Comerica Extends Technology in Commercial Lending
CONTACTS:
| Wayne Mielke
Vice President, Corporate Communications Comerica Incorporated 313.222.4732 wjmielke@comerica.com |
Patricia McFeely
Director, Corporate Communications Automated Financial Systems, Inc. 484.875.1376 pmcfeely@afsvision.com |
Comerica Extends Technology in Commercial Lending
Completes Major Loan System Upgrade with AFS
EXTON, Pa., February 24, 2005 — Automated Financial Systems, Inc. (AFS-Exton) announced the successful migration of commercial lending operations at Detroit, MI-based Comerica Incorporated (NYSE:CMA) to the newest release of the AFS Level III Loan Accounting System. Release 8.3 enables Comerica to remain at the forefront of the industry in its lending technology and provides a solid foundation for the Bank's future investment in additional automation to support its strong Middle Market franchise.
"This upgrade reinforces Comerica's leadership position in technology, innovation, and continuous improvement," said Paul Obermeyer, Senior Vice President of Comerica's Operations Services Group. "We believe there is value in staying current with releases to provide superior loan servicing for our customers, to keep on top of ongoing enhancements, and to serve as a foundation for planning additional technology investments in the future."
Release 8.3 positions financial institutions for the total integration of loan processing, encompassing consumer, business banking, commercial, and capital markets lines of business on a single system. It represents a first response to regulatory changes that AFS expects to become increasingly more rapid and demonstrates the company's commitment to enhance system capabilities at a pace consistent with market and compliance dynamics. Currently, 70% of the top 25 U.S. banks are users of the AFS system.
Said John Shain, President of AFS, "This upgrade solidly establishes Comerica at the leading edge of lending technology and regulatory compliance. Comerica is positioned to respond aggressively to future needs and to support its customers seamlessly with fully integrated delivery capability and process control. We are pleased to be working with Comerica in building a lending infrastructure that will provide long term competitive differentiation in the market."
About Comerica
Comerica Incorporated (NYSE:CMA) is a financial service company headquartered in Detroit. Comerica's approximately 11,000 employees focus on relationships, and helping people and businesses be successful. Comerica Bank locations can be found in Michigan, California, Texas, and Florida, with select businesses operating in several other states. Munder Capital Management and Comerica Securities are investment services affiliates. Comerica reported assets of $52 billion at December 31, 2004 and ranks first among the top 50 U.S. bank holding companies in commercial loans as a percent of total assets. For further information, visit Comerica's website at www.comerica.com.
About AFS
AFS is the dominant provider of commercial lending software and services to U.S. financial institutions, combining the systems, execution expertise, and management information to mitigate risk, reduce costs, and increase revenue. The firm is headquartered in Exton, PA; its European subsidiary, Automated Financial Systems GmbH is located in Vienna, Austria. For further information, visit AFS' website at www.afsvision.com.
