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Comerica to Relocate Corporate Headquarters to Dallas PRNewswire 3-06 Comerica announced plans to relocate its corporate headquarters to Dallas, Texas. The relocation to Texas, where Comerica already has a major presence, will position the Company in a more central location with greater accessibility to all of its markets. Comerica will maintain its significant presence in Detroit, remaining one of Southeast Michigan's largest employers following the relocation to the new Dallas headquarters office. Ralph W. Babb, chairman and chief executive officer of Comerica, said "Today, a significant percentage of Comerica's earnings is generated in the Texas, Arizona, California and Florida markets. 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." CMA currently has 71 banking centers in Dallas, Houston and Austin, and expects to significantly increase its growth in Texas. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, and Canada and Mexico. Synovus Financial Makes the BW50 list of Best Performing Companies Businesweeek 3-16 In 2006, Synovus, a banking and credit-card processing company that hails from the sleepy south Georgia town of Columbus, saw revenues jump 20.3% and net income rise 19.5%. The source of that growth: a double-digit rise in deposits and loans in its banking division, along with new payment-processing deals with issuers of credit cards. The regional bank’s average return on equity wasn’t shabby either, at 29.5%. CEO Richard Anthony has been accelerating the company’s expansion into commercial and industrial lending and bolstering its retail banking portfolio. That includes an aggressive push into home-equity loans and, like its bigger banking brethren, a bid to soak up more income from ubiquitous fees. Ratings & Dividend Changes On 3-21 Keefe Bruyette & Woods on Wednesday cut its rating on National City Corp. to underperform from market perform on higher anticipated credit costs and higher projected near-term capital requirements. "Although the recent mid-quarter update reflected relatively stable bank performance, we are becoming more cautious in our outlook regarding the performance of the First Franklin and home equity portfolios," KBW said in a note to clients. On 3-01 Stifel Nicolaus Initiated coverage of MI and SNV at Buy, and Initiated coverage of BBT, CMA, NCC, and VLY at Hold. On 3-05 Punk, Ziegel & Co Downgraded CMA from Market Perform to Sell. On 3-13 Boenning & Scattergood Upgraded CRBC from Market Perform to Market Outperform. On 3-16 Citigroup upgraded MTB to hold from sell, citing valuation. "We continue to view this as one of the premier management teams in banking, and our prior sell rating was simply based on our view that the valuation had gotten too rich," Citigroup said. "With the stock trading at our target price, we believe the risk/reward is slightly more favorable today than previously." On 3-08 SNV announced a 5.1% increase in its quarterly cash dividend to $0.2050 per share, up from $0.1950 per share. On 3-15 STT announced a quarterly dividend of $0.21 per share, payable April 16, 2007, to stockholders of record as of April 2, 2007. State Street's quarterly dividend rate is 11% higher than a year ago. Home Page Factoids Previous Update |