Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 108

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 108
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 this review
and in light of these considerations, Comerica’s board of directors remained apprised of the regional bank M&A environment and potential counterparties to a strategic transaction.

In the Summer of 2025, Comerica’s board of directors held formal and informal meetings in which it reviewed Comerica’s financial
performance and discussed various strategic alternatives available to Comerica with Comerica’s senior management. These meetings included discussion of the benefits of scale and diversification in the current and prospective environment in
which Comerica operates, including in addressing economic conditions, the interest rate environment, the accelerating pace of technological change in the banking industry, increased operating costs resulting from regulatory and compliance mandates,
the competitive environment for financial institutions generally and the challenges facing Comerica as an independent institution. Based on these discussions, Comerica’s board of directors authorized Comerica’s senior management to begin
to explore the potential for a business combination transaction with another financial institution and to solicit and engage in discussions with counterparties that might be interested in pursuing a potential strategic transaction.

Thereafter, Comerica’s senior management and representatives of J.P. Morgan Securities LLC, financial advisor to Comerica, which we
refer to as J.P. Morgan, and Wachtell, Lipton, Rosen & Katz, legal advisor to Comerica, which we refer to as Wachtell Lipton, regularly met with the Comerica board of directors and engaged in discussions regarding the process of considering a
potential business combination transaction. During this time,

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Comerica’s financial advisor and senior management engaged in exploratory conversations with potentially interested parties, including another financial institution that we refer to as
“Financial Institution A”, regarding a potential business combination transaction involving Comerica. Other than as noted below, these discussions did not advance beyond the preliminary stage or result in any specific proposals or
provision of diligence materials.

In September 2025, the Chief Executive Officer of Financial Institution A verbally proposed to Mr.
Farmer a potential all-stock merger transaction between Financial Institution A and Comerica. Thereafter, the Chief Executive Officer of Financial Institution A verbally communicated a revised proposal to merge with Comerica in an
all-stock transaction.

Following these exploratory conversations and receipt of Financial Institution A’s proposals, the
Comerica board of directors held multiple meetings, together with representatives of J.P. Morgan and Wachtell Lipton. Members of Comerica’s senior management and J.P