Comerica

earning customer trust every day

A N N U A L   R E P O R T   2 0 0 2

O U R V I S I O N

Comerica is in business to help people 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

O U R   C O R E   V A L U E S

Customer Service

Teamwork

Flexibility/Adapting to Change

Trust/Integrity

Ownership

Learning and Personal Growth

C O R P O R A T E   P R O F I L E

F A S T   F A C T S   O N   C O M E R I C A

Comerica Incorporated (NYSE: CMA) is a financial
services company focused on business banking and asset
gathering. Through its more than 500 customer-service
locations, including branch, lending and investment offices,
Comerica helps businesses and people be successful.
Comerica is ideally positioned to deliver high quality
financial services in Michigan, California and Texas, as well
as in Florida, and numerous other states, Canada and
Mexico. Munder Capital Management and Comerica
Securities are investment services affiliates of Comerica.

◗ More than 11,000 employees focused on relationship

management

◗ Among the 20 largest banking companies in the U.S.,
with $53 billion in total assets at December 31, 2002
◗ 3rd largest SBA 7(a) lender in the nation, and among the

top 20 U.S. bank holding companies in small business loans

◗ No.1 and 10 among the top 50 U.S. bank holding

companies, in commercial loans as a percent of total assets
and commercial loans, respectively

C O N T E N T S

1

2

4

8

16

22

Financial
Highlights

At a Glance

Letter to
Shareholders

Earning 
Customer Trust

Our 
Leadership Team

Financial Review
and Reports

(cid:2)
(cid:2)
(cid:2)
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(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
F I N A N C I A L   H I G H L I G H T S

(dollar amounts in millions, except per share data)

Change

Years Ended December 31

2002

2001

Amount

Percent

I N C O M E   S T A T E M E N T
Net interest income
Net income
Basic net income per common share
Diluted net income per common share
Cash dividends per common share
Book value per common share
Market value per common share

$ 2,132
601
3.43
3.40
1.92
28.31
43.24

$ 2,102
710
3.93
3.88
1.76
27.17
57.30

$

30
(109)
(0.50)
(0.48)
0.16
1.14
(14.06)

R A T I O S
Return on average assets
Return on average common shareholders’ equity
Average common shareholders’ equity
as a percentage of average assets

Tier 1 common capital as a percentage of risk-weighted assets

1.18%

12.31

1.43%

15.16

9.55
7.39

9.27
7.30

B A L A N C E   S H E E T   ( A T   D E C E M B E R   3 1 )
Total assets
Total earning assets
Loans
Business loans
Deposits
Common shareholders’ equity

$53,301
47,780
42,281
39,954
41,775
4,947

$50,750
46,566
41,196
38,933
37,570
4,807

$ 2,551
1,214
1,085
1,021
4,205
140

1%

(15)
(13)
(12)
9
4
(25)

5%
3
3
3
11
3

$791

$759

$710

$651

$601

$4.31

$4.13

$3.88

$3.51

$3.40

21.16%

21.78%

19.52%

15.16%

12.31%

1998 1999 2000 2001 2002

1998 1999 2000 2001 2002

1998 1999 2000 2001 2002

Net Income 

(in millions)

Diluted Net Income per Common Share

(in dollars)

Return on Average Common 
Shareholders’ Equity 

(in percentages)

1

AT   A   G L A N C E

B U S I N E S S   B A N K

Comerica’s Business Bank provides companies with an extensive 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 highly professional business lending, international banking and cash

management services.

I N D I V I D U A L   B A N K

The professionals of Comerica’s Individual Bank deliver diverse products and

services to consumers, and owners and managers of small businesses. Comerica’s

extensive network of branch offices, automated teller machines and supermarket

locations, along with web banking, gives customers easy, convenient access to the

bank’s portfolio of products. A host of private banking services, including personal

trust, private lending and financial planning, round out the Individual Bank’s

complement of financial services.

I N V E S T M E N T   B A N K

Comerica’s Investment Bank offers a full range of institutional trust, investment

and insurance services to individuals, companies, labor unions and other

entities. Major areas of focus include institutional trust, retirement services, full-

service brokerage services and insurance. The Investment Bank continues to be a

driving force in managing client assets.

2

O R G A N I Z A T I O N

S T R E N G T H S

S T R A T E G I E S

Middle Market Banking

includes Private Equity

National Business Finance
◗ Commercial Real Estate
◗ National Dealer Services
◗ Comerica Leasing Services
Global Corporate Banking
◗ U.S. Banking

International Finance
Treasury Management Services

◗ Corporate Finance
W.Y. Campbell & Co.

Private Banking

Small Business Banking

Personal Financial Services

Investment Services
◗ Comerica Securities
◗ Munder Capital Management
◗ Wilson, Kemp & Associates
Comerica Insurance Services

Institutional Trust

Retirement Services

Strong underwriting skills; consistent
provider of credit
Flexibility and responsiveness
Experienced and seasoned staff
Leading-edge Internet-based treasury
management products and services
◗ North American platform fulfills U.S.,
Canadian and Mexican dollar-based
needs of commercial customers

Emphasize relationship-focused
business rather than transactional
business
Focus on high growth urban markets
and industries

◗ Deepen relationships vertically with

businesses and their owners through
Connectivity* initiative
Leverage depth of experience,
industry knowledge and local
decision making

◗ Grow middle market relationships

◗ Nationally recognized leader in small

business banking

◗ Complete portfolio of diverse,
competitively priced products
Proven leader in gathering
consumer assets
Leading-edge sales and service
culture, driven by a commitment to
build strong customer relationships
◗ Connectivity approach ensures clients
benefit from all Comerica products
and services

Service is a key differentiating factor
in client retention
Experienced and knowledgeable 
staff with the ability to meet
customers’ expectations through 
all economic cycles

◗ Outstanding trust/custodial

capabilities designed for distinct
client segments
Solid partnerships with Business Bank
and Individual Bank customers
◗ One-stop shop for customized

company and union retirement plans

3

Invest in new branches and
additional delivery channels in high
growth urban markets
Introduce new deposit products,
web-banking services and
promotional programs

◗ Maximize the wealth management

opportunities from strategic business
alliances, including Dain Rauscher
and PaineWebber
Leverage referrals, both internally and
externally, through Connectivity
initiative
Target small-business opportunities
via comprehensive niche marketing
initiatives

◗ Continue to broaden product

offerings and delivery channels

◗ Maintain efficient, effective

technology platforms for brokerage
and trust services
Focus on niche business 
opportunities in Institutional Trust
and Retirement Services
◗ Continue to focus on staff

development to provide exceptional
client service

◗ Deepen existing partnerships and
establish new partnerships both
within and outside of Comerica

*Connectivity is a corporate-wide initiative to

maximize the potential of customer relationships

◗
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L E T T E R   T O   S H A R E H O L D E R S

We believe we

have the right

business model and

the right strategy

to capitalize on an

improving economy

when improvement

does come.

Ralph W. Babb Jr.
Chairman, President and Chief Executive Officer

4

Dear Fellow Shareholders,

2002 was a difficult year for the nation’s
economy, the banking sector and Comerica.
We addressed the many challenges
presented by a slow economy and weak
financial markets, and we made progress on
many fronts, including credit quality.

This is my first annual report to you as
chairman of Comerica. Therefore, it’s an
appropriate opportunity to present my
views of where our company is today, where
it’s going, and what that is likely to mean
for your investment in Comerica.

First and foremost, we are a lender –
specifically to middle market and small
business customers. Some banks have de-
emphasized their focus on lending. We
haven’t. We are good at commercial lending
to small and middle market companies in
urban markets, primarily because we deliver
true relationship banking combined with
solid credit management. Lending is a
cyclical business, but we believe that our
approach to this business has and will
continue to generate attractive returns for
our shareholders over time.

Our other lines of business in the Individual
and Investment Banks dovetail nicely with
our lending business. We offer a broad
range of asset management and personal
financial services to entrepreneurs, business
owners and other affluent individuals with
the same dedication to relationship
management that is the hallmark of our
commercial lending business.

We believe these principal lines of business,
combined with enhanced risk management
processes, create a platform with significant
competitive advantages for Comerica.
Fundamentally, we like the position
we’re in.

Our difficulties in 2002 should not obscure
the fact that on many fronts Comerica took
steps that we believe will benefit the
company when the economy improves.

Our commercial lending business generated
modest growth at a time when many banks
were unable to grow. Because we seek to
lend in a measured but consistent way
through all phases of the economic cycles,
we expect, as we have in the past, to gain
market share in the middle market. At the
same time, we took steps to adjust our mix
of commercial loans by reducing our
exposure to large corporate and
international loans that did not fit with
our focus on true relationship banking. 

Customer Focus

We are constantly fine-tuning our products
for our commercial customers. For example,
we made significant enhancements to the
flexibility and functionality of our image
services in 2002. Commercial customers can
now access a wide array of image services
over the Internet or through Comerica’s
proprietary network. Since the creation of
our image archive in 1997, we have built an
active inventory of more than 2.4 billion

5

images, providing customers and employees
access to every deposit and check presented
to any of our image capture sites over the last
five years.

We also continued to help business owners
and managers eliminate costly time spent
preparing, distributing and reconciling
paper checks through use of our Comerica
CompCARDSM, which enables companies to
disburse funds to their employees without
using a paper check.

We know our customers like what we do.
Our middle market customer satisfaction
rankings were among the highest of
national and regional banks in all our major
markets, according to a survey conducted by
a global financial services research firm. 

And, our Treasury Management customers
gave Comerica the highest marks in product
rankings (e.g., accuracy, timeliness, overall
capabilities), relationship management, and
sales and service, according to another
survey of regional and national banks. 

We invested $20 million to renovate
branches and open new ones. This
investment is key to sustaining a market-
leading position in the Michigan retail
banking market. Over time, we also believe
it will help us enhance the performance
of our other lines of business which are
focused on our affluent customers, business
owners and entrepreneurs. For example,

$1.92

$1.76

$1.60

$1.44

$1.28

1998 1999 2000 2001 2002

Dividends per 
Common Share 

(in dollars)

branches are particularly important to our
small business customers, who tend to visit a
branch 12 times per month.

Equally gratifying, we witnessed
improved rates of growth in 2002 in small
business banking, private banking, asset
management businesses, and retail
transaction accounts, which translate into
relationships. In many cases, these were
double digit rates of growth, which
reinforces our view that the best of these
businesses is yet to come.

With our primary footprint in Michigan,
California, Texas and Florida, we have the
critical mass to continue to grow these
core businesses.

At the heart of our success is relationships. 

During these challenging economic times,
we continue to earn our customers’
trust and build and strengthen those
relationships. I invite you to read about four
of our customers – Dr. Toni Hoover, Wallace
Tsuha of Saturn Electronics & Engineering,
Luis Spinola of Azteca Enterprises & Omega
Contracting, and Mark Brody of Cline Cellars
– following this letter.

Finally, in 2002 we took the steps we had to
take to address the credit quality issues
created by continued economic weakness
that year. An effective emphasis on credit
quality has long been a competitive
advantage for Comerica and we are
committed to sustaining and enhancing
that competitive edge.

2003 Priorities

Let me now address our priorities for 2003
in more detail.

We know the economy will improve, but
none of us knows when, so 2003 is a year in
which we will focus on strengthening the
fundamentals so that, when the economy
does rebound, Comerica will be ready
to grow.

This year, we will maintain our focus on our
core strategy – relationship-based middle

6

market lending – and continue to lend
during the current economic environment,
while remaining alert and disciplined about
credit quality. We will continue to grow the
Individual and Investment Banks to meet the
needs of our small business and private
banking customers, building new branches
and refurbishing existing ones. Our
colleagues have embraced Connectivity,
our national initiative to increase fee
income and our share of new and current
customers’ business through cross-selling.
This year, we will continue to build on their
enthusiasm and success, and provide
additional tools and training. And, we
will strengthen our historically strong risk
management process.

This is a challenging environment for
large, complex banks like Comerica.
Consequently, we are building a strong,
effective Enterprise-Wide Risk Management
Program to manage risk on a consistent,
coordinated basis across our company,
rather than within individual operating
units. During 2003, this multi-year effort will
focus on designing and implementing a
system to enhance our measurement and
management of credit and operational risk.

By continuing a strong emphasis on credit
risk management, and building upon our
successful management of operational and
interest rate risk, we will reinforce an
historic advantage over our competitors,
while giving our colleagues new tools to
help our customers ‘make it work.’

The outcome of all of this will be better
information for making strategic decisions
and allocating resources. 

Other Highlights

In 2002, we marked the end of an era.
Comerica’s leadership transition was
successfully completed when Gene Miller
retired October 1 after 47 years at Comerica,
including the last nine as chairman and chief
executive officer. Gene was a principal
architect of today’s Comerica and all of my
colleagues and I are deeply grateful to

Comparison of Five Year Cumulative Total Return 
Among Comerica Incorporated, 
Keefe 50-Bank Index and S&P 500 Index

(assumes $100 invested on 12/31/97 
and reinvestment of dividends)

Gene for his leadership. We wish him well as
he embarks on this new phase of his life.

As we have in each of the past 34
consecutive years, Comerica increased its
annual dividend. In January 2003, we raised
the quarterly dividend for common stock by
four percent to $0.50 per share.

We know improvements in growth and
credit quality will parallel improvement in the
economy. We are well aware that we enter
2003 with a great deal of economic and
national uncertainty. Nonetheless, we believe
we have the right business model and the
right strategy to capitalize on an improving
economy when improvement does come.

Comerica has a proud 154-year history of
service through many trying times for our
country, our economy and the world around
us. Our talented colleagues are dedicated to
our core values and committed to delivering
the highest quality financial services for all
of our customers. I am confident that this
dedication will translate into attractive
future returns for our shareholders.

Ralph W. Babb Jr.
Chairman, President and 
Chief Executive Officer

7

Ann
Arbor

I trust their advice. 

8

T O N I   H O O V E R

Toni Hoover knows that life

doesn’t always go according 

to plan. Following the

unexpected death of her

husband, Hoover realized she

needed assistance with her

personal finances. Referred to

Comerica by her legal counsel,

Hoover met with Deb Jones

and Jim Pollock of Comerica’s

Private Banking group. 

9

The first order of

business was to create

a detailed financial

plan to give Hoover a

solid understanding of

her financial picture

and a framework to

meet future goals.

Next, Jones and

Pollock helped Hoover

with her investment

portfolio, estate and

family gift-planning,

wire transfer services,

mortgage refinancing

and general banking

needs.

As vice president of

project management

at Pfizer Global

Research and

Development, Hoover

travels the world

constantly. “I need

advisors who can meet

my hectic schedule,”

Hoover said. “Deb and

Jim often meet me at

my office which is very

convenient.

“I now have the tools

to build and protect

my financial security,”

Hoover said. “With the

private bankers at

Comerica, I feel like I

have a whole team

working on my

behalf.”

Auburn
Hills

We trust each other.

10

S AT U R N   E L E C T R O N I C S   &  

E N G I N E E R I N G ,   I N C .

“When two people know each

other, they can speak frankly

to one another, and that is

what Dave and I have done

these past 12 years,” said

Wallace “Wally” Tsuha Jr.,

chairman and chief executive

officer of Saturn Electronics &

Engineering, Inc. “Dave” is

Dave Marvin, a Comerica

Middle Market Banking

senior manager in Michigan.

11

Saturn Electronics &

Engineering, Inc., was a

five-year-old company

with just under $10

million in annual

revenue when Tsuha

and Comerica Bank first

forged a financial

relationship in 1990.

Since then, Saturn has

grown to become a

$375 million, full-service

global supplier of

electronic components

and assemblies.

Among Saturn’s biggest

customers are the Big

Three automakers and

other key Tier 1

suppliers.

“Comerica understands

the ups and downs of

our industry, and is

willing to work with us,

side by side,” Tsuha

said. “Unlike larger

transaction-oriented

banks, Comerica is all

about long-term

relationships, and that

is important to us.

“We appreciate the

support of Dave and his

team, and the fine

work of the Business &

Development Services

area, too.“

Dallas

He’s a trusted consultant.

12

A Z T E C A   E N T E R P R I S E S   &  

OMEGA  CONTRACTING, INC.

“Cash flow is the life-blood of

any small business,” said

Luis Spinola, president of

Azteca Enterprises & Omega

Contracting, Inc., Dallas-based

construction contracting firms.

“Jesus Guevara and the Small

Business group at Comerica

understand this. We’ve built a

solid relationship which enables

us to think outside the box to

get the financing done.”

13

Spinola started his first

company in 1983 with

just two employees.

“I used to bank

elsewhere, but when I

asked for an increased

credit line, they turned

me down,” Spinola

said. “A colleague

suggested I meet with

the team at Comerica

and I’m glad I did.

They were willing

to work with the

construction

industry, they were

straightforward

and very fast.”

Soon, Spinola’s

company won

contracts throughout

Texas. Azteca

Enterprises & Omega

Contracting now has

more than 450

employees and annual

revenues of some

$31 million.

“I have a tremendous

group of employees

who look for ways to

accelerate growth and

minimize risk. Plus,

I count on Jesus

Guevara for

recommendations on

all sorts of financial

issues. He’s more than

a banker, he’s a trusted

consultant.”

Sonoma

We trust them to deliver what we need.

14

C L I N E   C E L L A R S

They worked together in the early

1980s and in the next decade,

veteran bankers Mark Brody and

Greg Belanger were tough

competitors. Today, Brody is chief

executive officer of Cline Cellars,

a Sonoma, California winery.

Belanger heads Middle Market

Banking-North for Comerica Bank-

California. Brody selected Comerica

as the winery’s primary banker.

“It made sense to go with people

we knew well and a bank with a

proven track record,” he said.

15

Cline Cellars is

recognized for its rich,

quality wines, including

its highly acclaimed

zinfandels and syrahs.

Named as a 2002

“Winery of the Year”

by Wine and Spirits

magazine, Cline

produces some 175,000

cases annually from

its 1,000 acres of

exceptional vineyards.

“From industry

knowledge to

responsiveness, Greg,

Russ Colombo, Misako

Noda and the entire

Comerica team have

been great,” Brody said.

“They ask good

questions, which I

appreciate.”

Comerica has put

together a flexible

financing package for

the winery, which was

founded by Fred and

Nancy Cline.

“Comerica understands

how specific products fit

our distinct needs, so

the bank offers us

solutions that work,”

Brody said.

“They’re good after the

sale as well as before,

which I think is pretty

darn important.”

O U R   L E A D E R S H I P   T E A M

C O M E R I C A   I N C O R P O R A T E D   B O A R D   O F   D I R E C T O R S

A N T H O N Y   F.   E A R L E Y   J R .
Chairman and 
Chief Executive Officer
DTE Energy Company
(b)

M A X   M .   F I S H E R
Investor
(b)

R O G E R   F R I D H O L M
President
St. Clair Group
(e)

T O D D   W .   H E R R I C K
President and 
Chief Executive Officer
Tecumseh Products Company
(g)

D A V I D   B A K E R   L E W I S
Chairman and Founder
Lewis and Munday, P.C.
(f)

J O H N   D .   L E W I S
Vice Chairman
Comerica Incorporated and 
Comerica Bank
(f)

R A L P H   W .   B A B B   J R .
Chairman, President and
Chief Executive Officer
Comerica Incorporated and
Comerica Bank
(d, e, f, g)

L I L L I A N   B A U D E R ,   P H . D .
Vice President 
Corporate Affairs
Masco Corporation
(a, c)

J O S E P H   J .   B U T T I G I E G   I I I
Vice Chairman
Comerica Incorporated and
Comerica Bank
(g)

J A M E S   F.   C O R D E S
Retired Executive Vice President
The Coastal Corporation
(g)

P E T E R   D .   C U M M I N G S
Chairman
Ram Development Company
(c, f)

J .   P H I L I P   D I N A P O L I
President
J.P. DiNapoli Companies, Inc.
(a, c)

16

W A Y N E   B .   L Y O N
Retired Chairman
Lifestyle Furnishings
International, Inc.
(b)

A L F R E D   A .   P I E R G A L L I N I
Retired Chairman and
Chief Executive Officer
Novartis Consumer Health
WorldWide
(b) 

H O W A R D   F.   S I M S
Chairman 
Sims Design Group, Inc.
(c)

R O B E R T   S .   T A U B M A N
President and 
Chief Executive Officer
The Taubman Company, Inc.
(g)

W I L L I A M   P.   V I T I T O E
Retired Chairman and 
Chief Executive Officer
Washington Energy Company
(a)

M A R T I N   D .   W A L K E R
Retired Principal
MORWAL Investments
(a, b) 

P A T R I C I A   M .   W A L L I N G T O N
President
CIO Associates
(f)

G A I L   L .   W A R D E N
President and 
Chief Executive Officer
Henry Ford Health System
(e)

K E N N E T H   L .   W A Y
Retired Chairman
Lear Corporation
(b) 

B O A R D   C O M M I T T E E S
(a) Audit & Legal
(b) Compensation
(c) Corporate Governance & Nominating
(d) Executive
(e) Public Responsibility
(f) Trust & Investment
(g) Risk Asset

17

C O M E R I C A   B A N K - C A L I F O R N I A
D I R E C T O R S

C O M E R I C A   B A N K - T E X A S  
D I R E C T O R S

T H E O D O R E   J .  
B I A G I N I
Principal
Biagini Properties

J .   M I C H A E L   F U L T O N
President and 
Chief Executive Officer
Comerica Bank-California

J A M E S   F.   C O R D E S
Retired Executive
Vice President
The Coastal Corporation

J A K E   K A M I N
Chairman
South Texas Advisory Board
Comerica Bank-Texas

J A C K   C .   C A R S T E N
Managing Director
Horizon Ventures

W A L T E R   T .
K A C Z M A R E K
Executive Vice President
Comerica Bank-California

T H O M A S   M .   D U N N I N G
Chairman and 
Chief Executive Officer
Lockton Dunning Benefit
Company

W .   T H O M A S   M C Q U A I D
Chairman and
Chief Executive Officer
Performance Properties
Corporation

L E O   E .   C H A V E Z ,   P H . D .
Executive Vice President
Community Foundation
Silicon Valley

E L I N O R   W E I S S
M A N S F I E L D
Attorney

J A C K   W .   C O N N E R
Chairman
Comerica Bank-California

C H A R L E S   T .   O W E N
President and Publisher
San Diego Business Journal

R U B E N   E .   E S Q U I V E L
Vice President
Community and 
Corporate Relations
University of Texas
Southwestern Medical
Center

N O R M A N   P.
C R E I G H T O N
Vice Chairman
Comerica Bank-California

E D W A R D   P.   R O S K I   J R .
President
Majestic Realty Company

C H A R L E S   L .   G U M M E R
President and 
Chief Executive Officer
Comerica Bank-Texas

J .   P H I L I P   D I N A P O L I
President
J.P. DiNapoli
Companies, Inc.

N .   J O H N   D O U G L A S
President and 
Chief Executive Officer
AM Power Radio

D A V I D   C .   W H I T E
Executive Vice President
Comerica Bank-California

L E W I S   N .   W O L F F
Chairman and 
Chief Executive Officer
Wolff DiNapoli

R E V.   Z A N   H O L M E S   J R .
Retired Senior Pastor
St. Luke Community United
Methodist Church

R A Y M O N D   D .   N A S H E R
Chairman 
Comerica Bank-Texas
Chairman
The Nasher Company

C A L V I N   E .   P E R S O N
Owner
Calvin E. Person and
Associates

B O O N E   P O W E L L   J R .
Retired Chairman
Baylor Health Care System

I N   M E M O R I A M

George L. Graziadio Jr., who passed away in
June 2002, served with dedication and distinction
as chairman of Comerica Bank-California. We
remember and honor his service to our company,
including his leadership in helping bring together
Imperial Bancorp with Comerica Bank-California,
a combination that created the fourth largest
banking company in the Golden State.

18

M A N A G E M E N T   C O U N C I L

R A L P H   W .   B A B B   J R .
Chairman, President and
Chief Executive Officer

J O N   W .   B I L S T R O M
Executive Vice President
and Chief Governance and
Regulatory Affairs Officer

D A L E   E .   G R E E N E
Executive Vice President
and Chief Credit Officer

S U S A N   R .   J O S E P H
Senior Vice President and
General Auditor

J O S E P H   J .
B U T T I G I E G I I I
Vice Chairman
Business Bank

J O H N   D .   L E W I S
Vice Chairman
Individual and
Investment Banks

E L I Z A B E T H   S .   A C T O N
Executive Vice President
and Chief Financial Officer

J O H N   R .   B E R A N
Executive Vice President
and Chief Information
Officer

R I C H A R D   A .
C O L L I S T E R
Executive Vice President
Corporate Staff

C H A R L E S   L .   G U M M E R
President and
Chief Executive Officer
Comerica Bank-Texas

G E O R G E   W .
M A D I S O N
Executive Vice President
Corporate Secretary and
General Counsel

G E O R G E   C .
E S H E L M A N
Executive Vice President
Investment Bank

J O H N   R .   H A G G E R T Y
Executive Vice President
Small Business Banking
and Personal Financial
Services

R O N A L D   P.
M A R C I N E L L I
Executive Vice President
National Business Finance

J .   M I C H A E L   F U L T O N
President and
Chief Executive Officer
Comerica Bank-California

T H O M A S   R .   J O H N S O N
Executive Vice President
Enterprise-Wide 
Risk Management
Program

D A V I D   B .   S T E P H E N S
Executive Vice President
Private Banking

19

C O M M E R C I A L   B A N K S

O T H E R   U N I T S

C O M E R I C A   B A N K
Comerica Tower at Detroit Center 
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226

(313) 222-4000
(248) 371-5000

Ralph W. Babb Jr.
Chairman, President and
Chief Executive Officer

Full-service bank headquartered in
Detroit with 219 branch offices,
36 ComeriMARTs and 526 ATMs
at year-end 2002 in metropolitan
Detroit and Ann Arbor, Battle
Creek, Grand Rapids, Jackson,
Kalamazoo, Lansing, Midland
and Muskegon.

Comerica is the largest bank
headquartered in Detroit.
Comerica is Michigan’s oldest
banking company (1849).

Florida region
1800 Corporate Blvd., N.W.
Suite 100, MC 5172
Boca Raton, Florida 33431

(800) 777-7198

Specializes in Private Banking
services, with 9 office locations,
4 of which are full-service
branches, and 2 ATMs at year-
end 2002, in Boca Raton, Fort
Lauderdale, Palm Beach Gardens,
Naples, Sarasota and Tampa. Other
national businesses also operate in
Florida. Comerica entered the
Florida market in 1979.

Canadian region 
Royal Bank Plaza, South Tower
200 Bay Street, Suite 2210
P.O. Box 61
Toronto, Ontario M5J2J2

(416) 367-3113

Specializes in providing a wide
range of corporate banking,
treasury, cash management and
trade services in Canada. 

C O M E R I C A   B A N K
M E X I C O ,   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, Querétaro and
Guadalajara. Comerica Bank
Mexico, S.A. provides a wide
range of corporate banking
and trade finance services to
middle market and large
corporate companies. 

C O M E R I C A   B A N K -
C A L I F O R N I A
333 W. Santa Clara Street 
MC 4805
San Jose, California 95113

(408) 556-5000

J. Michael Fulton
President and
Chief Executive Officer

Full-service bank headquartered in
San Jose with 41 branch offices
and 36 ATMs at year-end 2002 in
San Jose, Sacramento, Fresno, the
greater San Francisco Bay/San Jose
area, Santa Cruz Coastal, greater
Los Angeles/Orange County, and
San Diego. Additional regional
banking offices in Phoenix, Denver,
and Kirkland, Wash. SBA Lending
offices are located around the
country, and Technology and Life
Sciences Division offices serve
technology centers nationwide. 

Comerica Bank-California is the
4th largest bank in California.
Comerica entered the California
market in 1991.

C O M E R I C A   B A N K - T E X A S
1601 Elm Street, MC 6507
Dallas, Texas 75201

(214) 589-1400

Charles L. Gummer
President and 
Chief Executive Officer

Full-service bank headquartered
in Dallas with 47 branch offices,
3 ComeriMARTs and 57 ATMs at
year-end 2002 in the Dallas/Fort
Worth Metroplex, Austin and the
greater Houston area. Comerica
Bank-Texas targets owner-
managed businesses by actively
lending to middle market
businesses, small businesses
and local entrepreneurs.

Comerica Bank-Texas is the 6th
largest bank in Texas. Comerica
entered the Texas market in 1988.

20

C O M E R I C A  
S E C U R I T I E S ,   I N C .
A full-service broker-dealer that
offers stocks, bonds, mutual
funds and annuities to individual
investors, along with investment
banking services.

C O M E R I C A   I N S U R A N C E  
S E R V I C E S ,   I N C .
Offers life, disability, long-term
care, group benefits, and property
and casualty insurance to
businesses and individuals.

P R O F E S S I O N A L   L I F E
U N D E R W R I T E R S
S E R V I C E S ,   I N C .   ( P L U S )
Provides life insurance, annuities
and disability insurance products
to independent insurance agents.

M U N D E R   C A P I TA L
M A N A G E M E N T
Provides investment advisory
services to institutions,
municipalities, unions, charitable
organizations and individuals across
North America. Also serves as
investment manager for The
Munder Funds. Framlington
Holdings Limited, a London-based
international investment advisor, is
a subsidiary of Munder.

W I L S O N ,   K E M P   &  
A S S O C I AT E S ,   I N C .
Provides account management
services to private investors,
corporations, municipalities and
charitable institutions throughout
the United States.

W. Y.   C A M P B E L L
& C O M PA N Y
Provides investment banking and
corporate finance services to
Fortune 500 companies and
middle-market firms.

C O M E R I C A   W E S T
I N C O R P O R AT E D
U.S. Banking-West Group
originates mid-sized loans to
business customers with specific
emphasis on the Western
United States.  

C O M E R I C A   L E A S I N G
C O R P O R AT I O N
Provides equipment leasing and
financing services for businesses
throughout the United States. 

C O M E R I C A   B A N K
& T R U S T
Provides a national platform for
the delivery of trust, investment
management and other banking
services. 

(Select businesses also having
locations outside of Comerica’s
primary markets)

M I D D L E   M A R K E T
B A N K I N G
Cincinnati
Cleveland
Denver
Indianapolis
Kirkland, Wash.
Phoenix
Portland 

I N S T I T U T I O N A L   T R U S T
Chicago 

I N T E R N AT I O N A L   F I N A N C E
Chicago
Hong Kong
Sao Paulo, Brazil

N AT I O N A L   D E A L E R
S E R V I C E S
Chicago
Denver

P R I VAT E   B A N K I N G
C E N T E R S
Chicago 
Cleveland 
Denver 
Memphis 
Minneapolis 
New York City 
Phoenix

S B A   L E N D I N G
Barrington, Ill. 
Charlotte, N.C. 
Chicago 
Cincinnati 
Cleveland 
Denver 
New Orleans 
Olympia, Wash. 
Phoenix 
Raleigh-Durham, N.C.

T E C H N O L O G Y   &  
L I F E   S C I E N C E S
Atlanta 
Boston 
Denver 
Kirkland, Wash. 
New York City 
Philadelphia
Phoenix 
Raleigh-Durham, N.C. 
Reston, Va.

U . S .   B A N K I N G
Chicago
Las Vegas

21

Elizabeth S. Acton
Executive Vice President and Chief Financial Officer

F I N A N C I A L   R E V I E W   A N D   R E P O R T S

24

24

32

33

36

Financial Results 
and Key Corporate
Initiatives

Earnings 
Performance

Strategic Lines 
of Business

Balance Sheet and
Capital Funds Analysis

Risk 
Management

46

50

76

76

Consolidated 
Financial Statements

Notes to Consolidated
Financial Statements

Report of 
Management

Report of 
Independent Auditors

77

Historical 
Review

22