Bank holding company Comerica said Tuesday it will relocate its headquarters to Dallas from Detroit in order to diversify its customer base.
The bank, which operates primarily in Michigan, California, Texas, Florida and Arizona, expects to complete the move by the end of the third quarter.
Comerica said it will maintain a presence in Michigan, where it has about 7,300 workers.
"A significant percentage of Comerica's earnings is generated in the Texas, Arizona, California and Florida markets," said Ralph W. Babb Jr. chairman and chief executive of Comerica. "Moving our corporate headquarters to Dallas will give us greater proximity to all of our markets, and the additional resources in these markets will lead to accelerated growth for Comerica."