Short Takes: PaineWebber Bringing Comerica to Memphis

Comerica Inc. and PaineWebber Inc. plan to take their trust alliance to Memphis.

The alliance, under which the Detroit-based banking company administers trust for PaineWebber brokerage clients, started in late 1995. The Memphis office is scheduled to open Feb. 20, said David B. Stephens, executive vice president of Comerica.

The Memphis trust representative office will be Comerica's third under the PaineWebber alliance, after New York and Costa Mesa, Calif.

"We are following PaineWebber into those markets where they have enough critical mass to justify our being there, to justify these services to their clients," he said.

Comerica hired two local trust experts-Fletcher Haaga, formerly with National Bank of Commerce, and Leanne McCullough, who had been with the former Boatmen's Bancshares-to run the Memphis office.

The alliance's expansion comes as PaineWebber awaits approval for trust powers from the Office of Thrift Supervision. If approved, the brokerage firm would be granted the authority to administer trusts on a centralized basis from nationwide referrals.

Mr. Stephens said he felt comfortable in conversations with PaineWebber counterparts that the brokerage wanted to get a thrift charter "to have on the shelf."

"I do not think they have any intention of acting on it," he added. "We're full speed ahead on this alliance, and they are, too."

Comerica has the authority to take on PaineWebber clients in 25 states, and approval is pending in 14 others.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER