2004 Annual REPORT
We believe in the power of our communities, our customers, and in tomorrow. Contents
FINANCIAL HIGHLIGHTS
LETTER TO SHAREHOLDERS
OUR RELATIONSHIPS
BOARD OF DIRECTORS
MANAGEMENT POLICY COMMITTEE
QUALITY EXCELLENCE
OUR ORGANIZATION
SHAREHOLDER INFORMATION
FINANCIAL REVIEW
Corporate Profile
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 approximately 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.126161718201421 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
2004
$1,810
757
4.41
4.36
2.08
29.94
61.02
CHANGE
AMOUNT
$(116)
96
0.63
0.61
0.08
0.74
4.96
PERCENT
(6)%
15
17
16
4
3
9
2003
$1,926
661
3.78
3.75
2.00
29.20
56.06
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
1.49%
15.03
9.90
8.13
1.25%
13.12
9.50
8.04
BALANCE SHEET (at December 31)
Total assets
Total earning assets
Total loans
Total deposits
Total common shareholders’ equity
$51,766
48,016
40,843
40,936
5,105
$52,592
48,804
40,302
41,463
5,110
$(826)
(788)
541
(527)
(5)
(2)%
(2)
1
(1)
–
$791
$710
$757
$661
$601
$4.31
$4.36
$3.88
$3.75
$3.40
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
Net Income
(IN MILLIONS)
Diluted Net Income
Per Common Share
1
LETTER TO
Shareholders
COMERICA INCORPORATED
Ralph W. Babb Jr.
Chairman and
Chief Executive Officer
19.52%
$2.08
$2.00
$1.92
15.16%
15.03%
13.12%
12.31%
$1.76
$1.60
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
Return on Average Common
Shareholders’ Equity
Cash Dividends Declared
Per Common Share
2
In 2004, we identified the six key drivers to deliver attractive total shareholder returns: growth,
balance of business mix, relationships, risk management, accountability and diversity. Through-
out the year, everyone here focused on these areas, and their efforts laid the groundwork to
position us for future success.
Specifically, we’ve built and strengthened business relationships. We’ve improved our
geographical reach and our business mix. We’ve kept our costs down, and our credit exposures
under control. We’ve found ways to manage better across all our operations. All of these things
are within our control, and we’re proud of what we’ve accomplished. However, the continued
softness of business borrowing – a central business for Comerica – kept our bottom line from
fully reflecting the efforts we have underway.
Our businesses performed satisfactorily despite the slow business economy but, more
importantly, the progress we’ve made positions us well for improved results when the
commercial lending markets recover.
In 2004, we reported net income of $4.36 per diluted share, return on equity of 15.03 percent
and return on assets of 1.49 percent.
Average loans were down in 2004, primarily as a result of the planned reduction of our large
corporate and international portfolios. However, encouraging momentum built in new
business development in the last half of 2004, as we saw commitments to new customers, and
extended or expanded commitments to existing customers; these translated into slight growth
in outstandings during the fourth quarter. We are finding these opportunities as we continue
to focus on developing relationships with high-quality borrowers.
Growth – To better capitalize on our growth prospects, particularly in the faster-growing
markets of California and Texas, we opened 17 new branches: nine in California, three in
Texas and five in Michigan. And, as a result of consolidated bank charters and a standardized
product set, we are now able to provide more uniform and consistent service to our customers
on a national basis.
In 2004, we focused significant efforts on strengthening our Wealth & Institutional
Management business. We see substantial potential to develop a more balanced stream
of revenue at Comerica, and Wealth & Institutional Management is an important element
in this strategy. We put in place new business managers responsible for performance of each
significant product and service, complemented by regional managers responsible for sales and
relationship management of all products and services in the field. This assures good central
controls, as well as strong client advocacy and improved cross-selling.
Our focus on cross-selling has been further enhanced by co-locating professionals with varying
specialties, revised compensation plans, and improved training and technology.
We broadened the distribution of our product set by training our sales force on all of our
investment vehicles. For example, wealth advisors now have the capability to sell investment
products offered by Munder Capital Management and Wilson, Kemp & Associates, Inc., and
brokers have been trained on life insurance products.
3
Improve balance of business mix – Forty-three percent of our earnings in 2004 came from
outside of the Midwest, and over time, we expect it will exceed 50 percent because of the
greater growth prospects in the Western and Texas Divisions, and in Florida.
The rate of growth for new households and small business creation in those two divisions
offers opportunities to leverage our franchise, as does the current branch density in California
and Texas, which is lower than the national average.
To help us achieve consistent growth through all phases of a business cycle, we’re also
diversifying our earnings mix by business segment. Today, the Business Bank provides 73 percent
of our net income, and the other segments account for 27 percent. We believe we can grow Small
Business & Personal Financial Services, and Wealth & Institutional Management at faster rates than
the Business Bank so that, in the future, those areas will represent about 35 percent of our net
income and the Business Bank, 65 percent.
How are we achieving this new balance? We are achieving it by:
• Building our presence in our faster-growing markets in the Western and Texas Divisions, and
Florida, with new branch offices, because a large majority of our small business and middle
market customers are in the branches weekly;
• Capitalizing on our existing relationships to grow Personal Financial Services, and Wealth &
Institutional Management, and
• Leveraging our best practices in customer service programs and products across all of our
markets.
Unique approach to relationships – One competitive advantage that distinguishes Comerica
is our ability to build and retain customer relationships, and our customer satisfaction surveys
bear that out. We’re the right size to deliver relationship banking with all of the products and
capabilities of a large bank, but with the service of a community bank. Please turn to page six
to learn more about our relationships with our customers.
On the commercial side, over the last few years we’ve repositioned our loan portfolio away
from credit-only relationships, focusing primarily on long-term relationships with customers
who use many of our products. We also have focused on our North American platform,
offering our business customers products and services on both sides of the U.S. border.
And on the retail side of the business, branches now better assist customers in decision-
making, because our “single customer view” enables us to see their entire account portfolio
even if it spans more than one market.
Driving risk management to industry-leading level – In 2004, our goal was to refine and
reinvigorate the credit and risk management process at Comerica so that we consistently
produce superior credit results, keeping in mind the need to support quality growth in revenue
and earnings.
4
There are five “pillars” of risk: credit, market and liquidity, operational, compliance, and business risk,
the last of which is made up of reputational and strategic risk. Members of executive management
oversee these areas, and an Office of Corporate Risk Management reporting directly to me provides
an independent set of eyes that looks at the five areas to assess Comerica’s overall risk position.
In 2004 we took significant steps to improve our ability to identify, assess, monitor, control
and mitigate our risks. For example, on the credit side we developed new risk rating tools, and
reviewed and refreshed all of our credit policies. On the operational side, we rolled out a new
software system that identifies, measures and tracks operational risk.
Diversity – To help us emphasize our commitment both internally and externally, and create a
standard against which to measure our behaviors, we adopted diversity as a core value. We know
that embracing diversity is critical to the success of our organization.
Measure results – In 2004, we established many new processes and systems, and we continued to
align incentive compensation with performance. Because one of the most important pieces of any
business model is execution, we also put in place the proper metrics by which to measure our
results and hold ourselves accountable.
For example: in the Business Bank, we’re using relationship manager scorecards to measure
the growth of customer relationships, products/services and revenue for each relationship
manager. Similarly, we’re using common branch metrics and officer performance goals across
our franchise as we continue to build our presence in Texas and California. We’ve also rolled
out scorecards for branch and small business relationship managers.
Finally, and most importantly, we continue to evaluate and align business unit compensation
with corporate strategy.
In summary, we have expanded our branch network to capture more small business, middle
market and retail customers; reorganized and strengthened our Wealth & Institutional Management
Division; enhanced our capability to serve our customers on a nationwide basis; intensified our
focus on risk management; and put in place the metrics by which we’ll measure ourselves.
The most important component of all is our colleagues, who are dedicated to serving our customers,
and committed to our vision to help people be successful by “listening, understanding, and making
it work.”
Ours is a good business to be in, and we know it inside and out. It’s a business that can deliver
attractive returns. We have a strategy that can deliver those results, and we have a team to execute
that strategy.
Comerica has what it takes to be successful. I’m excited by the opportunities ahead of us.
Ralph W. Babb Jr.
Chairman and Chief Executive Officer
5
COMERICA’S Vision AND
Core Values COME TO LIFE FOR CUSTOMERS
“The CoStars are an extremely
important part of our culture in
Texas. The program strongly supports
our core values and vision, as well
as our business development goals.
By aligning volunteer activities with
officer leadership on non-profit
boards, we are able to make a
more meaningful impact in the
communities we serve.”
Charles L. Gummer
President & Chief Executive Officer
Comerica Bank-Texas Division
6
Comerica is organized into three highly focused operating units: The Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. The following pages highlight the important contribution each area makes to the overall success of Comerica.All units are guided by a single vision and by the same core values, including diversity, which is critical to Comerica’s success. These guiding principles are expressed through the relationships Comerica forges with custom-ers, such as those below:A minority-owned precision machining and assembly supplier in Romulus, Michigan, worked with Business & Development Services, Middle Market Banking and the Romulus branch office to finalize a business acquisition on New Year’s Eve that helped spare the company’s 65 jobs. Today, the company is now a part of the Aerostar Group and has nearly 100 employees.A Dallas, Texas-based husband and wife, joint owners of 10 fast-food locations, were looking for a better return on their invest-ments. Thanks to the teamwork of a Comerica branch manager and a financial consultant of Comerica Securities, the franchisees were able to find investments that provided them higher returns.For nearly two decades, the Western Division of North American Title Company, which has operations throughout California, Arizona, Colorado, and Nevada, has enjoyed a strong, mutually beneficial relationship with the Financial Services Division of Comerica Bank.These and other examples demonstrate how Comerica brings its vision and core values to life for customers. That’s why so many customers recommend Comerica to their family, friends and business associates. They know customer service is a way of life at Comerica.
Strengthening
COMMUNITIES
Silicon Valley not-for-profit organizations
that have done an excellent job of helping
people in need. Comerica employee
volunteers in California also raised funds for
the Juvenile Diabetes Research Foundation
and in 2004 earned special recognition in
Mountain View as the most successful
corporate or individual team. A similar top-
team honor went to the team of Comerica
colleagues who with their families and
friends participated in Santa Cruz County’s
Alzheimer’s Association Memory Walk 2004.
In Texas, Comerica volunteers — called
“CoStars” — helped the American Heart
Association in Dallas, and supported the
March of Dimes “WalkAmerica” in Dallas,
Houston and Austin.
In Florida, the Comerica Charitable
Foundation provided a grant to two
American Red Cross chapters to help victims
of hurricanes Charley and Frances.
Vision
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
Core Values
• Customer Service
• Diversity
• Flexibility/Adapting to Change
• Learning and Personal Growth
• Ownership
• Teamwork
• Trust/Integrity
7
Comerica’s vision and core values also come to life in the communities where it does business, through contributions, employee volunteerism and community partnerships, with the following illustrations:Comerica raised $2.3 million in employee pledges for United Way and the Black United Fund in 2004.In Michigan, under the banner “Comerica Cares,” colleagues volunteered their time in Detroit to help feed the homeless and working poor at the Capuchin Soup Kitchen, and packaged food for the needy at Gleaners Community Food Bank. Hundreds of Comerica colleagues participated in a walk- a-thon on Detroit’s Belle Isle in support of a young adult program of the National Conference for Community and Justice. And, in Grand Rapids, contributions to the National Alliance of Child Abuse Prevention and Gilda’s Club helped make a difference in that community.In California, Comerica was the presenting sponsor of San Jose Magazine’s annual “Lifeline Awards” luncheon, which honored
AT COMERICA,
Business Banking IS A PROVEN STRENGTH
“Businesses are always looking for
ways to improve the bottom line,
whether by boosting sales, increasing
efficiency, cutting costs, or a
combination of the three.
At Comerica, we view it as
our role to offer creative ideas along
with products and services that
support businesses on these fronts.”
J. Michael Fulton
President and Chief Executive Officer
Comerica Bank-Western Division
8
Comerica’s Business Bank offers corporate clients highly professional business lending, credit underwriting and cash management services. Local decision-making, experienced and seasoned staff, technologically advanced treasury management and international trade services, and an emphasis on skill versus scale help differentiate Comerica from the competition.Comerica’s expertise in building relationships with middle market banking customers (com-panies with annual sales of $10-500 million), in particular, is a distinct core competency. A 2004 nationwide survey revealed that middle market customers in Michigan, California and Texas consider Comerica one of the best business banks when it comes to managing client relationships.As a result of its geographic diversity, Comerica has developed specific expertise in a number of areas – automotive, energy, health care and education, entertainment, equipment leasing, commercial real estate, and technology and the life sciences, among them – and works closely with title and escrow companies, municipalities, automo-tive dealerships and others seeking experi-enced and dedicated financial resources.Customers, such as those below, recognize Comerica’s impact on their businesses:“Comerica has invested the time and the energy to get to know our business better,” said Craig Sincock, chairman and chief executive officer of Avfuel, an independent, Ann Arbor, Michigan-based supplier of aviation fuels and services.“We started with Comerica several years ago and the relationship has grown,” said Gordon Hartunian, president of ABC Warehouse, a Midwest appliance and electronics retailer. “It is important for your banker to listen, to be flexible and to respond to your concerns. Comerica does that for us.”“Comerica has been instrumental in financing acquisitions and other brand-building endeavors that have enabled us to grow, and the bank has been a true partner to us,” said Rodney Sacks, chairman and chief executive officer of Hansen Natural Corpora-tion, a Corona, California-based company that markets and distributes soft-drink alternatives and energy drinks.
Technologically ADVANCED SERVICES
FOR THE GROWING COMPANY
THE BUSINESS BANK
• Middle Market Banking
• Global Corporate Banking (International Banking,
Treasury Management Services, U.S. Banking and
Corporate Finance)
• National Business Finance (includes National Real
Estate, National Dealer Services, Equipment Leasing)
• Specialty Businesses (e.g., Entertainment, Energy,
Financial Services, and Technology & Life Sciences)
• W.Y. Campbell & Company
9
Comerica began accepting and processing substitute checks on October 28, 2004, the effective date of the new federal law commonly referred to as Check 21. Comerica is ideally positioned to process checks electronically with other banks, and is fully prepared to help businesses and individuals capitalize on the innovations and efficiencies made possible by Check 21.Comerica treasury management services such as Positive Pay are powerful tools to help businesses control fraud in the new image environment. Other technologically advanced services, such as Comerica NetVision®, Next Generation Treasury (NGTSM) and Comerica’s card-based stored value solutions, are designed to help businesses simplify and automate their cash management processes.Through GlobalTRADE WebSM, Comerica offers businesses fast, real-time international trade management. Comerica’s North American platform, with operations in the U.S., Canada and Mexico, is ideal for companies involved in cross-border trade. Comerica is among the top 10 EximBank working capital lenders in the United States.With Comerica eFXSM, Comerica’s secure online solution for foreign exchange transactions, business customers have access to customized reporting, real-time quotes, and the ability to efficiently manage recurring payments. The people, technology and products of Comerica’s Business Bank help commercial clients grow and succeed.
Building A STRONG
RETAIL FRANCHISE
“Outstanding customer service is
engrained in Comerica’s culture.
There’s a commitment to quality
across the entire organization.
Our focus on doing what’s best
for the customer is why our
customers continually give us top
marks for the service we provide.”
Connie Beck
Executive Vice President
Small Business & Personal
Financial Services
SMALL BUSINESS
& PERSONAL
FINANCIAL SERVICES
• Small Business Banking
• Branch Financial Centers
• Consumer and Mortgage Lending
• Telephone Banking
• Web Banking
10
Small Business & Personal Financial Services focuses on deepening relationships with consumers, and owners and managers of businesses, through the delivery of highly responsive and personalized financial products and services.Key distribution channels include branch financial centers, banking by personal computer and telephone, automated teller machines and supermarkets.Small Business & Personal Financial Services has a well-developed, team-based sales culture, with knowledgeable, professional and courteous staff focused on meeting the diverse needs of customers. The use of customer satisfaction surveys and national performance measures prove the needs of customers are being met.That’s because Small Business & Personal Financial Services strives to create the perfect customer experience.“Comerica has made all the difference in the world in helping us to grow as a company,” said Michelle Jackson, president of Diversity Products, a Michigan-based minority-owned packaging engineering company, which serves the automotive industry. “Comerica truly took the time to understand our business plan, model and customers.”New technology will be added to every branch financial center in 2005 to further enhance the service provided to customers.Comerica Web Banking® and Web Bill Pay® provide individuals and small businesses with a simple and convenient online way to manage their finances. “Comerica’s online services continue to delight me as a customer,” said Hindman Burris of Farmington Hills, Michigan. “Your new feature that allows us to view online our cancelled checks is a pleasant surprise that provides me an extra sense of security. I can now ensure that the check was written by me and bears my authentic signature.”
THE OPTIMAL distribution network
FOR SERVICE DELIVERY
11
Comerica is building new branches and refurbishing established branches in its major markets to help ensure the optimal distribution network for service delivery.Recent studies indicate that more than 90 percent of U.S. households use branches monthly, and that a large majority of small businesses and middle-market companies visit a branch weekly.Branches also provide an ideal referral source for customers seeking a broad range of wealth management or other personal services from Comerica.Comerica’s strategy is to cluster branches in prime areas where the greatest concentra-tion of target customers live and work. Target customers include small- and middle-market businesses, and their owners and managers, as well as retail customers in surrounding areas.New branch financial centers can be found in Plano, Katy and Houston, among other prime locations in Texas, as well as in Howell and Shelby Township in Michigan. In California, new branch financial centers are open for business in Newport Beach, Studio City, La Jolla and other desirable California markets. It is the combination of dedicated and highly motivated staff, convenient distribu-tion network, and fast and efficient transac-tion service that creates the model Comerica platform for delivery of services to customers.A standard line of deposit products for individuals and businesses, introduced in 2004, enables customers to bank with Comerica nationwide.
INTEGRATED, Regional Team APPROACH
TO CLIENT SERVICE
“Comerica Wealth & Institutional
Management has the people,
the experience, the resources and
a proven process in place to help
make a positive difference in the
lives of affluent individuals,
their families and businesses,
and other organizations they touch.”
Dennis Mooradian
Executive Vice President
Wealth & Institutional Management
Chairman and Chief Executive Officer
Munder Capital Management
12
Many financial service providers have wealth management capabilities. There is a difference at Comerica, however. Comerica Wealth & Institutional Management offers an integrated, team-based approach to service that places a premium on knowing and understanding client goals, needs and dreams.At Comerica, it’s all about relationships. “My wife and I have been Comerica customers for nearly 70 years,” said Dr. Frederick Lang. The Ann Arbor, Michigan, resident has several trust accounts with Comerica Wealth & Institutional Manage-ment and counts on the expert advice of the firm’s advisors. “When we need help, they are right there with us. I’ve always depended on Comerica and can’t imagine banking anywhere else.”“I have been in the gift-planning profession for the past 15 years, and my experience with Comerica’s Charitable Services Group (a unit of Wealth & Institutional Management) is unmatched by any other financial institu-tion. Our Planned Giving Office is much further ahead of other organizations because of this relationship,” said Thomas E. Dieters, executive director of development for Nova Southeastern University in Fort Lauderdale, Florida.Comerica understands that high-net-worth individuals often require specialized services:• Planning for the generational transfer of wealth;• In-depth financial and estate planning;• Planning associated with an upcoming liquidity event, such as the sale of a business;• The management of specialty assets, such as apartment buildings or wineries; and• Sophisticated investment strategies. The experts of Comerica Wealth & Institu-tional Management help clients identify their goals and time frames for achieving them; assess the level of comfort with risk versus potential investment returns; match objectives to suitable investments; and, provide ongoing counseling and support. And, with trust powers in all 50 states, Comerica is able to offer clients a full suite of trust capabilities.
Experienced INVESTMENT
MANAGEMENT professionals
WEALTH & INSTITUTIONAL MANAGEMENT
• Personal Trust
• Private Banking
• Comerica Securities
• Comerica Insurance
• Investment Management including Munder Capital
Management and Wilson, Kemp & Associates
• Institutional Trust
• Retirement Services
1313
Comerica’s holistic approach to wealth man-agement ensures a comprehensive review of the liability and asset sides of a client’s balance sheet. Whether it is a customized loan for a yacht, an equity line of credit for a vacation home, or investment manage-ment – such as sophisticated asset allocation analysis, security selection, and insurance often used for estate planning purposes – clients receive the personalized attention they deserve.Comerica’s proprietary investment man-agement capabilities and expertise extend over many decades and through numerous economic cycles. Through its interests in Munder Capital Management and Wilson, Kemp & Associates, Comerica provides a full array of investment products and services for individuals, institutions and corporations.Comerica’s investment management profes-sionals help clients keep money working for them, through portfolio design and manage-ment, the use of asset allocation strategies, sophisticated investment vehicles such as hedge funds, and through other customized, value-added services. Munder Capital Management, with $37.8 billion in assets under management, is known for its entrepreneurial culture, its experienced team of professionals who deliver client-tailored investment solutions, and its disciplined investment philosophy. Munder’s clients include corporations, public and private pension fund sponsors, trustees of charitable foundations and universities, insurance companies and private investors. Wilson, Kemp & Associates, Inc. provides active investment management services to charitable institutions, private investors, corporations and others.Comerica’s Wealth & Institutional Manage-ment offices can be found in local com-munities in Michigan, California, Texas and Florida, as well as in other select markets. These offices include local specialists – trust and estate advisors, private bankers, portfo-lio managers, and insurance and brokerage experts – who can help clients navigate through a myriad of complex financial issues. Comerica combines the strength of a national brand with local customization to help meet clients’ everyday wealth management needs.That’s the Comerica difference.
COMERICA INCORPORATED
Board of Directors
12
4
8
14
5
11
9
10
3
7
15
6
1
13
2
16
17
14
1
Ralph W. Babb Jr.
Chairman and
Chief Executive Officer
Comerica Incorporated and
Comerica Bank
2
c
Lillian Bauder, Ph.D.
Vice President
Masco Corporation
(manufacturer of diversified
household and consumer
products and services)
3
Joseph J. Buttigieg III
Vice Chairman
Comerica Incorporated and
Comerica Bank
12
Robert S. Taubman
Chairman, President and
Chief Executive Officer
The Taubman Company
(shopping center management
company engaged in leasing,
management and construction
supervision)
13
c c
William P. Vititoe
Retired Chairman, President
and Chief Executive Officer
Washington Energy Company
(diversified energy company,
now Puget Sound Energy, Inc.)
14
Patricia M. Wallington
President
CIO Associates (consulting firm)
15
c
Gail L. Warden
President Emeritus
Henry Ford Health System
(not-for-profit healthcare
corporation)
16
c
Kenneth L. Way
Retired Chairman
Lear Corporation
(manufacturer of automotive
components)
17
Reginald M. Turner Jr.
Member
Clark Hill PLC
(a full-service law firm)
Appointed to board January 24, 2005
7
Anthony F. Earley Jr.
Chairman and
Chief Executive Officer
DTE Energy Company
(diversified energy company)
8
Investor
Max M. Fisher
9
Roger Fridholm
President
St. Clair Group
(private investment company)
10
Todd W. Herrick
Chairman, President and
Chief Executive Officer
Tecumseh Products Company
(manufacturer of engines and
powertrain components for lawn
and garden applications)
11
Alfred A. Piergallini
Retired Chairman, President
and Chief Executive Officer
Novartis Consumer Health
Worldwide; Consultant, Desert
Trail Consulting (marketing
consulting organization)
BOARDCommittees
Audit & Legal
Compensation
Corporate Governance
& Nominating
Public Responsibility
Qualified Legal Compliance
Risk Asset Quality Review
c Committee Chairperson
IN MEMORIAM: Max M. Fisher passed away March 3, 2005. He was a man of great vision and integrity, a friend,
generous to all and a Detroit icon. His outstanding service and dedication to Comerica will always be remembered.
15
c
4
James F. Cordes
Retired Executive Vice President
The Coastal Corporation
(diversified energy company)
5
Peter D. Cummings
Chairman
Ram Realty Services
(private real estate management
and development company)
6
J. Philip DiNapoli
President
JP DiNapoli Companies, Inc.
(real estate investment,
development and
management company)
Management
POLICY COMMITTEE
JOHN D. Lewis
VICE CHAIRMAN
CORPORATE SERVICES
JOSEPH J. Buttigieg III
VICE CHAIRMAN
BUSINESS BANK
ELIZABETH S. Acton
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
RALPH W. Babb Jr.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
CONNIE Beck
EXECUTIVE VICE PRESIDENT
SMALL BUSINESS & PERSONAL
FINANCIAL SERVICES
JON W. Bilstrom
EXECUTIVE VICE PRESIDENT
GOVERNANCE, REGULATORY RELATIONS
& LEGAL AFFAIRS
JOHN R. Beran
EXECUTIVE VICE PRESIDENT AND
CHIEF INFORMATION OFFICER
J. MICHAEL Fulton
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
COMERICA BANK-WESTERN DIVISION
DALE E. Greene
EXECUTIVE VICE PRESIDENT AND
CHIEF CREDIT OFFICER
JAMES E. Lake
SENIOR VICE PRESIDENT
CORPORATE HUMAN RESOURCES
CHARLES L. Gummer
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
COMERICA BANK-TEXAS DIVISION
16
MICHAEL H. Michalak
SENIOR VICE PRESIDENT
CORPORATE PLANNING,
DEVELOPMENT & RISK MANAGEMENT
DENNIS J. Mooradian
EXECUTIVE VICE PRESIDENT
WEALTH & INSTITUTIONAL MANAGEMENT
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
MUNDER CAPITAL MANAGEMENT
2004 NATIONAL QUALITY
Excellence
AWARD WINNERS
Congratulations TO
ROLAND Odeleye
CORPORATE TECHNOLOGY SERVICES
OVERALL WINNER
2004 NATIONAL QUALITY EXCELLENCE AWARD
Finalists
These nine finalists were also recognized
for their dedication to quality:
Front row (left to right)
Bobby Burton, Client Production Services; Sharon Walsh,
Telephone Banking Administration; Susan Orr, Branch
Administration-Process Management
Back row (left to right)
Kelleen Rojas, Treasury Management Services (California); Robert
Buchanan, Telephone Banking Administration; Wilkes Elgiar, Service
Company Administration (Texas); David Mistiatis, Deposit Services
Administration; Thomas Horn, Architecture & Technology Planning;
Kristi Robins, Rockford Office
17
OUR
Organization
Texas Division
Western Division
Charles L. Gummer
President and Chief Executive Officer
Comerica Bank-Texas Division
J. Michael Fulton
President and Chief Executive Officer
Comerica Bank-Western 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.
Offices: 52
ATMs: 59
333 W. Santa Clara Street, MC 4805
San Jose, California 95113-1713
(408) 556-5000
Headquartered in San Jose, with offices in
San Francisco, San Jose, Los Angeles, Orange
County, San Diego, Fresno, Sacramento and
Santa Cruz/Monterey. Additional regional
office in Phoenix, Ariz. Comerica
entered the Calfornia market in 1991.
Offices: 50
ATMs: 44
Commercial BANKS
COMERICA BANK
Ralph W. Babb Jr.
Chairman 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).
Offices: 263
ATMs: 428
18
OTHERComerica Locations
CITY
Barrington, IL
Bellevue, WA
Boston
Chicago
Cincinnati
Cleveland
Denver
Las Vegas
Memphis
Minneapolis
New York
Phoenix
Princeton, NJ
Raleigh-Durham
Reston, VA
Rocky Mount, NC
Wilmington, DE
BUSINESS
SBA Lending
Technology & Life Sciences
Trust Services, Technology & Life Sciences
Trust Services, International Finance,
National Dealer Services, U.S. Banking
Middle Market Banking
Middle Market Banking, SBA Lending
National Dealer Services, Trust Services
U.S. Banking
Trust Services
Trust Services
Trust Services, Technology & Life Sciences
Commercial Real Estate, Middle Market Banking,
SBA Lending, Trust Services
Trust Services
SBA Lending
Technology & Life Sciences
Trust Services
Trust Services
Florida Region
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 and Weston.
Comerica entered the Florida market
in 1979.
Offices: 6
ATMs: 4
Canadian Region
John H. Tan
Interim Managing Director-Canadian
Region
Royal Bank Plaza, South Tower
200 Bay Street, Suite 2210
P.O. Box 61
Toronto, Ontario M5J 2J2
(416) 367-3113
Headquartered in Toronto with commercial
banking offices in Toronto and Windsor.
COMERICA BANK MEXICO, S.A.
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.
OTHERComerica Units
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, corporate and public finance, mutual
funds and annuities, along with a full suite
of fee-based investment management
services.
MUNDER CAPITAL MANAGEMENT
Provides investment advisory services
to institutions, municipalities, unions,
charitable organizations and private
investors across North America, and also
serves as investment manager for The
Munder Funds.
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.
19
SHAREHOLDER INFORMATION
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:
WRITTEN REQUESTS:
Wells Fargo Shareowner Services
P.O. Box 64854
St. Paul, MN 55164-0854
(877) 536-3551
stocktransfer@wellsfargo.com
CERTIFIED/OVERNIGHT MAIL:
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 par-
ticipating 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 17, 2005, 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.
20
STOCK PRICES, DIVIDENDS AND YIELDS
Quarter
2004
Fourth
Third
Second
First
2003
Fourth
Third
Second
First
High
Low
Dividends
Per Share
Dividend
Yield*
$63.80
61.48
56.99
59.23
$56.34
49.75
53.58
46.74
$57.81
53.00
50.45
52.30
$46.38
45.28
37.79
37.10
$0.52
0.52
0.52
0.52
$0.50
0.50
0.50
0.50
3.4%
3.6
3.9
3.7
3.9%
4.2
4.4
4.8
* 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, 2005 there were 15,439 holders of record of the
Corporation’s common stock.
OFFICER CERTIFICATIONS
On June 11, 2004, Comerica’s Chief Executive Officer submitted
his annual certification to the New York Stock Exchange stating
that he was not aware of any violation by the Corporation of the
Exchange’s corporate governance listing standards. Comerica filed
the certifications by its Chief Executive Officer and Chief Financial
Officer required by Section 302 of the Sarbanes-Oxley Act of 2002
as exhibits to its Annual Report on Form 10-K for the fiscal year
ended December 31, 2004.
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 communi-
ties it serves. Following are the most recent CRA ratings in each of
the states in which Comerica operates which are subject to CRA:
Florida ............ Satisfactory
Michigan .... Outstanding
Arizona ........... Satisfactory
California ..... Satisfactory
Washington .... Satisfactory
Texas ............. Satisfactory
EQUAL EMPLOYMENT OPPORTUNITY
Comerica is committed to its affirmative action program and prac-
tices, 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 metro Detroit area)
www.comerica.com
MEDIA CONTACT: Sharon R. McMurray (313) 222-4881
INVESTOR CONTACT: Helen L. Arsenault (313) 222-2840
We listen. We understand. We make it work.®
Comerica Incorporated
Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226
www.comerica.com