Comerica’s Departure Fuels MCUL Message

NORTHVILLE TOWNSHIP, Mich.–With the pending departure of Comerica, Michigan’s oldest and largest bank, to new digs in Dallas, the Michigan CU League took the opportunity to point out that part of the credit union difference is in their commitment to their communities. Michigan CU League CEO David Adams said Comerica cited the need to diversify its customer base and extend into high-growth areas as well as a limited local talent pool as the reasons for relocating. “This creates a stark contrast between big banks and not-for-profit credit unions,” Adams said. “The state of Michigan is struggling right now, and for Michigan’s oldest bank and a stalwart supporter of Metro-Detroit communities for many decades, to relocate for the purpose of growing profits is a real psychological blow to the state. Michigan credit unions are headquartered here in Michigan and don’t relocate outside the state to grow their profits. What’s more, Michigan credit unions are locally-owned and locally-staffed. They put people–our state’s consumers–before their bottom line. That’s the credit union difference.”