Company: CMA
Filing Date: 2025-12-18
Form Type: 425
Source: 0001193125-25-323441
Chunk: 5

Company: COMERICA INC
Filing Date: 2025-12-18
Form: 425
Chunk 5
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 awareness of
the various strategic alternatives potentially available to Comerica, which included a merger, acquisition, sale, merger of equals or maintaining the status quo, and held various exploratory conversations. Throughout 2024 and 2025, as part of 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 Comericawith 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 seniormanagement 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. Duringthis time, 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