Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 112

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 112
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 duties and the terms of the merger agreement and other transaction documentation. Representatives of J.P. Morgan reviewed the financial aspects of the business combination with Fifth
Third at the proposed exchange ratio. Representatives of KBW reviewed market and industry dynamics and the potential market reaction to the proposed transaction. Following discussion, the Comerica board of directors authorized Comerica’s
senior management, financial advisor and legal advisor to seek to finalize the terms of the business combination with Fifth Third on the basis discussed at the meeting.

Subsequently, representatives of Comerica and Fifth Third, together with their respective financial and legal advisors, finalized the terms of
the merger agreement and other transaction documentation.

On October 4, 2025, Fifth Third and Goldman Sachs entered into an
engagement letter to engage formally Goldman Sachs as Fifth Third’s financial advisor in connection with the proposed transaction.

On October 5, 2025, the Fifth Third board of directors met in a specially called meeting. Representatives of Goldman Sachs and Sullivan
& Cromwell were present at the meeting. Mr. Spence, along with other members of management, reviewed the final terms of the transaction and merger agreement and discussed updates to the valuation model. Members of management presented the
results of Fifth Third’s due diligence, including discussion related to Comerica’s businesses, information technology and information security, risk programs, compliance and litigation, human resources, and cultural alignment.
Representatives of Goldman Sachs provided a financial analysis of the proposed transaction, including the exchange ratio of shares of Fifth Third common stock to be issued in exchange for shares of Comerica common stock, and engaged in a discussion
with the Fifth Third board of directors on the same. Representatives of Goldman Sachs rendered to the Fifth Third board of directors its oral opinion, subsequently confirmed in writing by delivery of a written opinion, to the Fifth Third board of
directors that, as of October 5, 2025 and based upon and subject to the factors and assumptions set forth in Goldman Sachs’ written opinion, the exchange ratio pursuant to the merger agreement was fair from a financial point of view to Fifth
Third. For additional information, see the section entitled “The Mergers—Opinion of Fifth Third’s Financial Advisor” beginning on page 87 and Annex B to this joint proxy statement/prospectus. Sullivan &
Cromwell discussed the fiduciary duties of the Fifth Third board of directors with respect to mergers and acquisitions specifically and reviewed the material terms of the merger agreement and various other legal considerations with respect