Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 118

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 118
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Fitch RatingsA-A-NegativeAStandard and Poor’sBBBBBB+Stablenot rated

(a)In January 2025, Moody's Investors Service (Moody's) downgraded the Corporation and Bank's debt ratings by one notch to Baa2 from Baa1, changed the Corporation and Bank's outlooks to Stable and downgraded the Bank's deposit rating to A2. 

Deposit Concentrations and Uninsured Deposits

The Corporation's uninsured deposits are well-diversified between geographies, industries and customers. At December 31, 2024, the Retail Bank and general Middle Market segments, both highly diversified and granular, accounted for 37% and 30% of the total deposit base, respectively. Corporate Banking and Technology and Life Sciences comprised 7% and 5% each of total deposits, respectively, which were the largest deposit concentrations of the more specialized business lines. 

Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes.

December 31, 2024December 31, 2023(Dollar amount in millions)AmountPercentage of total depositsAmountPercentage of total depositsTotal uninsured deposits, as calculated per regulatory guidelines$33,387 52 %$31,485 47 %Less: affiliate deposits(3,876)(4,064)Total uninsured deposits, excluding affiliate deposits$29,511 46 %$27,421 41 %

The $1.9 billion increase in uninsured deposits (as calculated per regulatory guidelines) was primarily due to an increase in uninsured commercial interest-bearing deposits, partially offset by a decline in uninsured noninterest-bearing deposits. Time deposits otherwise uninsured, which consist of foreign office time deposits, totaled $32 million at December 31, 2024 and all mature in three months or less. Collateralized deposits, consisting of trust deposits as well as deposits of public entities and state and local government agencies, totaled $348 million at December 31, 2024, compared to $687 million at December 31, 2023.

Direct Express Debit MasterCard Program

In July 2024, the Bank received preliminary notification that, following the contract expiration on January 2, 2025, it was not selected to continue serving as financial agent supporting the Direct Express Program; however, the