Why Comerica Bank Sucks: Part II

Part I can be found here. A brief explanation of Part I, Comerica bank demanded Norwalk Furniture immediately pay their $11M loan for no other reason than they didn't want any accounts left in Ohio. Comerica demanded all the manufacturing plants and retail store closed so they could be liquidated. Thousands of employees were without job instantly.

Norwalk Furniture has been family owned for 106 years. Now, because of Comerica's actions, Norwalk Furniture was required to take on investors. The investment companies have purchased the loan from Comerica and taken over the company. No doubt these investment companies will replace the family with executives of their choosing.

The good news is, at least the thousands of Norwalk Furniture employees still have a job.

I hope people will never do business with Comerica, and those that do, will move to a different bank.