Comerica Bank is expanding its Jacksonville and Northeast Florida operations, but don’t look for any Comerica ATMs or drive-thrus.
Christopher Clark, senior vice president of Comerica’s North Florida market, called his company a boutique bank. It primarily serves middle market commercial customers with revenue between $20 million and $2 billion.
Among the company’s services are equipment financing, working capital, acquisition financing, international lending and letters of credit.
Its personal wealth management division seeks clients with at least $3 million in assets. Many of those customers are familiar with Comerica through its business division.
It offers regular banking services as well.
Comerica was founded in 1849 in Detroit and is headquartered in Dallas. It has offices in 15 states, Canada and Mexico. As of June, it reported total assets of $78 billion. It is the primary naming rights sponsor for Comerica Park, the home stadium of the Detroit Tigers.
Comerica has been in South Florida since 1979. However, recent demographic changes in our region have increased interest in the upper part of the state in 2021.
“One thing that has changed (in Jacksonville) is from the recruiting standpoint, we have a lot more graduates that are staying home in North Florida. We want to hire folks that are embedded in the community, and many times, grew up here,” Clark said.
“One of the reasons why we entered the Jacksonville market is the belief that this is a strong economic market, not only today, but well into the future.”
Clark is aware of local dynamics because he grew up here. He is a 2004 graduate of Nease High School, where he played football with Tim Tebow.
His father, James Clark, was the longtime CEO at Daniel Memorial.
Christopher Clark manages a business territory extending south of Gainesville and Ocala and includes all of north Florida including the Panhandle.
The influx of well-to-do transplants who chose to come to Northern Florida during the coronavirus pandemic provides many wealth management opportunities. Because of the diversity of manufacturing companies located in the region, financial services opportunities abound, he said.
“Jacksonville has always been a dynamic market for all banks, and that’s because it has diverse industries that pair well with any commercial bank, but particularly ours,” Clark said.
“Jacksonville is a working-class city, and with that comes a lot of heavy manufacturing and a lot of industries that require capital, including for new equipment. North Florida continues to be a beacon for strong businesses and growing businesses.”
To build the North Florida presence, Clark is seeking two banking veterans. Once they are hired, the company will expand by as many as five more employees.
Most Comerica employees work remotely. It may be more than 12 months until Clark considers a physical office. If that day comes, he said the Beaches area would be a first choice.
Each Comerica representative has a set of clients and they are that employee’s entire focus, Clark said.