Comerica moving HQ to Dallas

The Detroit Free Press reports:

Comerica Inc., rooted in Detroit for more than 150 years, announced this morning it will move its headquarters to Dallas in the third quarter of this year.

The relocation will not affect the majority of the bank’s more than 7,500 employees in Michigan, spokesman Wayne Mielke said, but it will affect about 200 employees and “certain corporate support functions in the next three years, including some open positions,” he said.


Comerica, Michigan’s biggest homegrown banking institution and a large employer in metro Detroit, said the move would give the company a more central location with greater accessibility to all of its markets. Comerica has 71 banking centers throughout Texas and has been in that market for 20 years.

Officials at Comerica said the move was precipitated by a changing in demographics nationally.

According to U.S. Census Bureau projections, about two-thirds of all Americans will live in the southern and western parts of the country by the year 2030. About 30% of those people will be in California, Florida and Texas.

"Over the past three years, we have been advancing our strategy to diversify our customer base and extend Comerica’s reach into key high-growth markets," said Ralph W. Babb Jr., chairman and chief executive officer of Comerica, in a news release.

Think of all those happy workers moving to Texas who will no longer pay a state income tax.