NORTHVILLE TOWNSHIP, Mich. — The Michigan Credit Union League went on the attack last week in assailing as shameful a surprise decision by the $58 billion Comerica Bank, the state's largest, to relocate its corporate headquarters to Dallas.
"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," declared David Adams, president/CEO of the league, stressing the move "creates a stark contrast" between CUs committed to local communities and size-driven big banks.
Adams said the planned relocation as announced by the Detroit bank to occur in the third quarter of 2007 is another example of how big banks "remove themselves from struggling communities" while CUs remain locally owned and staffed and "put people ahead of the bottom line."
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