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article imageComerica Bank Leaving Michigan For Texas

By Laura Trowbridge     Mar 6, 2007 in Business
Comerica has decided to move its corporate headquarters out of Michigan and into Texas due to the former State's lack of economic growth.
Michigan gets dealt yet another blow. And this time it's not from the auto industry. Comerica is the last major bank with headquarters in Michigan, and now they are leaving the state behind for greener pastures.
"A decade ago, about 25% of Comerica’s profits came from outside Michigan. Now about 46% of profits come from elsewhere, and it’s clear that Michigan will soon generate less than half the company’s profits."
While Michigan's economy has been declining many other state's have been growing. Shareholders have been worried about Comerica's Michigan location. It's been difficult to attract and keep talented people due to the bank's location in Detroit. Nobody wants to go to a failing state.
"Relocation of headquarters is the logical next step for us to accelerate our growth,” Babb (CEO of Bank) said. Comerica isn’t leaving to be a small fish in a bigger pond, either. Babb said Comerica will become the largest Texas-based bank holding company when it makes the move later this year.
It is sad to see Michigan having problem after problem and no end in sight. Governor Jennifer Granholm just cannot seem to bring a turn around for this state. I wonder if voters are regretting re-electing her in the last election.
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