Gail L. Warden President and Chief Executive Officer Henry Ford Health System (e) 3. James F. Cordes Former Executive Vice President The Coastal Corporation (g) 4. Robert S. Taubman President and Chief Executive Officer The Taubman Company, Inc. (g) 5. John D. Lewis Vice Chairman Comerica Incorporated and Comerica Bank 6. Eugene A. Miller Chairman, President and Chief Executive Officer Comerica Incorporated and Comerica Bank (d, e, f, g) 7. Lillian Bauder, Ph.D. Vice President Corporate Affairs Masco Corporation (a, c) 8. Todd W. Herrick President and Chief Executive Officer Tecumseh Products Company (g) 9. Anthony F. Earley Jr. Chairman and Chief Executive Officer DTE Energy Company (g) 10. Max M. Fisher Investor (b) 11. Roger Fridholm President St. Clair Group (e) 12. Howard F. Sims Chairman Sims-Varner & Associates (c) 16. Patricia M. Wallington President CIO Associates (f) 13. John W. Porter, Ph.D. 17. William P. Vititoe Chief Executive Officer Urban Education Alliance, Inc. (e) 14. Peter D. Cummings Chairman Peter D. Cummings & Associates (f) 15. J. Philip DiNapoli President J.P. DiNapoli Companies, Inc. (a, c) Consultant Former Chairman and Chief Executive Officer Washington Energy Company (a) 18. Martin D. Walker Principal MORWAL Investments (a, b) 19. Wayne B. Lyon Chairman Lifestyle Furnishings International, Inc. (b) 20. Kenneth L. Way Chairman Lear Corporation (b) 21. David Baker Lewis Chairman Lewis and Munday, P.C. (f) 22. Alfred A. Piergallini President and Chief Executive Officer Novartis Consumer Health Worldwide (b) Board Committees (a) Audit & Legal (b) Compensation (c) Directors (d) Executive (e) Public Responsibility (f) Trust & Investment (g) Risk Asset 1 2 3 7 8 10 11 13 14 15 19 20 22 4 5 9 12 17 18 6 16 21 18 Comerica Incorporated 2000 Annual Report 19 Comerica Bank-California Directors Comerica Bank-Texas Directors Management Council Theodore J. Biagini Counsel Biagini Properties Jack C. Carsten Managing Director Horizon Ventures Leo E. Chavez, Ph.D. Chancellor Foothill-DeAnza Community College District Jack W. Conner Former Chairman Comerica Bank-California J. Michael Fulton President and Chief Executive Officer Comerica Bank-California and Imperial Bank George L. Graziadio Jr. Chairman Comerica Bank-California Walter T. Kaczmarek Executive Vice President Comerica Bank-California Elinor Weiss Mansfield Attorney Norman P. Creighton Vice Chairman Comerica Bank-California Lowell W. Morse Chairman of the Board Cypress Ventures, Inc. J. Philip DiNapoli President J.P. DiNapoli Companies, Inc. Edward P. Roski Jr. President Majestic Realty Company N. John Douglas President and Chief Executive Officer Douglas Broadcasting/Personal Achievement Radio David C. White Executive Vice President Comerica Bank-California Lewis N. Wolff Chairman and Chief Executive Officer WolffDiNapoli James F. Cordes Former Executive Vice President The Coastal Corporation Thomas M. Dunning Chairman and Chief Executive Officer Lockton Dunning Benefit Company Ruben E. Esquivel Vice President Community and Corporate Relations University of Texas Southwestern Medical Center Charles L. Gummer President and Chief Executive Officer Comerica Bank-Texas Rev. Zan Holmes Jr. Senior Pastor St. Luke Community United Methodist Church Jake Kamin Chairman South Texas Advisory Board Comerica Bank-Texas W. Thomas McQuaid Chairman and Chief Executive Officer Performance Properties Corporation Raymond D. Nasher Chairman Comerica Bank-Texas; Chairman The Nasher Company Calvin E. Person Owner Calvin E. Person and Associates Boone Powell Jr. Chairman Baylor Health Care System Eugene A. Miller Chairman, President and Chief Executive Officer John R. Beran Executive Vice President and Chief Information Officer Dale E. Greene Executive Vice President Corporate Banking Ralph W. Babb Jr. Vice Chairman and Chief Financial Officer Joseph J. Buttigieg III Vice Chairman Business Bank John D. Lewis Vice Chairman Individual and Investment Banks Richard A. Collister Executive Vice President Corporate Staff George C. Eshelman Executive Vice President Investment Bank J. Michael Fulton President and Chief Executive Officer Comerica Bank-California and Imperial Bank Charles L. Gummer President and Chief Executive Officer Comerica Bank-Texas John R. Haggerty Executive Vice President Small Business Banking and Personal Financial Services Thomas R. Johnson Executive Vice President Credit Policy George W. Madison Executive Vice President, Corporate Secretary and General Counsel Ronald P. Marcinelli Executive Vice President National Business Finance David B. Stephens Executive Vice President Private Banking Left to Right: John D. Lewis, Vice Chairman, Individual Bank & Investment Bank; Ralph W. Babb Jr., Vice Chairman and Chief Financial Officer; Joseph J. Buttigieg III, Vice Chairman, Business Bank 20 Comerica Incorporated 2000 Annual Report 21 Commercial Banks Other Units Comerica Bank Comerica Tower at Detroit Center, 500 Woodward Avenue, MC 3391 Detroit, Michigan 48226 Comerica Bank-California 333 W. Santa Clara Street MC 4805 San Jose, California 95113 (313) 222-4000 (248) 371-5000 Eugene A. Miller Chairman, President and Chief Executive Officer Headquartered in Detroit with offices in greater Detroit, Ann Arbor, Battle Creek, Grand Rapids, Jackson, Kalamazoo, Lansing, Midland and Muskegon. Florida region specializes in private banking services, with offices in Boca Raton, Fort Lauderdale, Palm Beach Gardens, Naples, Sarasota and Tampa. National businesses of Comerica operating in Florida include Comerica Business Credit, National Dealer Services, Commercial Real Estate, International Trade Services and SBA Lending. Comerica Bank-Texas 1601 Elm Street, MC 6507 Dallas, Texas 75201 (214) 589-1400 Charles L. Gummer President and Chief Executive Officer Headquartered in Dallas with offices in the Dallas/ Fort Worth Metroplex, Austin and the greater Houston area. Comerica Bank-Canada Suite 2210 South Tower Royal Bank Plaza 200 Bay Street P.O. Box 61 Toronto, Ontario M5J 2J2 (416) 367-3113 Philip H. Buxton Managing Director Headquartered in Toronto, Comerica Bank-Canada provides a wide range of corporate banking, treasury, cash management and trade services in Canada. (408) 556-5000 J. Michael Fulton President and Chief Executive Officer Headquartered in San Jose with offices in the Bay Area (San Jose to San Francisco), Santa Cruz Coastal, Los Angeles (Los Angeles and Orange Counties) and San Diego. Imperial Bank Century Boulevard at the San Diego Freeway P.O. Box 92991 Los Angeles, California 90009 (310) 417-5600 J. Michael Fulton President and Chief Executive Officer Headquartered in Los Angeles with regional offices located in Los Angeles, City of Industry, Costa Mesa, San Diego, Beverly Hills, San Francisco, San Jose, Walnut Creek, Sacramento, Sherman Oaks and Fresno, Calif., Phoenix, Denver and Kirkland, Wash. Comerica Bank Mexico, S.A. Edificio Forum Andres Bello No. 10 Piso 17 Col. Chapultepec Polanco Mexico, D.F. 11560 (011) 525-279-3700 Claude H. Miller Managing Director Headquartered in Mexico City, with additional offices in Monterrey and Querétaro, Comerica Bank Mexico, S.A. provides a wide range of corporate banking and trade services to middle market and large corporate companies. Comerica Securities, Inc. A full service broker-dealer that offers stocks, bonds, mutual funds and annuities to individual investors, along with investment banking services. Comerica Insurance Services, Inc. Offers life, disability, long-term care, group benefits, and property and casualty insurance to businesses and individuals. Professional Life Underwriters Services, Inc. (PLUS) Provides life insurance, annuities and disability insurance products to independent insurance agents. Munder Capital Management Provides investment advisory services to institutions, municipalities, unions, charitable organizations and individuals across North America. Also serves as investment manager for The Munder Funds. Wilson, Kemp & Associates, Inc. Provides account management services to private investors, corporations, municipalities and charitable institutions throughout the United States. W.Y. Campbell & Company Provides investment banking and corporate finance services to Fortune 500 companies and middle-market firms. Comerica West Incorporated U.S. Banking-West Group originates mid-sized loans to business customers with specific emphasis on the Western United States. Comerica Leasing Corporation Provides equipment leasing and financing services for businesses throughout the United States. Comerica Trust Company of Bermuda Ltd. Offers trust services for captive insurance companies and offshore mutual funds. (Select businesses with locations outside of Comerica’s primary markets) Comerica Business Credit Atlanta Cincinnati Chicago Cleveland Dayton, Ohio Denver Indianapolis Stamford, Conn. International Finance Chicago Hong Kong Sao Paulo, Brazil National Dealer Services Chicago Denver Private Banking Centers Cleveland Memphis New York City Phoenix SBA Lending Denver New Orleans U.S. Banking Chicago Las Vegas Emerging Growth* Phoenix Denver Boston New York City Raleigh-Durham, N.C. Reston, Va. Kirkland, Wash. * Imperial Bank Left to Right: Charles L. Gummer, President and Chief Executive Officer, Comerica Bank-Texas; J. Michael Fulton, President and Chief Executive Officer, Comerica Bank-California and Imperial Bank; Claude H. Miller, Managing Director, Comerica Bank Mexico, S.A.; Philip H. Buxton, Managing Director, Comerica Bank-Canada 

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