local
markets
C
O
M
E
R
I
C
A
I
N
C
O
R
P
O
R
A
T
E
D
2
0
0
5
A
N
N
U
A
L
R
E
P
O
R
T
Comerica Incorporated
Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226
www.comerica.com
2 0 0 5 A N N U A L R E P O R T
Reaching
contents
1 Financial Highlights
2 At-a-Glance
4 Letter to Shareholders
8 Western Market
10 Texas Market
12 Michigan Market
14 Florida Market
15 Canada & Mexico Markets
16 Other Comerica Locations/Units
17 Board of Directors/Management
Policy Committee
18 Shareholder Information
Corporate
profile
Comerica Incorporated (NYSE: CMA) is a financial services
company headquartered in Detroit, strategically aligned by
three business segments: The Business Bank, The Retail
Bank, and Wealth & Institutional Management. Comerica’s
approximately 10,800 employees focus on relationships, and
helping people and businesses be successful. Comerica Bank
locations can be found in Michigan, Texas, California, Arizona
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.
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
Major League Baseball All-Star Game
July 12, 2005, Comerica Park
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: Paul E. Burdiss (313) 222-2840
financial
highlights
(DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA)
Years Ended December 31
CHANGE
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
Average common shares outstanding – basic
Average common shares outstanding – diluted
2005
$1,956
2004
$1,810
AMOUNT PERCENT
8%
$146
861
757
5.17
5.11
2.20
31.11
56.76
167
169
4.41
4.36
2.08
29.94
61.02
172
174
104
0.76
0.75
0.12
1.17
(4.26)
(5)
(5)
14
17
17
6
4
(7)
(3)
(3)
RATIOS
Return on average assets
Return on average common shareholders’ equity
Average common shareholders’ equity
as a percentage of average assets
1.64%
1.49%
16.90
9.71
15.03
9.90
Tier 1 common capital as a percentage of
7.86
8.13
risk-weighted assets
BALANCE SHEET (at December 31)
Total assets
Total earning assets
Total loans
Total deposits
Total common shareholders’ equity
$53,013
48,646
43,247
42,431
5,068
$51,766
48,016
40,843
40,936
5,105
$1,247
2%
630
2,404
1,495
(37)
1
6
4
(1)
Net Income
(in Millions)
$861
$757
$661
$601
$710
2005
2004
2003
2002
2001
Diluted Net Income
Per Common Share
$5.11
$4.36
$3.75
$3.40
$3.88
2005
2004
2003
2002
2001
1
At-a- glance
The Business Bank
Overview
The Business Bank provides companies with a full
range of credit and non-credit financial products
and services. Its representatives build long-lasting
relationships with business owners and managers,
with a special emphasis on those at middle market
companies. The Business Bank offers corporate
clients highly professional business lending, cash
management and global trade services.
2005 Achievements
•
Average Commercial Real Estate loans were
$5.5 billion, with growth of 39 percent and 20
percent, respectively, in the fast-growing markets
of Austin, Texas and Orange County, California
National Dealer Services loans were a record
$4.8 billion at year-end 2005
Average Middle Market loans of $14.7 billion were
up 6 percent from 2004, with the Western and
Texas markets contributing 37 percent of the total
Created a Specialized Industries department
within Global Corporate Banking to leverage
synergies between the Financial Institutions,
Healthcare & Education Lending, and Municipali-
ties & Specialty Services groups
Streamlined treasury management online
product delivery through Treasury Management
ConnectSM, or TM Connect, for short
Launched Comerica Business Deposit Capture,
which enables businesses to scan (capture)
images of checks at their own locations and
transmit them electronically to Comerica for
deposit
Attained the Ex-Im Bank “Fast Track” lender
designation for working capital loan approvals
up to $25 million
Competitive Advantages
•
Relationship managers have 15-20 years of
experience, on average
Technologically advanced treasury management
and global trade services
North American commercial banking platform
Comerica ranks #6 among Ex-Im Bank working
capital lenders
Ability and willingness to lend through all phases
of an economic cycle
Niche business specialties (e.g., Energy,
Technology & Life Sciences, Entertainment,
Financial Services)
Strategies
•
Continue to diversify the loan portfolio by
geography and business
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Leverage relationships with The Retail Bank and
Wealth & Institutional Management segments to
enhance cross-selling efforts
Leverage investments in technology to deliver
a single online portal for business customers
Capitalize on opportunities created by the
establishment of a representative office in
Shanghai, China
Develop new and innovative products to meet
evolving business customer needs
Optimize early entry into check imaging and
remote capture
The Retail Bank
Overview
The Retail Bank (formerly known as Small Business &
Personal Financial Services) provides personalized
financial products and services to consumers, small
businesses, and owners and managers of small
businesses. These services are provided through
traditional banking centers and ComeriMARTs, Web
Banking, telephone banking and ATMs. Knowledge-
able, professional and courteous staff focus on
serving customers and deepening their relationships
with customers.
2005 Achievements
•
Opened 18 banking centers, 17 of which were in
the high growth markets of Texas, California and
Arizona
Received five awards for excellence in serving
small businesses from Greenwich Associates in
their Business Banking Research Program,
demonstrating skills and commitment to helping
small business owners be successful
Installed new hardware in banking centers in
preparation for the 2006 rollout of TRiO, a
comprehensive sales and sales management
system that will further improve sales and service
accountability and further enhance the ability to
help customers achieve their goals
Upgraded Web Bill Pay service to allow customers
to make bill payments faster and easier
Launched new automated application system for
consumer loans to improve turnaround times to
customers
Implemented a program to allow banking center
sales managers to focus more on their customers
by relieving their operational and administrative
responsibilities
Added a Spanish language option on all ATMs
nationwide
•
•
•
•
•
•
2
Competitive Advantages
•
Comerica ranks #8 among the largest SBA 7(a)
lenders in the nation
Comerica ranks among the top 20 banking
companies in small business loans
One of the fastest and most reliable web banking
services in the country
Highly satisfied customers
Skill, knowledge and tenure of employees
Relationship approach to serving small business
owners
Strategies
•
Implement national platform, including customer
contact centers, products and processes, and
partnering with the Comerica Loan Center on the
efficient delivery of small business and consumer
loan products
Energize sales through improved accountability,
training, incentives and products focused on
customer needs and helping customers achieve
their goals
Expand and improve access points, including the
continuation of the banking center expansion
program and reinvestment and optimization of the
Michigan market
Apply technology to further enhance ability to
create solutions for customers
Wealth & Institutional
Management
Overview
Comerica’s Wealth & Institutional Management
segment serves the needs of affluent clients,
foundations and corporations and includes Private
Banking, Comerica Securities, Comerica Insurance,
Personal Trust, Strategic Alliances, Institutional Trust,
Retirement Services, Munder Capital Management,
Comerica Asset Management and Wilson Kemp.
2005 Achievements
•
Munder Capital Management was ranked among
the fastest-growing managers in non-proprietary
channels, according to Strategic Insight
Munder’s Mid-Cap Growth Fund (Y) was ranked
by Lipper as the #1 Mid-Cap Growth Fund over
the past five years
Barron’s ranked Munder as 10th-best performing
fund family for 2004 and 5th-best performing
fund family in domestic equity
Successfully launched Private Client Investment
Management Account (PCIM) at Comerica Securi-
ties that invests in the Comerica model portfolios
Introduced Managed Portfolio Solutions (MPS)
that invests in selected non-proprietary
money managers and provides customized
asset allocation
•
•
•
•
•
•
•
•
•
•
•
•
Competitive Advantages
•
A strong middle market corporate client base,
which knows Comerica as a trusted financial
institution
Superior relationship management skills; many
families have worked with Wealth & Institutional
Management for up to seven generations
Tenured and experienced staff
Focus of Wealth & Institutional relationship
managers on referrals and cross-sales
Investment products, resources and performance
Presence in national growth markets in California,
Texas, Arizona and Florida
Strategies
•
•
Develop and expand core services
Hire, develop and retain exceptional employees
through a rewarding culture and competitive
incentive plans
Generate greater volume of leads through internal
referral sources and improve cross-selling and
cross-referring capabilities
Enhance workload efficiencies to enable
relationship managers to spend more of their time
selling and servicing high-net-worth clients
•
•
•
•
•
•
•
Average Deposits
The Business Bank 52%
The Retail Bank
42%
Wealth &
Institutional
Management
6%
Average Loans
The Business Bank 79%
The Retail Bank
13%
Wealth &
Institutional
Management
8%
Net Income
The Business Bank 71%
The Retail Bank
18%
Wealth &
Institutional
Management
11%
Data is for 2005 and excludes Finance/Other
3
Ralph W. Babb Jr.
Chairman and
Chief Executive Officer
Comerica
Incorporated Letter to Shareholders
I am pleased to report to you that the strategy we put in place two years ago is working. As a
result of our sharp focus on the six key drivers of that strategy – growth, balance, relationships,
risk management, accountability and diversity – and the intense determination of our colleagues
to help customers succeed, we demonstrated solid financial performance in 2005.
4
We are expanding in growing markets in California, Texas, Arizona and Florida, while maintaining our
leadership position in Michigan. We continue to receive high scores in customer satisfaction surveys for
all of our lines of business. We steadily improved our credit quality, continuing the positive trend that
began in 2004. And we ranked in the top 50 companies for diversity by DiversityInc Magazine.
In 2005, we reported net income of $5.11 per diluted share, return on equity of 16.90 percent and
return on assets of 1.64 percent.
During 2005 we returned excess capital to our shareholders through our share repurchase and dividend
programs, with a total payout of 104 percent of earnings. Comerica has increased its annual dividend
for 37 consecutive years.
Here is a review of our progress on each of the key drivers of our strategy.
GROWTH
In 2006, we will complete our three-year plan to open 50 new banking centers in strong growth
markets, primarily in Texas and our Western Market, which includes California and Arizona.
While we won’t be in every location, we’ll be in the right locations to serve our target business,
wealth management and retail customers.
By the end of 2005, we opened 35 new banking centers, including 17 in California,
10 in Texas, six in Michigan and two in Arizona. In Michigan, we also consolidated
some branches and refurbished others, as we continue to optimize our market-leading
position there.
Expanding and improving our access points for customers is one part of our four-part
strategy to grow The Retail Bank. The other parts include:
• Creating national platforms to assure we provide consistent, superior customer
service and a strong product line in all of our markets;
• Energizing our sales efforts to enhance our customer relationships; and
“We are expanding
in growing markets
in California, Texas,
Arizona and
Florida, while
maintaining our
• Applying technology to expand our capabilities to meet our customers’ financial
leadership position
requirements quickly and efficiently.
in Michigan.”
Skilled, experienced teams of bankers who deliver on customer promise are critical to the
success of our Retail strategy.
The Business Bank is growing steadily, particularly in Texas and California. We continue
to develop new products and services to enable our customers to be more efficient and to help them
grow. For example, we offer prepaid debit cards to our corporate customers and to a number of states
including Georgia, Utah and Virginia, to help reduce the expense of disbursing payroll to employees.
We are also developing a single web-based corporate banking portal through which business
applications will flow, providing our customers with the customized information and tools they need
to succeed. Called Comerica Business Connect, it’s a great example of the kind of innovation that
will help us meet the growing online needs of our business customers.
And, we plan to open a new office in Shanghai, China, to better assist U.S. businesses – especially
those in California – that are interested in building relationships with the Chinese manufacturing and
consumer markets.
In 2005, the Wealth & Institutional Management Division underwent significant internal change to
prepare to take advantage of the untapped potential for its products and services in our client base
in all our markets.
A new organizational structure was put in place, as well as new compensation plans to better align
individual and corporate success. Existing products were introduced to new markets, and new
products were developed, including two new Comerica Securities’ accounts, the Private Client
5
Investment Management Account (PCIM) and Managed Portfolio Solutions (MPS), to provide
our customers with investment expertise that is responsive to their needs.
By virtually any measure, Munder Capital Management had an exceptional year in 2005. The relative
performance of the firm’s investment products exceeded their benchmarks nearly across the board,
with all of the firm’s diversified equity disciplines and all bond styles besting their industry yardsticks for
the year. This superior investment performance is a primary reason for the firm’s significant increases in
sales and asset growth in both the retail and institutional market groups in 2005.
BALANCE
To help us achieve consistent growth through all phases of a business cycle, we are diversifying our
earnings mix by business segment and geographic market.
The markets outside of the Midwest contributed approximately 46 percent of the net income from our
geographic markets for 2005, and our strategy is to continue to grow that number.
Today, Comerica operates in seven of the 11 largest cities in the United States: Los Angeles, Houston,
Phoenix, San Diego, Dallas, San Jose and Detroit. According to U.S. Census Bureau projections,
two-thirds of all Americans will live in the southern and western United States by 2030, with 30 percent
in just three states – California, Texas and Florida.
The market diversification strategy put in place more than 10 years ago is working. As states’
economies fluctuate, this strategy helps to balance the impact of an economy that is not performing
as well as others.
We’re also making the investments necessary to balance our net income by line of business.
For 2005, The Retail Bank and Wealth & Institutional Management segments provided 29 percent
of the net income from our business segments. We want to grow that percentage by cross-selling
our personal and wealth management products and services to our existing customers, particularly
our business customers, as well as by developing new customer relationships.
RELATIONSHIPS
This is our competitive edge, our core strength. Colleagues in all three divisions – The Business Bank,
The Retail Bank, and Wealth & Institutional Management – are focused on building and enhancing
relationships with customers. And they’re doing it right: according to customer satisfaction survey
scores in all of our lines of business, our ability to build and retain customer relationships is high.
Customers appreciate the fact that we are offering the products and capabilities of a large bank with
the service of a community bank. They appreciate the accessibility of our officers and their long tenure
at Comerica. Our customers tell us we are professional, and we inspire their trust and confidence.
This is the culture we take with us when we enter new markets.
Return on Average Common
Shareholders’ Equity
16.90%
15.03%
13.12%
12.31%
15.16%
2005
2004
2003
2002
2001
Cash Dividends Declared
Per Common Share
$2.20
$2.08
$2.00
$1.92
$1.76
2005
2004
2003
2002
2001
6
RISK MANAGEMENT
The five “pillars” of risk are credit, market and liquidity, operational, compliance, and business risk,
the last of which is made up of reputational and strategic risk. In 2005, there were a number of
significant accomplishments related to risk management.
For example, our credit quality was at an historically strong level, as measured by any metric.
We developed a number of processes that will protect Comerica and its customers: Third-Party Risk,
which helps colleagues working with outside vendors identify and monitor the risks involved in those
business relationships; Anti-Money Laundering, to ensure that we have strong anti-money laundering
procedures in place to meet or exceed regulatory agency expectations; and Privacy, to ensure that all
colleagues understand the requirements of privacy and consumer protection laws.
ACCOUNTABILITY
Because execution is one of the most important components of any business model, we are
continually developing and updating the metrics by which we measure our results and hold
ourselves accountable.
Each division has specific scorecards to monitor and evaluate the quantity and quality of customer
interaction, to ensure that we accurately assess the customers’ needs and recommend the most
appropriate product or service.
For example, when we embarked on our three-year plan to open new banking centers in high-growth
markets, we strengthened our metrics around site selection, deposit tracking and profitability reporting.
We also expanded our financial reporting this year so that shareholders and others can now see the
contributions to Comerica’s net income from our primary geographic markets in addition to our three
major business segments.
DIVERSITY
We take diversity seriously here at Comerica. Our goals are to:
• establish Comerica as a leader in diversity and work life practices
• position Comerica as the partner of choice for our multicultural constituencies
• hire, retain and develop a diverse work force
For the first time, Comerica ranked in DiversityInc’s “Top 50 Companies for Diversity.” We were
34th in the survey, the only national ranking of its kind, and considered the most in-depth empirical
analysis of corporate diversity management and planning. Companies were evaluated based on their
commitment to diversity in a number of areas including corporate leadership commitment, corporate
communications and supplier diversity, among others.
The solid financial performance we reported for 2005 is the result of our successful execution of
our strategy. We’ve charted a course for Comerica, and we’re investing in the people, products,
technology and new banking centers that will enable us to grow well into the future.
Ralph W. Babb Jr.
Chairman and Chief Executive Officer
7
i
o
c
s
c
n
a
r
F
n
a
S
,
e
g
d
i
r
B
e
t
a
G
n
e
d
o
G
l
i
a
n
r
o
f
i
l
a
C
,
y
t
i
C
y
r
u
t
n
e
C
i
x
n
e
o
h
P
,
k
r
a
P
s
’
t
o
i
r
t
a
P
Comerica’s
Western
market
Banking center openings – more than one
per month throughout 2005 – continued to
signal the start of a new era for Comerica Bank
in the West. By late January 2006, there were
62 banking centers in California and Arizona,
50 percent more than there had been
18 months earlier.
The year 2005 saw the unfolding
in the West of new strategies
underlying the banking center
expansions: Small business
owners and residents in affluent
communities in California’s
big three metro regions –
San Francisco/San Jose,
Los Angeles/Orange County
and San Diego – discovered
that Comerica also could meet
their personal banking,
small business and retail
banking needs.
San Francisco and Walnut Creek
saw street-level Comerica Bank
locations for the first time in
2005. Other cities, such as
San Diego and Century City
(Los Angeles), saw Comerica
Bank announced as a lead
tenant in centerpiece high-rise
office buildings. In Arizona, the first two street-
level banking centers opened in the Phoenix-
Scottsdale area in December, with more to
come in 2006 and beyond.
David White assumed additional duties as
Southern California regional
president, and will be moving in
2006 into the signature building
at Century City that will serve as
the new Southern California
regional headquarters.
“While we grow,
we continue to
distinguish
ourselves from the
competition by
providing personal
and responsive
service.”
Mike Fulton
President and
Chief Executive Officer
Comerica Bank–
Western Market
8
The Entertainment Division,
which financed the Academy
Award-winning movie, “Crash,”
also will move from Beverly Hills
into the new Century City
building, aptly named 2000
Avenue of the Stars.
Comerica enhances its business
banking reputation in the region
as the “Official Bank of the Los
Angeles Lakers,” and the
Entertainment Division’s sports
lending group has built on that
reputation, with new banking ties
to the Oakland A’s, Florida
Marlins, Arizona Diamondbacks
and Minnesota Vikings.
BANKING CENTERS: 62
LOCATIONS:
Phoenix/Scottsdale, Ariz.; and in California:
San Francisco, the Peninsula, the East Bay;
Los Angeles, Orange County, San Diego and
Santa Cruz/Monterey
Expanded offices in 2005 in Costa Mesa
matched the bank’s growth in Orange County,
and became the western headquarters for Small
Business Banking. Comerica executives attended
a groundbreaking in downtown San Diego for a
new office building where the Comerica Bank
logo will tower over the right-field fence at Petco
Park, home of the San Diego Padres.
California proved to be a good platform in 2005
from which to operate national business units.
Among them, Small Business Banking, led by
Peggy Bradshaw; Financial Services, led by
Chuck Pohl; and Technology & Life Sciences,
led by Greg Belanger.
The horizons are broadening, not just in Arizona,
but all the way to China. To better serve U.S.
businesses interested in building connections to
the vast Chinese manufacturing and consumer
base, Comerica — through its International
Banking department — is establishing a
representative office in Shanghai. The Western
Market, in particular, expects to capitalize on the
many new business opportunities that will be
created by the office. Helen Huang, a bank vice
president and Shanghai native, is moving to her
e
n
i
l
y
k
S
a
n
h
C
i
,
i
a
h
g
n
a
h
S
home city to help Comerica establish the
representative office. During 2005, Huang joined
California Gov. Arnold Schwarzenegger as the
representative for the California banking industry
on a U.S. trade mission to China.
The West is not only a proving ground for the
continued diversification of the bank’s core
businesses, but for the cultural diversity of its
work force and customer base as well. This has
led to important connections to new communi-
ties. In Los Angeles, for example, Comerica
officers used billboards and distributed 22,000
complimentary tickets to local area businesses
for the Latino Business Expo, reported in Spanish
language media. The bank also advertised small
business services in African-American, Hispanic,
Chinese and Korean publications, where materials
were developed in Spanish, Cantonese, Mandarin
and Korean.
Comerica has been able to grow in the West,
as it has in other locations, by growing with the
businesses it serves.
“While we grow, we continue to distinguish
ourselves from the competition by providing
personal and responsive service,” said Mike
Fulton, president and chief executive officer of
Comerica Bank-Western Market. “Our customers
get a high level of attention from experienced
relationship officers, who are empowered to act
swiftly on their behalf. Customers also have
regular access to senior management, where
they see firsthand our commitment to their
success. It’s a winning formula for our customers
and Comerica.”
9
s
a
l
l
a
D
,
r
e
t
n
e
C
e
r
u
t
p
u
c
S
r
e
h
s
a
N
l
Comerica’s
Texas
market
n
i
t
s
u
A
,
l
o
t
i
p
a
C
e
t
a
t
S
In 2005, the state of Texas continued to
flourish, as jobs, population and the overall
economy experienced steady growth.
Texas has been designated as one of Comerica’s
major growth markets, and the focus on office
expansions remained strong over
the last year. Seven new banking
centers were added in Dallas
and Houston, bringing the Texas
total to 59. Two banking centers
were relocated, and other offices
across the state were refurbished
to provide a more inviting
customer experience.
“Comerica continues
to emerge as a
growing force in this
highly competitive
market, dedicated to
Texas expansion will continue
in 2006, with a commitment to
building a strong Comerica
presence in this important
market. Already, the Texas
banking centers opened in 2004
and 2005 are showing results
ahead of financial plans for their
deposit and loan generation.
A critical key to the success of
Comerica in the Lone Star State
has been its clearly defined
market focus. Comerica
continues to concentrate on
meeting the needs
of our customers
in a dynamic
environment.”
Chuck Gummer
President and
Chief Executive Officer
Comerica Bank–
Texas Market
10
providing a broad range of services to a specific
market niche — small- and medium-size, owner-
managed businesses.
“We are focused on working together to build
new opportunities and referrals among business
segments, and enhancing our
customers’ overall Comerica
experience,” said Chuck Gummer,
president and chief executive
officer of Comerica Bank’s Texas
market. “Key to our success has
been the ability to recruit and
retain top talent dedicated to our
vision of helping our customers be
successful. Without a doubt, this
is an exciting time to be in
business in Texas.”
Over the last year, Comerica
remained active in the commu-
nity, supporting such causes as
United Way, March of Dimes,
American Heart Association,
Junior Achievement, and a
variety of other organizations
and civic endeavors dedicated
to education, health and human
services, arts and culture, and
serving those in need.
n
o
t
s
u
o
H
,
t
c
i
r
t
s
D
i
l
i
a
c
n
a
n
F
i
BANKING CENTERS: 59
LOCATIONS:
Dallas/Fort Worth, Houston, Austin
In 2005, the nation was devastated by the effects
of Hurricane Katrina, and Comerica was ready
to help, donating funds and its employees’ time
and energy to assist in volunteer relief efforts.
Hurricane Rita brought a new set of challenges,
as Comerica colleagues again reached out to
help customers and the community prepare for
evacuation and return to “business as usual” in
South and Central Texas.
Comerica Business Forums provided excellent
opportunities for customers and community guests
to hear about important business and world affairs
issues from internationally recognized speakers.
Programs in Dallas and Houston provided timely
insights from speakers Tom Ridge, former
Secretary of Homeland Security; Pulitzer Prize-
winning political columnist George Will; and best-
selling business management author and former
Navy Commander Michael Abrashoff.
11
The new Comerica Collin 60 was established in
2005, showcasing the fastest-growing businesses
in Collin County, Texas, one of the rapidly growing
communities in the nation. This new awards
program recognizes small businesses that bring
new ideas to the marketplace, create jobs, and
stimulate the local economy.
In the state’s capital city, Tim Klitch was named
Austin market president, overseeing the bank’s
Austin business growth.
Comerica’s Energy Finance division appointed a
new Denver lending officer, Matthew Purchase,
to serve accounts in the growing Rockies region.
The division provides companies in the energy
industry with the specialized financial services
and support they need.
Lending to faith-based organizations remained
strong in all Texas markets.
“2005 was a strong year for Comerica in Texas.
Texas continues to be a strong financial market,
as indicated by the number of new community
banks, acquisitions and mega-banks entering the
state,” said Gummer. “Comerica continues to
emerge as a growing force in this highly competi-
tive market, dedicated to meeting the needs of
our customers in a dynamic environment.”
t
i
o
r
t
e
D
,
w
o
R
s
’
t
n
a
h
c
r
e
M
s
l
l
i
H
n
r
u
b
u
A
,
h
c
e
T
k
a
O
Comerica’s
Michigan
market
Against the backdrop of a Michigan
economy that moved sideways in 2005,
Comerica – the oldest banking company
headquartered in the state – leveraged its strong
market position to maximize new business
opportunities.
team of colleagues and excellent customer
service help make Comerica a retail banking
leader in Michigan,” said Michael Aust,
national Retail Banking director.
Comerica’s brand recognition in the mature
Michigan market remains rock solid. Major
League Baseball’s All-Star Game at Comerica
Comerica’s personal approach to relationship
banking assisted business
owners and managers as they
looked, for example, to establish
or increase credit lines, consider
succession planning, improve
their check-fraud prevention
efforts, or weigh a merger or
acquisition.
“We know
the importance
of being
a responsible
corporate citizen.”
Linda Forte
Business Affairs
“Business customers appreciate
our experience and expertise,
strong industry knowledge and
attention to detail,” said Mark
Gregory, who heads Middle
Market Banking.
An established retail banking
distribution system and dynamic
sales culture enable Comerica to
compete effectively with bank
and non-bank financial service
providers in Michigan.
“Our extensive banking center
and ATM network, experienced
12
Park provided added visibility for
the “hometown bank” in 2005.
Comerica continues to play
an important role in Detroit’s
economic redevelopment
through the financing of projects
in areas such as housing, retail,
manufacturing and entertain-
ment. The new Merchant’s Row
development along Woodward
Avenue is one such example
of a project helping to
redefine downtown.
Comerica is actively engaged
in Central and West Michigan,
opening its first location in
Genesee County in 2005.
The Fenton banking center is
Comerica’s 241st in the state
and the 80th outside of South-
east Michigan. The Central Office
in Battle Creek relocated in 2005
to a more visible and easily
accessible site, part of a strategy to relocate
some banking centers into more convenient
locations for consumers and small business
owners.
Curt Brown was named market manager for
Comerica’s locations in Central and West
Michigan, and works closely with business
units to serve the needs of existing custom-
ers, while expanding opportunities for new
business.
Early investments in imaging technology
continued to pay dividends for Comerica in 2005.
Comerica began exchanging and settling check
images through the SVPCO Image Payments
Network in November.
Comerica’s check image archive is the corner-
stone that continues to support the development
of new image services. “Since its creation in
1997, the archive has built an active inventory of
more than 3 billion images,” said Paul Obermeyer,
who directs Operations Services. “Beginning with
our Livonia, Michigan, image processing location
and then expanding to our capture sites in
California and Texas, we have been providing
customers and employees access to check
images for eight years.”
Birmingham, Michigan, is home to Munder
Capital Management, Comerica’s investment
management subsidiary. Munder is the
investment advisor to The Munder Funds,
a highly ranked, diversified and disciplined
family of mutual funds, and manages assets for
institutional clients across the nation.
13
BANKING CENTERS: 241
LOCATIONS:
Metropolitan Detroit, Ann Arbor, Battle Creek,
Grand Rapids, Jackson, Kalamazoo, Lansing,
Midland and Muskegon
Wealth Management offices in the state help
high-net-worth individuals and their families
preserve, enhance and manage their wealth.
“We build long-lasting relationships with
our clients and provide customized wealth
management services that meet their needs
over a lifetime,” said Michael Conway, regional
managing director of Wealth & Institutional
Management in Michigan.
Comerica’s 2005 philanthropy included more than
$13 million in grants to not-for-profit organizations
nationwide. Among the notable grants in Michigan
was one supporting the Junior Achievement
Finance Park in Detroit, which teaches middle
school students about financial management.
Comerica colleagues were able to celebrate their
personal commitments to diversity through a walk
supporting the National Council for Community
and Justice (NCCJ). Comerica served as the
event’s presenting sponsor and walkers raised
funds for NCCJ Michigan Region youth programs.
“We know the importance of being a responsible
corporate citizen,” said Linda Forte, who directs
Business Affairs.
m
a
h
g
n
m
i
r
i
B
,
t
n
e
m
e
g
a
n
a
M
l
a
t
i
p
a
C
r
e
d
n
u
M
Comerica’s
Florida
market
i
r
e
t
n
e
C
g
n
k
n
a
B
n
o
t
s
e
W
l
l
a
H
y
t
i
C
n
o
t
a
R
a
c
o
B
Comerica offers a host of services to Florida
clients including wealth management,
private banking, personal banking, brokerage
services, insurance, institutional trust, middle
market lending, commercial real estate, auto
dealer services and SBA lending.
Comerica has served clients in South Florida
since 1979. Headquartered in Boca Raton,
Comerica also has banking centers in
high-growth markets including Fort Lauderdale,
Palm Beach Gardens, Naples, Sarasota,
Weston, and the newest location in Stuart.
Comerica’s experts offer the feel
of a small bank with the products
and services of a powerful region-
al financial-services organization.
The bank provides a personalized
approach to creating customized
BANKING CENTERS: 7
LOCATIONS:
Boca Raton, Fort Lauderdale, Palm
Beach Gardens, Naples, Sarasota,
Weston and Stuart
financial solutions to meet the
needs of affluent clients and
successful entrepreneurs. With
prompt turnaround on loan
decisions and the personal touch
of wealth management consul-
tants, Comerica offers its Florida
clientele unmatched service.
“Thanks to Florida’s
growing economy,
we’ll add more
banking centers
and more business
services
in the months
to come.”
Randy Nobles
Florida Regional President
“Thanks to Florida’s growing
economy, we’ll add more
banking centers and more
business services in the months
to come,” said Randy Nobles,
who leads Comerica’s
operations in the state.
With more than 150 employees
in the state, Comerica is more
than just a financial services
company – it’s a vital part of
the communities it serves.
From volunteer agencies to
arts organizations to business
development groups,
Comerica’s employees are deeply
involved in the South Florida
region. By supporting many of
the activities and events
important to residents of Florida,
Comerica demonstrates its
commitment to clients and
the state.
14
Comerica’s
Canada & Mexico
markets
i
o
c
x
e
M
,
y
e
r
r
e
t
n
o
M
CANADA OFFICES: 2
LOCATIONS:
Toronto, Windsor
o
i
r
a
t
n
O
,
o
t
n
o
r
o
T
Comerica’s Canada Market
Comerica helps make doing business
across the U.S.-Canadian border simple,
fast and efficient.
“Our experienced team of commercial bankers
are not only skilled in international finance, they
have a wealth of experience in the Canadian
marketplace,” said Greg Block, who manages
Comerica’s lending activities in Canada. “They
also are empowered to make local decisions.”
Comerica’s existing customer base in Canada
includes large- to mid-sized Canadian companies,
as well as U.S. and other companies with
operations in Canada. Comerica’s seamless
U.S.-Canadian platform gives business customers
the ability to either centralize financial control or
delegate it locally, whichever works best for them.
A variety of loans are available, as are services
related to foreign exchange, treasury manage-
ment and international trade. Commercial
checking accounts are available in both Canadian
and U.S. dollars.
15
Comerica’s Mexico Market
At year-end 2005, Comerica was pursuing
the sale of its Mexican bank charter.
“We have been doing business in Mexico
successfully for the past 30 years,” said Tom
Ogden, who leads Global Corporate Banking.
“After a thorough evaluation, we determined
that we can serve the Mexican market more
efficiently and effectively by focusing on
dollar-based activities. This will be done through
our representative office in Monterrey, which is
managed by Joe Koberl.”
“Our commercial bankers understand the
nuances of cross-border trade, and they speak
the language and understand the culture,”
said Koberl. “So, there are no barriers and
no miscommunications. Business gets done
quickly, efficiently and with service that is
unmatched in quality.”
MEXICO OFFICES: 4
LOCATIONS:
Monterrey, Mexico City,
Guadalajara, Querétaro
otherComerica
Locations
CITY
Barrington, IL
BUSINESS
SBA Lending
Bellevue, WA
Technology & Life Sciences
Boston
Trust Services, Technology & Life Sciences
Chicago
Trust Services, International Finance,
National Dealer Services, Specialized Industries
Cincinnati
Middle Market Banking
Cleveland
Middle Market Banking
Denver
National Dealer Services, Trust Services
Las Vegas
U.S. Banking
Memphis
Trust Services
Minneapolis
Trust Services
New York
Trust Services
Princeton, NJ
Trust Services
Reston, VA
Technology & Life Sciences
Rocky Mount, NC
Trust Services
Wilmington, DE
Trust Services
Other Comerica 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.
PROFESSIONAL LIFE
UNDERWRITERS SERVICES,
INC. (PLUS)
Provides life insurance, annuities
and disability insurance products to
independent insurance agents.
WILSON, KEMP &
ASSOCIATES, INC.
Provides investment advisory
services to private investors,
corporations, municipalities and
charitable institutions throughout
the United States.
W.Y. CAMPBELL & COMPANY
Provides investment banking and
corporate finance services to
Fortune 500 companies and
middle-market firms.
COMERICA 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.
COMERICA WEST
INCORPORATED
Originates mid-sized loans to
business customers with a specific
emphasis on the Western United
States.
MUNDER CAPITAL
MANAGEMENT
Provides investment advisory
services to institutions, munic-
ipalities, unions, charitable
organizations and private investors
globally, and also serves as
investment manager for
The Munder Funds.
16
boardof
Comerica
Incorporated
Roger Fridholm
President
St. Clair Group
(private investment company)
Ralph W. Babb Jr.
Chairman and
Chief Executive Officer
Comerica Incorporated and
Comerica Bank
c
Lillian Bauder, Ph.D.
Vice President
Masco Corporation
(manufacturer of diversified
household and consumer
products and services)
Joseph J. Buttigieg III
Vice Chairman
Comerica Incorporated and
Comerica Bank
c
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)
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)
Board Committees
Audit
Compensation
Corporate Governance
& Nominating
Public Responsibility
Qualified Legal Compliance
Enterprise Risk
c Committee Chairperson
Todd W. Herrick
Chairman, President and
Chief Executive Officer
Tecumseh Products Company
(manufacturer of engines and
powertrain components for lawn
and garden applications)
Alfred A. Piergallini
Chairman, President and
Chief Executive Officer
Wisconsin Cheese Group, Inc.;
(manufacturer and marketer
of ethnic and specialty cheeses)
Consultant, Desert Trail Consulting
(marketing consulting organization)
Robert S. Taubman
Chairman, President and
Chief Executive Officer
Taubman Centers, Inc.
(shopping center management company
engaged in leasing, management and
construction supervision)
Reginald M. Turner Jr.
Member
Clark Hill PLC
(a full-service law firm)
c c
William P. Vititoe
Retired Chairman, President
and Chief Executive Officer
Washington Energy Company
(diversified energy company,
now Puget Sound Energy, Inc.)
Patricia M. Wallington
President
CIO Associates (consulting firm)
c
Gail L. Warden
President Emeritus
Henry Ford Health System
(not-for-profit healthcare
corporation)
c
Kenneth L. Way
Retired Chairman
Lear Corporation
(manufacturer of automotive components)
17
Management
Policy Committee
Ralph W. Babb Jr.
Chairman and
Chief Executive Officer
Joseph J. Buttigieg III
Vice Chairman
The Business Bank
John D. Lewis
Vice Chairman
Corporate Services
Elizabeth S. Acton
Executive Vice President
and Chief Financial Officer
Connie Beck
Executive Vice President
The Retail Bank
John R. Beran
Executive Vice President and
Chief Information Officer
Jon W. Bilstrom
Executive Vice President
Governance, Regulatory
Relations & Legal Affairs
J. Michael Fulton
President and
Chief Executive Officer
Comerica Bank-Western Market
Dale E. Greene
Executive Vice President and
Chief Credit Officer
Charles L. Gummer
President and
Chief Executive Officer
Comerica Bank-Texas Market
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
Jacquelyn H. Wolf
Executive Vice President
Corporate Human Resources
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
shareowneronline.com
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 sharehold-
ers of record to reinvest dividends in Comerica common stock without paying bro-
kerage commissions or service charges. Beginning April 1, participating sharehold-
ers also may invest up to $10,000 in additional funds each month 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.
STOCK PRICES, DIVIDENDS AND YIELDS
Quarter
2005
Fourth
Third
Second
First
2004
Fourth
Third
Second
First
High
Low
Dividends
Per Share
Dividend
Yield*
$60.25
63.38
59.29
61.40
$63.80
61.48
56.99
59.23
$53.60
56.80
53.17
53.70
$57.81
53.00
50.45
52.30
$0.55
0.55
0.55
0.55
$0.52
0.52
0.52
0.52
3.9%
3.7
3.9
3.8
3.4%
3.6
3.9
3.7
* 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, 2006 there were 14,841 holders of record of the Corporation’s
common stock.
OFFICER CERTIFICATIONS
On May 27, 2005, Comerica’s Chief Executive Officer submitted his annual certifica-
tion 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, 2005.
Debt Ratings – Senior Unsecured Obligations
Standard and Poor’s
Moody’s Investors Service
Fitch Ratings
Dominion Bond Rating Service
Comerica
Incorporated
A
A2
A+
A
Comerica
Bank
A
A1
A+
A (high)
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.
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.
COMMUNITY REINVESTMENT ACT (CRA) PERFORMANCE
Comerica is committed to meeting the credit needs of the communities it serves.
Comerica’s overall CRA rating is “Outstanding.”
ANNUAL MEETING
The Annual Meeting of Shareholders of Comerica Incorporated will be held at
9:30 a.m. on Tuesday, May 16, 2006, at the Max M. Fisher Music Center, 3711
Woodward Avenue, Detroit, Michigan 48201-2444. The meeting will be audiocast
live on the Internet. Instructions for listening to this audiocast will be available on
the Internet at www.comerica.com approximately one month prior to the event.
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 on
the inside back cover.
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.
18
contents
1 Financial Highlights
2 At-a-Glance
4 Letter to Shareholders
8 Western Market
10 Texas Market
12 Michigan Market
14 Florida Market
15 Canada & Mexico Markets
16 Other Comerica Locations/Units
17 Board of Directors/Management
Policy Committee
18 Shareholder Information
Corporate
profile
Comerica Incorporated (NYSE: CMA) is a financial services
company headquartered in Detroit, strategically aligned by
three business segments: The Business Bank, The Retail
Bank, and Wealth & Institutional Management. Comerica’s
approximately 10,800 employees focus on relationships, and
helping people and businesses be successful. Comerica Bank
locations can be found in Michigan, Texas, California, Arizona
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.
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
Major League Baseball All-Star Game
July 12, 2005, Comerica Park
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: Paul E. Burdiss (313) 222-2840
local
markets
C
O
M
E
R
I
C
A
I
N
C
O
R
P
O
R
A
T
E
D
A
N
N
U
A
L
R
E
P
O
R
T
2
0
0
5
Comerica Incorporated
Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226
www.comerica.com
2 0 0 5 A N N U A L R E P O R T
Reaching