-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ML+zPsUOk8KQk5PrU2O/z2XZOxTSuHagrGnsk27dZbWfXWKjScgPwGpJuKfa2eG6 wU6hFH6JehJhGRlRsul9ZQ== 0000950124-94-000659.txt : 19940331 0000950124-94-000659.hdr.sgml : 19940331 ACCESSION NUMBER: 0000950124-94-000659 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMERICA INC /NEW/ CENTRAL INDEX KEY: 0000028412 STANDARD INDUSTRIAL CLASSIFICATION: 6022 IRS NUMBER: 381998421 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 34 SEC FILE NUMBER: 001-10706 FILM NUMBER: 94519036 BUSINESS ADDRESS: STREET 1: 100 RENAISCANCE CTR STREET 2: SUITE 3800 CITY: DETROIT STATE: MI ZIP: 48243 BUSINESS PHONE: 3132224000 MAIL ADDRESS: STREET 1: 411 W LAFAYETTE MAIL CODE 3415 STREET 2: ATTN: JAY K OBERG CITY: DETROIT STATE: MI ZIP: 48226 FORMER COMPANY: FORMER CONFORMED NAME: DETROITBANK CORP DATE OF NAME CHANGE: 19850311 11-K 1 FORM 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 1993 Commission File Number 33-53222 A. Full title of the Plan and address of the Plan, if different from that of the issuer named below: JOHN V. CARR & SON, INC. EMPLOYEES' PROFIT SHARING PLAN B. Name of issuer of securities held pursuant to the Plan and address of its principal executive office: COMERICA INCORPORATED Comerica Tower at One Detroit Center 500 Woodward Avenue Detroit, Michigan 48226 - 1 - 2 INFORMATION FURNISHED WITH RESPECT TO THE PLAN The following financial statements, notes to financial statements and consent are included in this Report: 1. Financial statements for the Plan consisting of: A. Report of Independent Auditors. B. Statement of Assets, Liabilities and Participants' Equity as of December 31, 1993 and as of December 31, 1992. C. Statement of Changes in Participants' Equity for the years ending December 31, 1993 and December 31, 1992. D. Notes to Financial Statements. E. Consent of Independent Auditors. - 2 - 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the administrator of the Plan has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized. John V. Carr & Son, Inc. Employees' Profit Sharing Plan By:/s/ JOHN P. SHERIDAN ----------------------- John P. Sheridan Vice President Comerica Incorporated Dated: March 25, 1994 - 3 - 4 INDEX Name of Document 1. John V. Carr & Son, Inc., Employees' Profit Sharing Plan Financial Statements and Schedules for Years Ending December 31, 1993 and December 31, 1992 (Including Report of Independent Auditors). 2. Consent of Ernst and Young. - 4 - 5 Financial Statements and Schedules John V. Carr & Son, Inc. Employees' Profit Sharing Plan Years ended December 31, 1993 and 1992 with Report of Independent Auditors [ERNST & YOUNG LOGO] 6 Report of Independent Auditors Employee Benefits Committee Comerica Incorporated We have audited the accompanying statements of assets, liabilities and participants' equity of John V. Carr & Son, Inc. Employees' Profit Sharing Plan as of December 31, 1993 and 1992, and the related statements of changes in participants' equity for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and participants' equity of the Plan at December 31, 1993 and 1992, and the changes in such participant's equity for the years then ended, in conformity with generally accepted accounting principles. March 8, 1994 1 7 John V. Carr & Son, Inc. Employees' Profit Sharing Plan Statement of Assets, Liabilities and Participants' Equity December 31, 1993
GUARANTEED AMBASSADOR INVESTMENT AMBASSADOR INTERMEDIATE LIFE CONTRACT GROWTH INDEX BOND INSURANCE FUND FUND FUND FUND FUND - ------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at fair value (Note 3): Ambassador Money Market Fund $1,272,179 $ 5,175 $ 1,888 $ 1,380 Comerica Guaranteed Investment Contract Fund 3,851,185 Ambassador Intermediate Bond Fund 166,662 Ambassador Growth Fund 9,821 Ambassador Index Fund 444,573 Ambassador Core Growth Fund 2,682,322 Comerica Incorporated common stock - ------------------------------------------------------------------------------------------------------------------------------ 5,123,364 2,697,318 446,461 168,042 Cash (overdraft) and accrued income (19,998) 6,258 17,020 15,708 Cash value of life insurance policies $465,488 Employer contribution receivable 228,968 121,387 20,711 8,629 Participant loans receivable Interfund receivable (payable) 18,459 14,732 5,100 3,858 - ------------------------------------------------------------------------------------------------------------------------------ Total assets $5,350,793 $2,839,695 $489,292 $196,237 $465,488 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ LIABILITIES AND PARTICIPANTS' EQUITY Liabilities: Accounts payable--unsettled trades Partcipants' equity $5,350,793 $2,839,695 $489,292 $196,237 $465,488 - ------------------------------------------------------------------------------------------------------------------------------ Total liabilities and participants' equity $5,350,793 $2,839,695 $489,292 $196,237 $465,488 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ COMERICA AMBASSADOR CASH INCORPORATED MONEY AND STOCK MARKET LOAN FUND FUND FUND TOTAL - ---------------------------------------------------------------------------------------------------------------- ASSETS Investments, at fair value (Note 3): Ambassador Money Market Fund $2,511,795 $ 44,993 $ 3,837,410 Comerica Guaranteed Investment Contract Fund 3,851,185 Ambassador Intermediate Bond Fund 166,662 Ambassador Growth Fund 9,821 Ambassador Index Fund 444,573 Ambassador Core Growth Fund 2,682,322 Comerica Incorporated common stock $1,785,286 1,785,286 - ------------------------------------------------------------------------------------------------------- 1,785,286 2,511,795 44,993 12,777,259 Cash (overdraft) and accrued income 43,939 10,141 30,435 103,503 Cash value of life insurance policies 465,488 Employer contribution receivable 82,843 112,758 575,296 Participant loans receivable 962,544 962,544 Interfund receivable (payable) 23,041 10,239 (75,429) - - ------------------------------------------------------------------------------------------------------- Total assets $1,935,109 $2,644,933 $962,543 $14,884,090 - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- LIABILITIES AND PARTICIPANTS' EQUITY Liabilities: Accounts payable--unsettled trades $ 31,036 $ 31,036 Partcipants' equity 1,904,073 $2,644,933 $962,543 14,853,054 - ------------------------------------------------------------------------------------------------------- Total liabilities and participants' equity $1,935,109 $2,644,933 $962,543 $14,884,090 - ------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------
See accompanying notes. 2 8
John V. Carr & Son, Inc. Employees' Profit Sharing Plan Statement of Assets, Liabilities and Participants' Equity December 31, 1992 GUARANTEED RETAIL FIXED INVESTMENT SHORT-TERM LIFE SAVINGS INCOME EQUITY CONTRACT GOVERNMENT INSURANCE PLAN FUND FUND FUND FUND FUND FUND ---------------------------------------------------------------------- ASSETS Investments, at fair value (Note 3): Collective investment funds $122,574 $3,013,771 $4,752,459 $2,515,406 $590 $16,569 Insurance contracts 1,359,026 Money Market Account 10,684 Comerica Incorporated common stock ---------------------------------------------------------------------- 122,574 3,013,771 6,111,485 2,515,406 590 27,253 Cash (overdraft) and accrued income 271 (72,077) 72,611 7,555 1 40 Cash value of life insurance policies 430,498 Employer contribution receivable 163,821 342,534 141,481 Participant loans receivable Interfund receivable (payable) 5,837 (3,196) 2,777 36,458 (591) (84) ---------------------------------------------------------------------- Total assets $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209 ---------------------------------------------------------------------- ---------------------------------------------------------------------- LIABILITIES AND PARTICIPANTS' EQUITY Liabilities: Accounts payable-unsettled trades Participants' equity $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209 ---------------------------------------------------------------------- Total liabilities and participants' equity $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209 ---------------------------------------------------------------------- ---------------------------------------------------------------------- COMERICA INCORPORATED 500 LOAN STOCK INDEX FUND FUND FUND TOTAL ----------------------------------------------- ASSETS Investments, at fair value (Note 3): Collective investment funds $ 371,327 $424,630 $11,217,326 Insurance contracts 1,359,026 Money Market Account 10,684 Comerica Incorporated common stock 1,804,480 1,804,480 ----------------------------------------------- 2,175,807 424,630 14,391,516 Cash (overdraft) and accrued income $ 52,712 7,580 65 68,758 Cash value of life insurance policies 430,498 Employer contribution receivable 96,803 744,639 Participant loans receivable 705,117 705,117 Interfund receivable (payable) (52,712) 3,270 8,241 - ----------------------------------------------- Total assets $705,117 $2,283,460 $432,936 $16,340,528 ----------------------------------------------- ----------------------------------------------- LIABILITIES AND PARTICIPANTS' EQUITY Liabilities: Accounts payable-unsettled trades $ 384,716 $ 384,716 Participants' equity $705,117 1,898,744 $432,936 15,955,812 ----------------------------------------------- Total liabilities and participants' equity $705,117 $2,283,460 $432,936 $16,340,528 ----------------------------------------------- -----------------------------------------------
See accompanying notes. 3 9 John V. Carr & Son, Inc. Employees' Profit Sharing Plan Statement of Changes In Participants' Equity Year ended December 31, 1993
GUARANTEED AMBASSADOR COMERICA AMBASSADOR INVESTMENT AMBASSADOR INTERMEDIATE LIFE INCORPORATED MONEY CONTRACT GROWTH INDEX BOND INSURANCE STOCK MARKET FUND FUND FUND FUND FUND FUND FUND ------------------------------------------------------------------------------------------- Additions: Employer contributions $ 82,562 $ 104,314 $ 71,289 $ 45,733 $ 171,132 $ 94,978 Employee voluntary contributions 58,972 88,116 51,408 29,433 125,788 32,406 Interest and dividend income 393,952 53,316 31,324 14,329 81,002 79,734 Net increase in cash surrender value of life insurance, net of premiums of $ 49,846 $ 34,990 ------------------------------------------------------------------------------------------- 535,486 245,746 154,021 89,495 34,990 377,922 207,118 Deductions: Distributions to participants 1,291,678 382,993 172,770 66,710 137,989 212,175 Realized and unrealized gain (loss) on investments - (96,555) 19,574 1,162 (328,693) ------------------------------------------------------------------------------------------- (756,192) (233,802) 825 23,947 34,990 (88,760) (5,057) Net transfers between funds (422,422) 3,073,497 488,467 172,290 94,089 2,649,990 ------------------------------------------------------------------------------------------- Net increase (decrease) (1,178,614) 2,839,695 489,292 196,237 34,990 5,329 2,644,933 Participants' equity at January 1, 1993 6,529,407 - - - 430,498 1,898,744 - ------------------------------------------------------------------------------------------- Participants' equity at December 31, 1993 $5,350,793 $2,839,695 $489,292 $196,237 $465,488 $1,904,073 $2,644,933 ------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------- CASH RETAIL AND FIXED SHORT-TERM SAVINGS 500 LOAN INCOME EQUITY GOVERNMENT PLAN INDEX FUND FUND FUND FUND FUND FUND TOTAL ----------------------------------------------------------------------------------------- Additions: Employer contributions $ 570,008 Employee voluntary contributions 386,123 Interest and dividend income 653,657 Net increase in cash surrender value of life insurance, net of premiums of $ 34,990 ----------------------------------------------------------------------------------------- 1,644,778 Deductions: Distributions to participants $ 78,709 2,343,024 Realized and unrealized gain (loss) on investments (404,512) ----------------------------------------------------------------------------------------- (78,709) (1,102,758) Net transfers between funds 336,135 $(128,682) $(3,102,319) $(2,700,900) $(27,209) $(432,936) - ----------------------------------------------------------------------------------------- Net increase (decrease) 257,426 (128,682) (3,102,319) (2,700,900) (27,209) (432,936) (1,102,758) Participants' equity at January 1, 1993 705,117 128,682 3,102,319 2,700,900 27,209 432,936 15,955,812 ----------------------------------------------------------------------------------------- Participants' equity at December 31, 1993 $962,543 $ - $ - $ - $ - $ - $14,853,054 ---------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------
See accompanying notes. 4 10 John V. Carr & Son, Inc. Employees' Profit Sharing Plan Statement of Changes In Participants' Equity Year ended December 31, 1992
GUARANTEED RETAIL FIXED INVESTMENT SHORT-TERM LIFE SAVINGS INCOME EQUITY CONTRACT GOVERNMENT INSURANCE PLAN FUND FUND FUND FUND FUND FUND ------------------------------------------------------------------------------------ Additions: Employer contributions $ 1,605 $ 167,916 $ 309,194 $ 107,200 $ 69 Employee voluntary contributions 17,859 76,764 91,586 69,838 7,406 Interest and dividend income 3,931 76,576 563,581 115,336 686 Net increase in cash surrender value of life insurance, net of premiums of $44,819 $ 13,998 ------------------------------------------------------------------------------------ 23,395 321,256 964,361 292,374 13,998 8,161 Deductions: Distributions to participants 673 154,654 1,289,334 171,597 33,888 1,260 Realized and unrealized gain on investments 790 89,055 ------------------------------------------------------------------------------------ 23,512 255,657 (324,973) 120,777 (19,890) 6,901 Net transfers between funds 105,170 (144,453) (671,405) (350,774) (32,414) 20,308 ------------------------------------------------------------------------------------ Net increase (decrease) 128,682 111,204 (996,378) (229,997) (52,304) 27,209 Participants' equity at January 1, 1992 - 2,991,115 7,525,785 2,930,897 482,802 - ------------------------------------------------------------------------------------ Participants' equity at December 31, 1992 $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209 ------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------ TRAVELERS GROUP COMERICA ANNUITY INCORPORATED 500 CONTRACT LOAN STOCK INDEX FUND FUND FUND FUND TOTAL ----------------------------------------------------------------- Additions: Employer contributions $ 123,858 $ 6,078 $ 715,920 Employee voluntary contributions 41,794 31,049 336,296 Interest and dividend income $ 1,212 46,717 1,503 809,542 Net increase in cash surrender value of life insurance, net of premiums of $44,819 13,998 ----------------------------------------------------------------- 1,212 212,369 38,630 1,875,756 Deductions: Distributions to participants 41,787 $ 28,301 87,529 1,926 1,810,949 Realized and unrealized gain on investments 254,427 5,668 349,940 ----------------------------------------------------------------- (40,575) (28,301) 379,267 42,372 414,747 Net transfers between funds (81,434) 133,501 630,937 390,564 - ----------------------------------------------------------------- Net increase (decrease) (122,009) 105,200 1,010,204 432,936 414,747 Participants' equity at January 1, 1992 122,009 599,917 888,540 - 15,541,065 ----------------------------------------------------------------- Participants' equity at December 31, 1992 $ - $705,117 $1,898,744 $432,936 $15,955,812 ----------------------------------------------------------------- -----------------------------------------------------------------
See accompanying notes. 5 11 John V. Carr & Son, Inc. Employees' Profit Sharing Plan Statement of Changes In Participants' Equity Year ended December 31, 1992
GUARANTEED RETAIL FIXED INVESTMENT SHORT-TERM LIFE SAVINGS INCOME EQUITY CONTRACT GOVERNMENT INSURANCE PLAN FUND FUND FUND FUND FUND FUND ------------------------------------------------------------------------------------ Additions: Employer contributions $ 1,605 $ 167,916 $ 309,194 $ 107,200 $ 69 Employee voluntary contributions 17,859 76,764 91,586 69,838 7,406 Interest and dividend income 3,931 76,576 563,581 115,336 686 Net increase in cash surrender value of life insurance, net of premiums of $44,819 $ 13,998 ------------------------------------------------------------------------------------ 23,395 321,256 964,361 292,374 13,998 8,161 Deductions: Distributions to participants 673 154,654 1,289,334 171,597 33,888 1,260 Realized and unrealized gain on investments 790 89,055 ------------------------------------------------------------------------------------ 23,512 255,657 (324,973) 120,777 (19,890) 6,901 Net transfers between funds 105,170 (144,453) (671,405) (350,774) (32,414) 20,308 ------------------------------------------------------------------------------------ Net increase (decrease) 128,682 111,204 (996,378) (229,997) (52,304) 27,209 Participants' equity at January 1, 1992 - 2,991,115 7,525,785 2,930,897 482,802 - ------------------------------------------------------------------------------------ Participants' equity at December 31, 1992 $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209 ------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------ TRAVELERS GROUP COMERICA ANNUITY INCORPORATED 500 CONTRACT LOAN STOCK INDEX FUND FUND FUND FUND TOTAL ----------------------------------------------------------------- Additions: Employer contributions $ 123,858 $ 6,078 $ 715,920 Employee voluntary contributions 41,794 31,049 336,296 Interest and dividend income $ 1,212 46,717 1,503 809,542 Net increase in cash surrender value of life insurance, net of premiums of $44,819 13,998 ----------------------------------------------------------------- 1,212 212,369 38,630 1,875,756 Deductions: Distributions to participants 41,787 $ 28,301 87,529 1,926 1,810,949 Realized and unrealized gain on investments 254,427 5,668 349,940 ----------------------------------------------------------------- (40,575) (28,301) 379,267 42,372 414,747 Net transfers between funds (81,434) 133,501 630,937 390,564 - ----------------------------------------------------------------- Net increase (decrease) (122,009) 105,200 1,010,204 432,936 414,747 Participants' equity at January 1, 1992 122,009 599,917 888,540 - 15,541,065 ----------------------------------------------------------------- Participants' equity at December 31, 1992 $ - $705,117 $1,898,744 $432,936 $15,955,812 ----------------------------------------------------------------- -----------------------------------------------------------------
See accompanying notes. 5 12 John V. Carr & Son, Inc. Employees' Profit Sharing Plan Notes To Financial Statements December 31, 1993 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The fair values of the participation units owned by the Plan in the collective investment and Ambassador mutual funds are based on quoted redemption values on the last business day of the plan year. The insurance contracts are valued at contract value as determined by the insurance companies. Contract value represents contributions made under the contract, net of transfers by participants from or to other funds within the Plan, plus interest at the contract rate, less funds used to pay benefits. The investment in Comerica Incorporated (parent Company of Comerica Bank) common stock is valued at the last reported sales price on the last business day of the plan year as traded on a national securities exchange. The realized gain or loss on sale of investment is the difference between the proceeds received and the cost of the specfic investment sold. Such amounts are different than the related amounts reported on Form 5500 which are computed as the difference between the proceeds received and the fair value at the beginning of the year as prescribed by the Department of Labor regulations. Expenses incurred in connection with the operation of the Plan are borne by John V. Carr & Son, Inc., a subsidiary of Comerica Bank. 2. DESCRIPTION OF THE PLAN The Profit Sharing Plan is a defined contribution plan available to substantially all employees of John V. Carr & Son, Inc. and subsidiaries (the Company). Employer contributions, at the discretion of the Board of Directors of the Company, are determined as a percentage of annual compensation of participants, not to exceed 15% of such compensation, and are limited to an amount which would not reduce the Company's net earnings for such year below 10% of stockholders' equity as of the beginning of such year. Each active participant may elect to make voluntary contributions to the Plan in an amount up to 10% of compensation. 6 13 John V. Carr & Son, Inc. Employees' Profit Sharing Plan Notes To Financial Statements (Continued) 2. DESCRIPTION OF THE PLAN (CONTINUED) Each participant, who has attained age 21 and satisfied the participation requirements, has an account credited with the participant's contribution and an allocation of the Company's contribution and plan earnings. Allocations are based on participant earnings or account balances, as defined. Participant's are 100% vested in amounts allocated to their accounts at all times. Information about the plan agreement, participants' investment alternatives and the vesting and benefit provisions is contained in the pamphlet "John V. Carr & Son, Inc. Employees' Profit Sharing Plan." Copies of this pamphlet are available from the Personnel office. Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. 3. INVESTMENTS The fair value of individual investments that represent 5% or more of the Plan's net assets are as follows:
DECEMBER 31 1993 1992 ------------------------ Comerica Equity Fund E $ - $3,013,771 Comerica Short-Term Government Fund, Series 2 - 2,419,662 Comerica Short-Term Investment Fund - 4,373,765 Comerica Incorporated--common stock 1,785,286 1,804,480 Protective Life Insurance Company Guaranteed Investment Contract - 1,359,026 Comerica Guaranteed Investment Contract Fund 3,851,185 1,306,988 Ambassador Money Market Fund 3,837,410 - Ambassador Core Growth Fund 2,682,322 -
7 14 John V. Carr & Son, Inc. Employees' Profit Sharing Plan Notes To Financial Statements (Continued) 4. TRANSACTIONS WITH PARTIES-IN-INTEREST The following is a summary of transactions (at cost) with parties-in-interest:
COMERICA COMERICA RETAIL FIXED COMERICA SHORT-TERM SAVINGS COMERICA GUARANTEED INCOME EQUITY INVESTMENT PLAN INCORPORATED INVESTMENT FUND F FUND E FUNDS FUND COMMON STOCK CONTRACT FUND -------------------------------------------------------------------------------------------- Balance at January 1, 1992 $ - $2,180,109 $ 4,448,772 $ - $ 396,655 $ 2 Purchases in 1992 49,260 306,374 12,381,614 30,684 2,193,675 1,552,472 Sales in 1992 (4,436) (323,784) (10,036,959) (20,000) (1,346,523) (245,486) Distributions in 1992 (5,666) -------------------------------------------------------------------------------------------- Balance at December 31, 1992 44,824 2,162,699 6,793,427 10,684 1,238,141 1,306,988 Purchases in 1993 3,204,244 484,684 3,806,637 Sales in 1993 (44,824) (2,162,699) (9,997,671) (10,684) (117,159) (1,262,440) -------------------------------------------------------------------------------------------- Balance at December 31, 1993 - - - - $ 1,605,666 $3,851,185 -------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------- AMBASSADOR AMBASSADOR AMBASSADOR COMERICA MONEY CORE AMBASSADOR INTERMEDIATE AMBASSADOR 500 INDEX MARKET GROWTH INDEX BOND GROWTH FUND FUND FUND FUND FUND FUND -------------------------------------------------------------------------------------------- Balance at January 1, 1992 $ - Purchases in 1992 88,761 Sales in 1992 (34,743) Distributions in 1992 -------------------------------------------------------------------------------------------- Balance at December 31, 1992 54,018 $ - $ - $ - $ - $ - Purchases in 1993 9,796,332 3,242,603 594,916 255,996 9,481 Sales in 1993 (54,018) 5,958,922 492,690 166,387 60,056 -------------------------------------------------------------------------------------------- Balance at December 31, 1993 - $3,837,410 $2,749,913 $428,529 $165,940 $9,481 -------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------
Unrealized appreciation (depreciation) on these investments aggregated $(1,255,352) and $177,075 in 1993 and 1992, respectively. Gains realized from the sale of Fund units were $850,840 and $172,865 in 1993 and 1992, respectively. 5. INCOME TAX STATUS The Internal Revenue Service has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code and is, therefore, not subject to taxation under present income tax laws. Once qualified, the Plan is required to operate in conformity with the IRC in order to maintain its qualification. The Plan Sponsor is not aware of any course of action or series of events that would adversely affect the Plan's qualified status. 8 15 [LOGO OF ERNST & YOUNG] Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statements listed below, of our reports on the consolidated financial statements of Comerica Incorporated and subsidiaries dated January 18, 1994, financial statements of Comerica Incorporated Preferred Savings Plan dated March 8, 1994 and financial statements of John V. Carr & Son, Inc. Employees' Profit-Sharing Trust dated March 8, 1994, all included in the Annual Report on Form 10-K of Comerica Incorporated for the year ended December 31, 1993: Registration Statement No. 33-42485 on Form S-8 dated August 29, 1991 Registration Statement No. 33-45500 on Form S-8 dated February 11, 1992 Registration Statement No. 33-49964 on Form S-8 dated July 23, 1992 Resistration Statement No. 33-49966 on Form S-8 dated July 23, 1992 Registration Statement No. 33-53220 on Form S-8 dated October 13, 1992 Registration Statement No. 33-53222 on Form S-8 dated October 13, 1992 ERNST & YOUNG Detroit, Michigan March 28, 1994 -----END PRIVACY-ENHANCED MESSAGE-----