Comerica

Description

If you have a cosigner, Comerica will gladly be your copilot. Organized into three operating units, the bank holding company has a Business Bank division that focuses on business and asset-based lending to middle-market clients, treasury management, and leasing services; it offers lines of credit and international trade finance, among other services. Small Business and Personal Financial Services include consumer lending and deposits, mortgages, small-business banking (including SBA loans), and merchant services. The Wealth and Institutional Management arm deals in private banking and asset management, trust products, insurance, and retirement services.

Comerica runs a network of more than 430 locations, primarily spanning California, Florida, Michigan, and Texas but including branches in other states that provide specialty services like trust and business lending in major cities nationwide. The company also has offices in Mexico and Canada.

Comerica has long been a leading commercial lender in the US, catering to garden-variety small and midsized firms, as well as to municipal governments and multinationals. The company remains committed to its core small- and middle-market clientele. (More than half of Comerica's assets are wrapped up in commercial real estate and operating loans.) To pad its balance sheet, the bank could be on the prowl for acquisitions in California and Texas, where it is also opening de novo branches.

Comerica is selling its 90% stake in asset manager Munder Capital Management to a group including private equity firms and the Munder management team for $302 million. Comerica will keep Munder unit World Asset Management and will be Munder's biggest client.

Description

Flagstar

Flagstar Bancorp is the holding company for Flagstar Bank, which operates nearly 140 branches in Michigan, Indiana, and Georgia. The bank also originates, purchases, and services residential mortgage loans through more than 100 loan offices in 24 states, including Arizona, California, Florida, Illinois, Indiana, Michigan, and Ohio. Almost all of its loans are mortgage or home equity loans. Flagstar's standard retail services include checking, savings, NOW, and money market accounts as well as CDs. The bank also offers insurance through Douglas Insurance Agency. Flagstar Bank plans to expand in Michigan and Georgia. The Hammond family owns about 40% of the company.