While Comerica Bank will no longer offer Comerica RETIRESM, its own proprietary, self-branded defined contribution/401(k) product, Comerica Securities will continue to distribute third-party defined contribution and 401 (k) products.
Through this transaction, Wachovia Bank, N.A. will be acquiring Comerica Bank’s proprietary retirement services business which provides recordkeeping services to 250 retirement plans with nearly 100,000 participants and manages approximately $3.4 billion in assets. Since the fourth quarter of 2004, WySTAR Global Retirement Solutions, a division of Wachovia Bank, has provided administration and operation services, as well as call center services to participants in Comerica Bank–sponsored plans. This acquisition will not result in a system or a process change for companies whose plans were administered by Comerica Bank.
Wells Fargo’s Institutional Retirement group serves approximately 3.7 million employees and pensioners, over 10,000 companies and manages over $176 billion in assets.
“This acquisition supports our goal of being a leading provider of retirement solutions in the U.S. market and shows our strong commitment to building an industry-leading retirement business. We are focused on satisfying all our customers’ financial needs, and in particular their retirement planning,” said John Papadopulos, president of Retirement Services Group at Wells Fargo. “Comerica Bank customers already use our recordkeeping platform so this transaction will be seamless.”
“Comerica Bank is proud to have served our proprietary defined contribution and recordkeeping customers with the quality products and customer service necessary to successfully manage their retirement plans,” said Curt Farmer, executive vice president of Wealth and Institutional Management, Comerica Bank. “Our customers will continue to work closely with their relationship managers, as they always have, and should experience a smooth transition.”
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada, China and Mexico. Comerica reported total assets of $67.4 billion at March 31, 2009. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.