A few months ago, Comerica Bank announced that it would be closing locations and cutting jobs in all of their markets. Being the second largest bank in the state, it was expected Michigan locations would be affected, and on Tuesday, it was stated that 16 branches will close next year. Currently, there are over 200 in Michigan alone.

In April 2017, half of the branches will be closed including the ones on Breton Road and Alpine Ave NW in Grand Rapids. The other West Michigan location includes the bank in Montague. All 16 banks will be closed by November 2017.

A member from Comerica's corporate office told the Detroit Free Press that it was too soon to tell how many Michiganders would lose their jobs because "many employees will be able to apply for other openings at Comerica." Severance packages will also be offered to employees who don't get into another position.

Overall, 38 branches, across the U.S., will be closed which will affect about 800 jobs.

This move comes after Comerica had a drop in their profits. The cuts and restructuring of their pension plans are expected to save them about $42 million.

SOURCE: Detroit Free Press