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Narrative History

Prior to the Civil War, through the Great Depression, and beyond the economic and political turbulence of the 20th Century, Comerica Bank has stood as a beacon of strength, guarding the financial community of Detroit and Michigan.

This beacon also shines today in California, Texas, Arizona, Florida and many other markets where Comerica has a presence.

Origins Comerica, originally called Detroit Savings Fund Institute, opened its doors on August 17, 1849, to a city bustling with shipyards, river trade, sawmills, horse drawn carriages and dirt roads. It had six customers that day, with receipts totaling $41. Within two years, the patronage increased to more than 300 with the tally at $25,000.

Unlike most banks of that time, the Institute paid interest on deposits, had no shareholders or capital stock, and was managed by unpaid fiduciaries. Courting customers from the working class, merchants and even children, the Institute enjoyed steady growth, reaching the $1 million mark in 1870.

The next 30 years brought about many changes for the company including a new name, Detroit Savings Bank, and deposits in excess of an incredible $6 million.

Market crash At the turn of the century, Detroit experienced a boom when it became birthplace of the automobile industry. Supporting its meteoric rise, Detroit Savings Bank flourished for the next two decades before facing that fateful day in October 1929 -- the stock market crash.

Devastation of the stock market meant shortage of capital, which for Detroit translated into lack of auto sales and ultimately layoffs. Dwindling deposits, shrinking savings accounts and loan defaults sent the banking industry into crisis, but Detroit Savings Bank held on. In 1933 it reveled in a rare influx of cash deposits and new customers.

With renewed confidence and increased clientele, the Bank's board members decided to help Detroit regain its financial foothold and became the first area bank to offer Federal Housing Administration mortgages, in addition to aggressively pursuing commercial accounts.