Comerica opens 53-year-old time capsule pulled from its Detroit building

In celebration of its 175th anniversary, Comerica Bank unveiled a time capsule Thursday that was sheathed in the walls of its downtown Detroit building for 53 years.

The time capsule, which held photos, news clips regarding the building’s construction and more, was sealed on September 20, 1971, when the building at 411 W. Lafayette Blvd. was constructed.

The capsule was originally supposed to be opened in 2033, said Steve Davis, Michigan market president for Comerica, but the banking giant wanted to use it to celebrate its milestone anniversary.

Comerica was founded in Detroit in 1849 as Detroit Savings Bank.

 

“Since that time, Comerica has stood as a beacon of strength to our customers, colleagues and within the communities that we serve,” Davis said.

The building at 411 W. Lafeytte now serves as Comerica’s headquarters for its Michigan market. Documents pulled from the time capsule indicate it was dedicated as the Manufacturers Bank building. The Manufacturers National Bank of Detroit, founded by Henry and Edsel Ford, was acquired by Comerica in 1992. With this merger, Comerica Bank became one of the 25 largest U.S. financial holding companies. 

The time capsule was inscribed with the date August 10, 2033, which would have been the 100-year anniversary of Manufacturer’s Bank. 

Carefully removed from the box by members of the Detroit Historical Society were postcards of the building, a resolution of Detroit City Council for the construction of the building, a history book of Manufacturers Bank from 1933, commemorative coins and paperweights, a reel of film, which the bank plans to get digitized, and more.

Comerica employs 850 team members in Detroit and 4,500 employees throughout the state of Michigan. As of June 2023, the bank was the third largest in Michigan with $33.1 billion in deposits and 177 offices in the state.

To be able to take a glimpse back into the past is proof of Comerica’s perseverance, Curt Farmer, CEO of Comerica Bank, told Crain’s.

“It is just so interesting for not only me, but for our employees, and our board, etc. To walk back in time and sort of reinforce all the things that we’ve managed, through the difference we’ve made in the lives of so many people along the way and the commitment that we’ve had to our customers, even as we’ve grown beyond the state of Michigan and other markets as well, that history continues for us,” Farmer said.

To continue to preserve its legacy for another 175 years, Farmer said the bank takes its relationships with its customers seriously.

“Technology plays a more and more important role with our customers, but one thing we always say is that what we focus on first is personal relationships and one-on-one relationships with customers and getting to know them, their families, their companies,” Farmer said. “We need to have technology to help enable a lot of that, and that will continue to evolve, but I don’t see AI replacing bankers anytime in the future. Relationships really do matter. Personal connectivity with our customers really does matter.”

The bank also donated $17,500 to the Detroit Historical Society in recognition of the work the organization does to preserve Detroit’s history.  

Editor’s note: The original version of this report gave an incorrect figure for Comerica’s total deposits. This version is correct.

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