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Comerica
Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.
In October 2025, Fifth Third Bank announced that it would acquire Comerica, in a deal expected to close in early 2026.
At the start of 1849, there were just three banks in Detroit: Farmers & Mechanics' Bank, Michigan Insurance Company Bank, and the State Bank of Michigan. These three banks were commercial banks that served the business community. On August 17, 1849, Comerica was founded in Detroit by Elon Farnsworth, a lawyer and politician, as the Detroit Savings Fund Institute. Michigan Governor Epaphroditus Ransom signed an act authorizing the formation of the institute. Ransom also appointed 11 men of high repute to serve as trustees. These men served unpaid. The institute's first location was an office that was adjacent and owned by Mariners’ Church.
An ad published in 1852-53 issue of Detroit's directory expressed the institute's purpose at the time:
The design of the Institution is to afford to those who are desirous of saving money, but who have not acquired sufficient to purchase a share in the banks, railroads, or a sum in public stocks, the means of employing their money to advantage ...
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.
In 1871, the state of Michigan passed a new law meant to encourage the formation of banks that offered both savings and commercial services. In response, the Institute transformed from a trust to a stockholder-owned corporation. Its name changed to The Detroit Savings Bank in 1871.
In 1901, Detroit Savings Bank had 10,000 customers. By 1905, the bank had a staff of 21 employees, who managed a downtown main office and two branches.
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Comerica
Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.
In October 2025, Fifth Third Bank announced that it would acquire Comerica, in a deal expected to close in early 2026.
At the start of 1849, there were just three banks in Detroit: Farmers & Mechanics' Bank, Michigan Insurance Company Bank, and the State Bank of Michigan. These three banks were commercial banks that served the business community. On August 17, 1849, Comerica was founded in Detroit by Elon Farnsworth, a lawyer and politician, as the Detroit Savings Fund Institute. Michigan Governor Epaphroditus Ransom signed an act authorizing the formation of the institute. Ransom also appointed 11 men of high repute to serve as trustees. These men served unpaid. The institute's first location was an office that was adjacent and owned by Mariners’ Church.
An ad published in 1852-53 issue of Detroit's directory expressed the institute's purpose at the time:
The design of the Institution is to afford to those who are desirous of saving money, but who have not acquired sufficient to purchase a share in the banks, railroads, or a sum in public stocks, the means of employing their money to advantage ...
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.
In 1871, the state of Michigan passed a new law meant to encourage the formation of banks that offered both savings and commercial services. In response, the Institute transformed from a trust to a stockholder-owned corporation. Its name changed to The Detroit Savings Bank in 1871.
In 1901, Detroit Savings Bank had 10,000 customers. By 1905, the bank had a staff of 21 employees, who managed a downtown main office and two branches.
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