October 02 2006
Comerica Bank Impacts Community Program with Second Stage of a two-year, $200,000 Commitment to Operation HOPE
Alliance will benefit HOPE's Banking on Our Future program and "Silver Rights Movement" to eradicate poverty and empower America’s wealthless
(Los Angeles) Monday, October 2, 2006 – Operation HOPE announced on September 27 that it received $100,000 as its second stage contribution to finalize a two-year commitment by Comerica Bank to support HOPE’s financial literacy program for youths and adults in Los Angeles and Detroit.Comerica Bank hopes to recruit volunteers for HOPE’s ongoing "Silver Rights Movement," a national campaign to eradicate poverty through financial education and empowerment.
"We applaud Comerica Bank’s commitment to the empowerment of low-wealth communities. By working with Comerica Bank, HOPE has been making a positive impact on the lives of youths in the Detroit and Los Angeles communities and helping citizens in these locations prepare for financial emergencies," said HOPE Founder, Chairman and CEO John Hope Bryant. "We believe that through silver rights we will get closer to the dream of forging a more equitable society in America."
Joining forces with Operation HOPE will strengthen Comerica’s mission to foster a sense of commitment to community and provide value to promoting strong customer relationships. Since it’s founding in 1849 Comerica Bank has worked to help neighborhoods thrive by investing resources in community development. The bank is one of the 25 largest banks in the United States with 374 banking centers nationwide.
"Comerica's collaboration with Operation HOPE presents an opportunity to promote financial literacy in Los Angeles and Detroit. It comes down to investing in the communities we serve, which is the best type of investment our bank can make," said James Garavaglia, senior vice president of Corporate Compliance and Public Affairs for Comerica Bank. "Comerica’s community partnerships are an extension of our national commitment to relationship banking, with the ultimate goal of helping people to be successful."
Silver Rights is manifested primarily through HOPE’s three growing core financial literacy and assistance programs. The award-winning Banking on Our Future works through HOPE’s dynamic network of HOPE Corps volunteers. In the past 10 years, over 190,000 youth have been educated. Volunteers also play an important role in delivering the financial reconstruction and emergency money management initiative for HOPE Coalition America, HOPE's financial emergency prepardness division – and partner with FEMA, which recently successfully helped more than 4,300 Katrina victims recover over $6.6 million in EITC benefits. Inner-city banking locations called HOPE Centers, offer credit management and first time home-buyers programs. To date centers have obtained nearly $280 million in home loan and $10 million in small business loan approvals. All combined Operation HOPE has become the nation’s premier financial literacy provider, serving under-resourced communities nationwide.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people be successful. Comerica bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $57.1 billion at June 30, 2006. To find out more about Comerica and its latest news visit http://www.comerica.com.