Comerica
Annual Report 2003

Plain-text annual report

WE KNOW you A N N U A L R E P O R T 2 0 0 3 FastFacts O N C O M E R I C A 318 full-service branch offices, 36 ComeriMARTs® (supermarket locations) and 517 ATMs No. 433 on the Fortune 500 list of largest U.S. companies Among the 20 largest banking companies in the U.S., in terms of assets 3rd largest SBA 7(a) lender in the nation and among the top 20 banking companies in small business loans No. 1 and No.10 among the top 50 U.S. bank holding companies in commercial loans as a percent of total assets and commercial loans, respectively Among the top 10 EximBank working capital lenders in the U.S. No. 1 among the best places to work in Dallas/Fort Worth (Dallas Business Journal) One of the best places to work in information technology (Computerworld) OURVISION Comerica is in business to help people be successful. We are committed to delivering the highest quality financial services by: (cid:1)Providing outstanding value and building enduring customer relationships (cid:1)Creating a positive environment for our colleagues, built on trust, teamwork and respect (cid:1)Demonstrating leadership in our communities (cid:1)Ensuring a consistent, superior return for our owners OUR CORE VALUES (cid:1)Customer Service (cid:1)Teamwork (cid:1)Flexibility/Adapting to Change (cid:1)Trust/Integrity (cid:1)Ownership (cid:1)Learning and Personal Growth OUR ORGANIZATION THE BUSINESS BANK Middle Market Banking, National Business Finance (Commercial Real Estate, National Dealer Services, Comerica Leasing Services), Global Corporate Banking (International Finance & Trade Services, Treasury Management Services, U.S. Banking, Corporate Finance), Financial Services, Technology & Life Sciences, W.Y. Campbell & Company SMALL BUSINESS & PERSONAL FINANCIAL SERVICES Small Business Banking, Branch Banking, Consumer Deposits, Consumer and Mortgage Lending, Merchant Services, Telephone Banking, Web Banking WEALTH & INSTITUTIONAL MANAGEMENT Private Banking, Institutional Trust, Comerica Securities, Inc., Munder Capital Management, Wilson, Kemp & Associates, Inc., Comerica Insurance Group, Inc., Retirement Services C O N T E N T S 1 2 Financial Highlights Letter to Shareholders 8 We Know You 16 Board of Directors 18 Management Policy Committee 20 22 23 Our Organization Shareholder Information Financial Review and Reports C O R P O R AT E P R O F I L E Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned into three major lines of business: The Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica’s more than 11,000 employees focus on relationships, and helping people and businesses be successful. Comerica Bank locations can be found in Michigan, California, Texas and Florida, with select businesses operating in several other states. Comerica also has commercial banking operations in Canada and Mexico. Munder Capital Management and Comerica Securities are investment services affiliates. To receive e-mail alerts of breaking Comerica news, go to www.comerica.com/newsalerts. FINANCIAL HIGHLIGHTS (dollar amounts in millions, except per share data) Years Ended December 31 INCOME STATEMENT Net interest income Net income Basic net income per common share Diluted net income per common share Cash dividends declared per common share Book value per common share Market value per common share 2003 2002 Amount Percent Change $ 1,926 661 3.78 3.75 2.00 29.20 56.06 $ 2,132 601 3.43 3.40 1.92 28.31 43.24 $ (206) 60 0.35 0.35 0.08 0.89 12.82 (10) % 10 10 10 4 3 30 RATIOS 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 1.25 % 13.12 9.50 8.04 1.18 % 12.31 9.55 7.39 BALANCE SHEET (at December 31) Total assets Total earning assets Total loans Total deposits Total common shareholders’ equity $ 52,592 48,804 40,302 41,463 5,110 $ 53,301 47,780 42,281 41,775 4,947 $ (709) 1,024 (1,979) (312) 163 (1)% 2 (5) (1) 3 1 Annual Report 2003 C O M E R I C A LETTER TO SHAREHOLDERS At Comerica during 2003 we initiated a number of changes that position us to grow our businesses as our nation’s economy improves. We merged state bank charters, reorganized two major divisions and are beginning to build new branches in our growing markets. We fine-tuned our focus on relationship banking and significantly reduced our exposure to purely transactional loans. And, despite the fact that our customers were challenged by the economy, especially the manufacturing sector, we steadily improved our credit quality, and I anticipate even more improvement in 2004. We experienced strong growth in our average deposits in 2003 primarily because first, the mortgage refinancing boom boosted deposits in our Financial Services group; and second, many companies chose not to launch new capital expansion activities. Obviously, we expect this will change as the economy improves this year and we anticipate deposits will decrease somewhat. However, we have plans in place to build branches in high-growth markets and strategically grow deposits. I’ll discuss those details later in this letter. In 2003, we merged our individual state bank charters and they are now one bank with a unified goal: provide quality customer service and position Comerica for future growth. We’ve made key decisions regarding a unified product line and multi-state banking capabilities, and expect all our customers will be able to bank at any Comerica branch in the United States beginning July 1. 2 C O M E R I C A 2003 Annual Report We reorganized the former Individual and Investment Banks into two divisions: Small Business & Personal Financial Services and Wealth & Institutional Management. We also created an External Affairs and Community Relations Division to build and sustain the Comerica brand, and manage our corporate citizenship activities, in all of our markets. Enterprise-Wide Risk Management – our program to monitor and control risk on a consistent, coordinated basis throughout the company – is well on its way. In 2003, we took major steps forward to build a strong, effective risk management program. We made changes to our credit processes and technology, including refining policies and guidelines, and adding new credit risk-rating tools and more sophisticated portfolio monitoring capabilities to help us better manage the credit risk of our loan portfolio. 3 Annual Report 2003 C O M E R I C A Ralph W. Babb Jr. Chairman, President and Chief Executive Officer So what’s ahead for Comerica in 2004? We’ve taken an inventory of our strengths, and they are impressive: intelligent, hard-working colleagues; excellent relationship banking skills; quality products and services; a leadership position in Michigan; and tremendous growth potential in our Western and Texas regions, and in the state of Florida, where our primary business is private banking. Our employees make it all happen. This report features some of the 2003 winners of our premier competitions: National Quality Excellence Award, Brainstorm! and Chairman’s Circle. The National Quality Excellence Award is a peer-driven competition that recognizes ten employees’ commitment to quality and contributions to the company. Brainstorm! rewards employees who propose the most valuable suggestions that enhance revenue or reduce expenses. And, the Chairman’s Circle rewards employees who demonstrate Connectivity behaviors by cross-selling and referring business to other departments. These people are among the “best of the best” of our more than 11,000 talented and dedicated employees. Here at Comerica, our primary business is meeting the financial needs of middle market and small business customers in large metropolitan areas. 4 C O M E R I C A 2003 Annual Report Commercial lending is, over the economic cycle, a very attractive business, and the last couple of bottom-of-the-cycle years haven’t changed that. Commercial lending is at the heart of our customer relationships as it pumps business into our personal financial services and wealth and institutional management businesses. Simply put, who better to provide personal financial services and wealth management to the small business owner or entrepreneur than the bank that provides loans and other financial services to their businesses? We intend to capitalize on this revenue potential and grow personal financial services and wealth management to provide for more consistent results through the next economic cycle. We offer our customers an array of quality products and services, and our branches play a strategic role in leveraging our strong sales culture and providing excellent customer service. A recent survey showed that 83 percent of small businesses and 74 percent of middle market commercial customers visit a branch weekly. That is why, over the next three years, we expect to open approximately 50 branches. Two-thirds of these branches will be in California and Texas, 5 Annual Report 2003 C O M E R I C A to capture the under-served small business and wealth management customers there. Our strategy is to create a branch network around our target segments and core customer base by selectively grouping branches in areas that give us the best combination of growth opportunities. For example, the major metropolitan areas within California each contain more than two times the number of small businesses than those found in the metropolitan Detroit area. This doesn’t mean Michigan is no longer important. Detroit has been our hometown for more than 150 years, and we’re proud to serve the customers and communities in Michigan. Now we will implement that winning formula in our other, faster growing markets. We’ll do that by developing a standardized product platform and delivery system, as well as national branding and marketing programs. We’re implementing common sales and service models for how we run our retail, small business and private banking businesses across our footprint markets. The customer experience will be a seamless one throughout all of our markets. To increase our share of the high-net worth market, we will provide comprehensive private banking services in all of our markets. About 40 percent of Comerica’s Private Banking referrals come from the branches, so the new branches in California and Texas will fuel the growth of Private Banking. Faster growth in these markets outside of the Midwest will help reduce the sensitivity to fluctuations in local economies and industry concentrations within our lending portfolio. 6 C O M E R I C A 2003 Annual Report Our leadership position in Michigan – both in terms of size and customer satisfaction ratings – remains equally important as our growing markets in the Western and Texas regions. Strong relationships are profitable wherever they may be, and no one has better relationships than we do in Michigan, where strong retail relationships also give us a stable source of funds and fee income. Meeting our objectives will provide market share gains and increased profit contributions from markets outside of the Midwest, and increased deposits and other products per customer. This translates into greater revenue per customer. Looking beyond 2004 to the longer term, our objective is to grow revenues by 5 to 7 percent while holding expenses to a 2 to 3 percent growth rate, to achieve a 50 percent efficiency ratio. We will continue to maintain a strong capital base with Tier 1 common equity of 7 to 8 percent. Thus, our goal is a return on equity of 15 to 18 percent. I am confident we have a solid foundation now in place from which we can grow profitably and provide attractive returns for our shareholders. Ralph W. Babb Jr. Chairman, President and Chief Executive Officer 7 Annual Report 2003 C O M E R I C A WE KNOW WE KNOW you you 8 C O M E R I C A 2003 Annual Report who WE KNOW YOU are among our enduring Comerica customers: middle market companies, small businesses, owners and managers, and other individuals in the communities we serve, who appreciate our brand of relationship banking WE KNOW YOU turn to Comerica because we have knowledgeable, skilled and caring people who are passionate about helping you be successful WE KNOW YOU expect us to utilize best practices in the delivery of products and services to you, and we do WE KNOW YOU demand quality customer service and we deliver; national surveys confirm it, including the 2003 Phoenix-Hecht study – we received an “A” or “A+” in 31 of 32 categories, including Internet services The Chairman’s Circle is a Comerica competition that rewards employees for their cross-selling and referral efforts. Some of the 125 winners of the 2003 competition are pictured here, including (opposite page, from left to right) Michael Korsak, Treasury Management Services, Michigan; Melissa Pollard, Middle Market Banking, California; James Adkins, Institutional Trust, Michigan; Suheil Shatara, Small Business Banking, Michigan; (this page, from left to right) Claudia Cassa, Middle Market Banking, Michigan; and Kevin Crayton, Commercial Real Estate, Texas. 9 Annual Report 2003 C O M E R I C A WE KNOW WE KNOW what WE NEED what WE NEED TO DO FOR you TO DO FOR you 10 C O M E R I C A 2003 Annual Report what WE NEED TO continue to emphasize relationships over transactions, because relationships are important to you, and this singular focus sets us apart from the competition WE NEED TO leverage our depth of experience, industry knowledge and local decision making, because these attributes help you be successful and serve your interests well WE NEED TO proceed with our move toward a standardized product platform and delivery system, as well as national branding and marketing programs in all our markets, in order to deliver a seamless experience for you Other Chairman’s Circle winners include (opposite page, from left to right) Debi Schechtman, Private Banking, California; BJ Hare, Small Business Banking, Michigan; Marci Chapin, Personal Financial Services, Michigan; Martin Ellis, International Banking, Michigan; (this page, from left to right) Kurt Younker, Private Banking, Florida; and Tracy White, Personal Financial Services, Texas. 11 Annual Report 2003 C O M E R I C A WE KNOW WE KNOW how TO MAKE IT WORK how TO MAKE IT WORK FOR you FOR you 12 C O M E R I C A 2003 Annual Report how WE KNOW how to solidify our relationship with you, such as through our team approach for small businesses, where the branch manager and small business banker jointly provide for your financial services needs WE KNOW how to maintain efficient and effective technology platforms to deliver state-of-the-art services, such as Comerica NetVision® and Comerica Web Banking® WE KNOW that a strong and healthy Comerica is in your best interests, and that by building a process to manage credit, market and operational risk, we are moving toward our goal of being an industry leader in this area WE KNOW the importance of being a responsible corporate citizen, and demonstrate our commitment to the communities we serve through employee volunteerism, financial contributions and community partnerships Chairman’s Circle winners also include (opposite page, from left to right) Enrique Carrillo, Corporate Public Affairs, Michigan; Diana Freeburg, Comerica Securities, Michigan; Norris Blackledge, Municipalities, Michigan; Marisela Hernandez, Vault Operations, Texas; (this page, from left to right) Michael McCoy, Private Banking, Michigan; and Carol Huckleby, Private Banking, Michigan. 13 Annual Report 2003 C O M E R I C A WE KNOW WE KNOW where IT ALL HAPPENS where IT ALL HAPPENS FOR you FOR you 14 C O M E R I C A 2003 Annual Report where WE WILL invest in building approximately 50 new branches over the next three years, as we know you like to visit them often WE WILL focus our expansion efforts on California and Texas, as these markets offer excellent opportunities for us to grow our business with you WE WILL continue to provide the high- touch, relationship banking approach you have come to expect from us in Michigan, California, Texas, Florida and other markets where we do business WE WILL capitalize on our market presence in Michigan, as we have with our recent marketing campaign showcasing the tenure of our employees and you, our customers WE WILL leverage our North American platform to help fulfill your commercial banking needs in the U.S., Canada and Mexico. Other Chairman’s Circle winners include (opposite page, from left to right) Diane Weinberger, Comerica Insurance Services, Michigan; Vincent Guerra, Personal Financial Services, Texas; Steven Davis, Middle Market Banking, Michigan; Eleanor Miller, Personal Financial Services, Michigan; (this page, from left to right) David Bird, U.S. Banking, Michigan; and Mary Mac Kinney, Private Banking, California. 15 Annual Report 2003 C O M E R I C A COMERICA INCORPORATED BOARD OF DIRECTORS & BOARD COMMITTEES c c c Ralph W. Babb Jr. Chairman, President and Chief Executive Officer Comerica Incorporated and Comerica Bank Lillian Bauder, Ph.D. Vice President Corporate Affairs Masco Corporation (manufacturer of diversified household and consumer products and services) Joseph J. Buttigieg III Vice Chairman Comerica Incorporated and Comerica Bank James F. Cordes Retired Executive Vice President The Coastal Corporation (diversified energy company) Peter D. Cummings Chairman Ram Realty Services (private real estate management and development company) BOARD COMMITTEES ❚ Audit & Legal ❚ Compensation ❚ Corporate Governance & Nominating ❚ Executive ❚ Public Responsibility ❚ Qualified Legal Compliance ❚ Risk Asset Quality Review Trust & Investment c Committee Chairperson 16 C O M E R I C A 2003 Annual Report J. Philip DiNapoli President JP DiNapoli Companies, Inc. (real estate investment, development and management company) Anthony F. Earley Jr. Chairman and Chief Executive Officer DTE Energy Company (diversified energy company) Max M. Fisher Investor Roger Fridholm President St. Clair Group (private investment company) ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ c David Baker Lewis Chairman Lewis & Munday, PC (law firm) Todd W. Herrick Chairman, President and Chief Executive Officer Tecumseh Products Company (manufacturer of engines and power train components for lawn and garden applications) Alfred A. Piergallini Retired Chairman, President and Chief Executive Officer Novartis Consumer Health Worldwide Consultant Desert Trail Consulting (marketing consulting organization) Howard F. Sims Chairman and Chief Executive Officer Sims Design Group, Inc. (architectural and planning business) Robert S. Taubman Chairman, President and Chief Executive Officer The Taubman Company (shopping center management company engaged in leasing, management and construction supervision) c c William P. Vititoe Retired Chairman, President and Chief Executive Officer Washington Energy Company (diversified energy company, now Puget Sound, Inc.) Patricia M. Wallington President CIO Associates (consulting firm) c c Gail L. Warden President Emeritus Henry Ford Health System (not-for-profit healthcare corporation) Kenneth L. Way Retired Chairman Lear Corporation (manufacturer of automotive components) 17 Annual Report 2003 C O M E R I C A ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ ❚ M A N A G E M E N T P O L I C Y C O M M I T T E E M A N A G E M E N T P O L I C Y C O M M I T T E E 1 2 3 Ralph W. Babb Jr. Chairman, President and Chief Executive Officer Joseph J. Buttigieg III Vice Chairman, Business Bank John D. Lewis Vice Chairman, External Affairs and Community Relations C O M E R I C A 2003 Annual Report 18 4 5 6 Elizabeth S. Acton Executive Vice President and Chief Financial Officer John R. Beran Executive Vice President and Chief Information Officer Jon W. Bilstrom Executive Vice President, Governance, Regulatory Relations and Legal Affairs 7 8 9 J. Michael Fulton President and Chief Executive Officer, Western Division Dale E. Greene Executive Vice President and Chief Credit Officer Charles L. Gummer President and Chief Executive Officer, Texas Division 10 James E. Lake Senior Vice President, Corporate Human Resources 11 Michael H. Michalak Senior Vice President, Corporate Planning, Development and Risk Management 12 Dennis J. Mooradian Executive Vice President, Wealth and Institutional Management 11 10 8 6 12 4 2 1 3 9 7 5 19 Annual Report 2003 C O M E R I C A O U R O R G A N I Z AT I O N C O M M E R C I A L B A N K S O T H E R C O M E R I C A U N I T S COMERICA BANK (cid:1)Ralph W. Babb Jr. Chairman, President and Chief Executive Officer Comerica Tower at Detroit Center 500 Woodward Avenue, MC 3391 Detroit, Michigan 48226 (313) 222-4000 Headquartered in Detroit with offices in metropolitan Detroit and greater Ann Arbor, Battle Creek, Grand Rapids, Jackson, Kalamazoo, Lansing, Midland and Muskegon. Comerica is Michigan’s largest hometown bank. Comerica also is Michigan’s oldest banking company (1849). Branches: 258 (includes 35 ComeriMARTs®) ATMs: 421 Florida Region (cid:1)Randy B. Nobles President – Florida Region 1800 Corporate Blvd., N.W. Suite 100, MC 5172 Boca Raton, Florida 33431 (800) 777-7198 Headquartered in Boca Raton with offices in Boca Raton, Fort Lauderdale, Palm Beach Gardens, Naples, Sarasota, Weston and Tampa. Comerica entered the Florida market in 1979. Branches: 6 ATMs: 4 Canadian Region (cid:1)Philip H. Buxton Managing Director – Canadian Region Royal Bank Plaza, South Tower 200 Bay Street, Suite 2210 P.O. Box 61 Toronto, Ontario M5J2J2 (416) 367-3113 Headquartered in Toronto with commercial banking offices in Toronto and Windsor. 20 C O M E R I C A 2003 Annual Report Western Division (cid:1)J. Michael Fulton President and Chief Executive Officer – Western Division 333 W. Santa Clara Street, MC 4805 San Jose, California 95113-1713 (408) 556-5000 Headquartered in San Jose with offices in 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 entered the California market in 1991. Branches: 42 ATMs: 36 Texas Division (cid:1)Charles L. Gummer President and Chief Executive Officer – Texas Division 1601 Elm Street, MC 6507 Dallas, Texas 75201 (214) 589-1400 Headquartered in Dallas with offices in the Dallas/Fort Worth Metroplex, Austin, and the greater Houston area. Comerica entered the Texas market in 1988. Branches: 49 (includes one ComeriMART) ATMs: 56 COMERICA BANK-MEXICO, S.A. (cid:1)Ian A. Hogan Managing Director Edificio Forum Andres Bello No. 10, Piso 17 Col. Chapultepec Polanco Mexico, D.F. 11560 (011) 525-279-7300 Headquartered in Mexico City with commercial banking offices in Guadalajara, Monterrey and Querétaro. COMERICA BANK & TRUST, NATIONAL ASSOCIATION Provides a national platform for the delivery of trust, investment management and other banking services. COMERICA INSURANCE SERVICES, INC. Offers life, disability, long-term care, group benefits, and property and casualty insurance to businesses and individuals. COMERICA LEASING CORPORATION Provides equipment leasing and financing services for businesses throughout the United States. COMERICA SECURITIES, INC. A full-service broker-dealer that offers stocks, bonds, mutual funds and annuities to individual investors, along with investment banking services. 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. Framlington Holdings Limited, a London- based international investment advisor, is a subsidiary of Munder. PROFESSIONAL LIFE UNDERWRITERS SERVICES, INC. (PLUS) Provides life insurance, annuities and disability insurance products to independent insurance agents. 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. O T H E R C O M E R I C A L O C A T I O N S CITY Atlanta Barrington, IL Boston Chicago Cincinnati Cleveland Denver Kirkland, WA Las Vegas Memphis Minneapolis New York Phoenix Portland, OR Princeton, NJ Raleigh-Durham Reston, VA Rocky Mount, NC BUSINESS Technology & Life Sciences SBA Lending Private Banking, Technology & Life Sciences Institutional Trust, International Finance, National Dealer Services, U.S. Banking Middle Market Banking Middle Market Banking, Private Banking, SBA Lending National Dealer Services, Private Banking Middle Market Banking, Technology & Life Sciences U.S. Banking Private Banking Private Banking Private Banking, Technology & Life Sciences Commercial Real Estate, Middle Market Banking, Private Banking, SBA Lending Middle Market Banking Private Banking SBA Lending Technology & Life Sciences Private Banking 21 Annual Report 2003 C O M E R I C A S H A R E H O L D E R I N F O R M AT I O N STOCK Comerica’s stock trades on the New York Stock Exchange (NYSE) under the symbol CMA. SHAREHOLDER ASSISTANCE Inquiries related to shareholder records, change of name, address or ownership of stock, and lost or stolen stock certificates should be directed to the transfer agent and registrar: W R I T T E N R E Q U E S T S: Wells Fargo Shareowner Services P.O. Box 64854 St. Paul, MN 55164-0854 (877) 536-3551 stocktransfer@wellsfargo.com C E R T I F I E D/ O V E R N I G H T M A I L: Wells Fargo Shareowner Services 161 North Concord Exchange South St. Paul, MN 55075-1139 (877) 536-3551 ELIMINATION OF DUPLICATE MATERIALS If you receive duplicate mailings at one address, you may have multiple shareholder accounts. You can consolidate your multiple accounts into a single, more convenient account by contacting the transfer agent shown above. In addition, if more than one member of your household is receiving shareholder materials, you can eliminate the duplicate mailings by contacting the transfer agent. DIVIDEND REINVESTMENT PLAN Comerica offers a dividend reinvestment plan which permits participating shareholders of record to reinvest dividends in Comerica common stock without paying brokerage commissions or service charges. Participating shareholders also may invest up to $3,000 in additional funds each quarter for the purchase of additional shares. A brochure describing the plan in detail and an authorization form can be requested from the transfer agent shown above. DIVIDEND DIRECT DEPOSIT Common shareholders of Comerica may have their dividends deposited into their savings or checking account at any bank that is a member of the National Automated Clearing House (ACH) system. Information describing this service and an authorization form can be requested from the transfer agent shown above. DIVIDEND PAYMENTS Subject to approval of the board of directors, dividends customarily are paid on Comerica’s common stock on or about January 1, April 1, July 1 and October 1. ANNUAL MEETING The Annual Meeting of Shareholders of Comerica Incorporated will be held at 9:30 a.m. on Tuesday, May 18, 2004, at the Max M. Fisher Music Center, 3711 Woodward Avenue, Detroit, Michigan 48201-2444. FORM 10-K A copy of the Corporation’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, may be obtained without charge upon written request to the Secretary of the Corporation at the address listed at the bottom of this page. 22 C O M E R I C A 2003 Annual Report STOCK PRICES, DIVIDENDS AND YIELDS Quarter 2003 Fourth Third Second First 2002 Fourth Third Second First High Low Dividends Per Share Dividend Yield* $56.34 49.75 53.58 46.74 $50.30 63.80 66.09 64.85 $46.38 45.28 37.79 37.10 $35.20 47.00 59.70 52.75 $0.50 0.50 0.50 0.50 $0.48 0.48 0.48 0.48 3.9% 4.2 4.4 4.8 4.5% 3.5 3.1 3.3 *Dividend yield is calculated by annualizing the quarterly dividend per share and dividing by an average of the high and low price in the quarter. At January 31, 2004, there were 16,089 holders of record of the Corporation’s common stock. INVESTOR RELATIONS ON THE INTERNET Go to www.comerica.com to find the latest investor relations information about Comerica, including stock quotes, news releases and financial data. COMMUNITY REINVESTMENT ACT (CRA) PERFORMANCE Comerica is committed to meeting the credit needs of the communities it serves. Following are the most recent CRA ratings in each of the states in which Comerica operates which are subject to CRA: Michigan . . . . . Outstanding California . . . . . Satisfactory Texas . . . . . . . . Satisfactory Florida . . . . . . . . Satisfactory Arizona . . . . . . . . Satisfactory Washington . . . . Satisfactory EQUAL EMPLOYMENT OPPORTUNITY Comerica is committed to its affirmative action program and practices which ensure uniform treatment of employees without regard to race, creed, color, age, national origin, religion, handicap, marital status, sexual orientation, veteran status, weight, height or sex. PRODUCT INFORMATION CENTER If you have any questions about Comerica’s products and services, please contact our Product Information Center at (800) 292-1300. CAREER OPPORTUNITIES Go to www.comericajobs.com to find the latest information about career opportunities at Comerica. Comerica Incorporated Comerica Tower at Detroit Center 500 Woodward Avenue, MC 3391, Detroit, Michigan 48226 (248) 371-5000 (metro Detroit) (800) 521-1190 (outside Detroit area) www.comerica.com MEDIA CONTACT: Sharon R. McMurray (313) 222-4881 INVESTOR CONTACT: Helen L. Arsenault (313) 222-2840 on the cover NATIONAL QUALITY EXCELLENCE AWARD WINNERS Front row, left to right: Jim Baubie Information Services ◗ Doug Serra Electronic Services ◗ Mary Snell Operations Services ◗ Anne McDougall Corporate Human Resources ◗ Mary Ann Condino Personal Financial Services ◗ Cheryl Enochs Quality Process Judy Colling Trust Operations Judy Martin Corporate Human Resources ◗ Tim Morehouse Information Services ◗ Paul Burns Information Services BRAINSTORM! AWARD WINNERS Back row, left to right: ◗ Kristy Manson Treasury Management Services ◗ Richard Moore Treasury Management Services ◗ Bruce Tackett Treasury Management Services ◗ Lakeisha Pierce Controller ◗ Robbie Sedgeman Treasury Management Services ◗ Michael Malewski Information Services ◗ Rashida Smith Controller ◗ Cynthia Reid Treasury Management Services ◗ Phyllis Kirk Controller ◗ Yolanda Mitchell Treasury Management Services 2 0 0 3 N A T I O N A L Q U A L I T Y E X C E L L E N C E A W A R D Congratulations to Judy Martin, Corporate Human Resources, for being named Comerica’s 2003 National Quality Excellence Award overall winner. In addition to Martin, nine finalists were recognized in 2003 for their dedication to quality. All 10 colleagues appear on the cover. BEST of the BEST 2 0 0 3 B R A I N S T O R M ! W I N N E R S Congratulations to Thomas Burger, Shannon Carlson, Pamela Collins and Janet Warren, all of Comerica Securities, for being named the overall winners of the 2003 Brainstorm! competition. Other Brainstorm! winners, in addition to the Comerica Securities colleagues and those featured on the cover, are: ◗ Deborah Baker Personal Financial Services ◗ Sherri Current Personal Financial Services ◗ Christine DiBartolomeo Treasury Management Services ◗ Terry Ennis Treasury Management Services ◗ Karen Gyde Controller ◗ Rhonda Henderson Personal Financial Services ◗ Paula Hernandez Personal Financial Services ◗ Lynn Hughes Retail Operations John Kushner Controller ◗ Linda Landers Personal Financial Services ◗ Peter Miller Operations Services John Outwater Treasury Management Services ◗ Larry Puma Operations Services Janet Rajcevski Controller Janice Ramirez Treasury Management Services ◗ Andrew Rogers Controller ◗ Gena Roth Treasury Management Services ◗ Kathleen Sidor Treasury Management Services ◗ Deborah Stevens Treasury Management Services ◗ Sharon Taylor Treasury Management Services ◗ Lyle Wallace Controller John Weaver Personal Financial Services Jerry Wright Treasury Management Services ◗ Sherry Youts Personal Financial Services ◗ ◗ ◗ ◗ ◗ ◗ ◗ ◗ ◗ ★ Comerica Incorporated Comerica Tower at Detroit Center 500 Woodward Avenue, MC 3391 Detroit, Michigan 48226 www.comerica.com 

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