Comerica Bank to Move HQ to Dallas

[TexasStar]

Comerica to move headquarters to Dallas
7:29 am, March 6, 2007
DETROIT, March 6 PRNewswire-FirstCall

Detroit-based Comerica Inc. announced Tuesday morning that it would move its headquarters to Dallas in the third quarter of this year, but it said it would maintain a "significant presence in Detroit."

Comerica said in a news release that the move would give it a more central location to serve its markets, which include California, Florida and Texas.

"Moving our corporate headquarters to Dallas will give us greater proximity to all of our markets, and the additional resources in these markets will lead to accelerated growth for Comerica. In addition, the vibrant and diversified economies of Dallas, Houston and Austin will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees," Chairman and CEO Ralph Babb Jr. said in a news release.

The company cited expected population growth in the South and West as helping to drive the decision.

According to a statement issued by the bank, about 200 employees will be affected over the next three years, including certain open positions.

"Michigan and the city of Detroit are key markets for us. Comerica will continue to have approximately 7,300 employees throughout Michigan, where we intend to uphold our long-standing commitment to the local communities. We want our customers across Michigan to know that they can continue to rely on the same Comerica people who provide exceptional customer service and who they've come to know and trust," said Babb.

Comerica named Tom Ogden, executive vice president of global corporate banking, as president of the Michigan market.

The statement said that it would cost $15 million to $20 million to implement the decision.

[Shasta]

That is a HUGE blow for Detroit. I feel sorry for that city. Comerica was one of the few things Detroit had going for it.

[austin356]

I love using the Rustbelt as a punching bag.....

[alon504]

I'm sure it is a good business decision. Dallas/Ft. Worth is a growing metropolis and they are a growing banking segment. In the next decade, Fort Worth will become larger than Dallas and that will be interesting, IMO. The future of the metropolis is Fort Worth/Dallas, not Dallas/Ft. Worth....this is what I find most interesting....but, it is what is obviously occurring, and, overall, it is great for the metro area..the only switch that is statistically occurring is that Fort Worth will become home to more people than Dallas.

[TexasBoi]

Even though Ft Worth is growing by leaps and bounds right now. I find it hard to believe they will pass Dallas in our lifetimes. They are still down by about 600,000 to Dallas and Dallas has land to grow as well. And it will always be the Dallas/Ft. Worth metroplex even if Ft. Worth somehow passes them.

[alon504]

Even though Ft Worth is growing by leaps and bounds right now. I find it hard to believe they will pass Dallas in our lifetimes. They are still down by about 600,000 to Dallas and Dallas has land to grow as well. And it will always be the Dallas/Ft. Worth metroplex even if Ft. Worth somehow passes them.

Maybe you are right. I don't find it that significant. I will say, that as someone who travels the SE, alot, the going perception is that Ft. Worth is booming and that it will overtake Dallas with population. With that said, it's really not that significant outside of the Dallas/Ft. Worth area, IMO. Hell, we got hit by a hurricane in New Orleans and we have estimates varying from 150,000 to 350,000 in the City of NO. Does it really matter? Who knows the truth? All I worry about in NO is traffic and how long it takes to get from Pt. A to Pt. B....and it pisses me off that it is getting longer to get from one to the other?!? But, I'll and we'll deal.....don't put meaning behind what some consider significant and other's don't...we've learned that LOUD AND CLEAR in Post-Katrina New Orleans.....

[TexasBoi]

Yes, Ft. Worth is booming because they have alot of land in the city. But so does Dallas. Who knows what the new inland port could do for South Dallas. Maybe it will boom that area of Dallas and then they will explode in population. You have more people starting to move to uptown and downtown Dallas now. Besides, Ft. Worth still has a ways to go to past Dallas anyway.

But even if it comes to pass. It will still be known as the Dallas/ Ft. Worth metroplex.

[Trae]

Downtown still in the market for hotel rooms, shops

By Mike Lee
Star-Telegram Staff Writer

Offices and apartments are booming downtown, but the area still must deal with a lack of hotel rooms and shopping, according to a report by Downtown Fort Worth Inc.

The hotel room inventory is expected to expand. Two large hotels are being renovated and a convention center hotel is being built, Downtown Fort Worth Chairman Randy Gideon said last week.

The shopping outlook is not as bright. The Tandy outlet mall closed in 2001, and many of the store sites available downtown are too small to attract big operators.

DOWNTOWN DYNAMICS

Size of downtown: 1,200 acres
Workers: 36,366
Property tax collected: 8 percent of Fort Worth's total
Sales tax collected: 10.5 percent of city's total
Hotel tax collected: 25 percent of total

Office space
New office space to be completed by 2008: 932,000 square feet
Office vacancy rate in 2006: 4.2 percent
Office vacancy rate in 2002: 17.6 percent

Condo and town house sales
Downtown Fort Worth, 2006: 66
Downtown Dallas, 2006: 65

Hotel rooms
2006: 1,170
2005: 1,550

Clothing and accessory sales
2005: $4 million
2000: $12.4 million

SOURCE: Downtown Fort Worth Inc.

[JACKinBeantown]

Detroit will have a resurgence in about 50-75 years, as will Buffalo and other northern cities near large fresh water supplies. Global warming will ensure that.

[TexasStar]

In the next decade, Fort Worth will become larger than Dallas and that will be interesting, IMO. The future of the metropolis is Fort Worth/Dallas, not Dallas/Ft. Worth....this is what I find most interesting....but, it is what is obviously occurring, and, overall, it is great for the metro area..the only switch that is statistically occurring is that Fort Worth will become home to more people than Dallas.

Extremely unlikely.

[Mopacs]

Given current trends, Fort Worth may very well catch or surpass Dallas in population within the next generation, though I suspect Dallas will retain its influence in the metroplex for a much longer duration. While not anapples to apples comparison, San Jose has a larger population (and larger land area, yes) than San Francisco, but most would associate San Francisco as the primary anchor of the Bay Area.

[TexasStar]

Given current trends, Fort Worth may very well catch or surpass Dallas in population within the next generation ...

And to expect "current trends" to last a generation is asking a hell of a lot.

[Double L]

Luckily Detroit didn't lose any jobs from this, yet we will still bring 200 higher-end jobs to Dallas and strengthen our banking economy in the southwest.

[Trae]

And to expect "current trends" to last a generation is asking a hell of a lot.

Dallas may or may not be surpassed by Fort Worth. It isn't that big of a deal. Current trends support this. It could change, but might not. Who knows.

[austlar]

Luckily Detroit didn't lose any jobs from this, yet we will still bring 200 higher-end jobs to Dallas and strengthen our banking economy in the southwest.

Seems to me that the Comerica move says a whole lot about the future of the automobile industry in this country. I am sure the move was dictated by the sobering realization that the corporate anchors of the Detroit area (GM, Ford, and Chrysler) are in serious trouble. Comerica's roots in the Detroit banking scene are very deep indeed. I guess it just makes more sense for them to be recognized as the largest bank headquartered in a dynamic and growing region than it does for them to cling to their past as the largest bank headquartered in a declining region. Sad for Detroit, but at least Dallas is again the headquarters for a top 20 banking organization. It has been a long time since Dallas, or any Texas city, had that distinction.

[trvlr70]

I feel very sorry for Detroit. Even when other rust belt towns are making significant leaps and bounds(St. Louis, for example), Detroit is still on the decline. I suspect the city may be nearing the point of no return.

Good news for Dallas, though!

[cabasse]

Luckily Detroit didn't lose any jobs from this, yet we will still bring 200 higher-end jobs to Dallas and strengthen our banking economy in the southwest.

right - instead of a quick cut and run, it'll be more like a constant bleeding wound that won't heal. those numbers will continually dwindle, especially with all of the people who have decided to give comerica the finger, myself included. and why shouldn't we? the big three began their turnaround very recently; perfect timing on making the decision to leave, right when things are beginning to change. i don't have any hate for dallas, just comerica.

Through its more than 150 years, Comerica has reinvented itself many times, but two things have never changed: The customer comes first and Detroit (http://www.comerica.com/vgn-ext-templating/v/index.jsp?vgnextoid=c1a9788635bd2010VgnVCM1000004302a8c0RCRD#narr) is still called home.

hello lesalle!

I love using the Rustbelt as a punching bag.....

pardon my french, but bite my ass. alabamian...

[coddat]

So much bitterness in the midwest forum, over this topic. I think that this is great news for Dallas and Texas in general. It's almost makes up for the loss of the banking bust of the 80's. Now if Texas could only grow it's own banks, the Frosts, the Broadways, it would be perfect.

[Geaux Tigers]

So much bitterness in the midwest forum, over this topic.

Yeah, a lot of haters over there. It's amazing that people living in an overtaxed, crime-ridden, drug infested, rotting s**t hole think that Texas is a backwards state. :koko:

[illmatic774]

I feel very sorry for Detroit. Even when other rust belt towns are making significant leaps and bounds(St. Louis, for example), Detroit is still on the decline. I suspect the city may be nearing the point of no return.

Good news for Dallas, though!


Sorry but you are not even close with the 'no return' comment. You'd know if you had been here in the last 7 years. Downtown and Midtown are on a complete upswing, as well as the other core neigborhoods. However, yeah... this city still hasn't hit the bottom in terms of population loss.

[Geaux Tigers]

Not quite the Commerica move, but last one out of Michigan, hit the lights:

ProQuest moving its headquarters to Dallas

Troubled education supplier gives no number on jobs

12:00 AM CST on Friday, March 9, 2007
By BRENDAN M. CASE / The Dallas Morning News
bcase@dallasnews.com
http://www.dallasnews.com/sharedcon...n1.379bb29.html


Education materials provider ProQuest Co. plans to move its corporate headquarters to Dallas from Ann Arbor, Mich., by the end of the year.

The company, which faces a range of regulatory troubles, did not say how many jobs it would transfer as part of the relocation.

"We currently have about 30 people in the Ann Arbor, Mich., corporate office," company spokeswoman Jennifer Chelune said. "We are working on a transition plan, and some of the corporate employees may be relocated to Dallas as a result of that process."

ProQuest is under investigation by the Securities and Exchange Commission in connection with accounting irregularities that the company announced last year. The company also faces lawsuits tied to the irregularities.

The company is restating some of its previously reported financial results. It has yet to file required 10-K annual reports with the SEC for 2005 and 2006.

The New York Stock Exchange has threatened the company with delisting if it does not file a 2005 report by April 2, the company said. ProQuest has also said it will not file a 10-K for 2006 within the prescribed period.

ProQuest's stock fell 7 percent to $9.88 on Thursday after the delisting threat. The stock traded at more than $35 two years ago.

ProQuest already has a Dallas-based unit called ProQuest Education, Ms. Chelune said.

[PhillyRising]

I love using the Rustbelt as a punching bag.....


Sure...because the south can't do anything else but steal what the those towns once had instead of growing on their own merit. I guess it just warms you to see cities up North suffer.......yet if another city stole jobs and people from your town...you'd be the first one to be defensive about it.

[Mopacs]

While I'm happy for Dallas, given the prestige of a major bank HQ's, I can understand the psychological blow to the people of Detroit and Michigan this must be. I would be the last person to rub salt in your wounds... its a solemn moment. Though everything is cyclical, and Detroit will evolve and have its day in the sun, in time.

[Double L]

Proquest is in some serious trouble...hopefully they get over this and fix their problems......

[illmatic774]

While I'm happy for Dallas, given the prestige of a major bank HQ's, I can understand the psychological blow to the people of Detroit and Michigan this must be. I would be the last person to rub salt in your wounds... its a solemn moment. Though everything is cyclical, and Detroit will evolve and have its day in the sun, in time.

Great to have a couple considerate posters up in here.