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

Company: COMERICA INC
Filing Date: 2025-12-18
Form: 425
Chunk 12
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 merger agreement to a vote of Comerica stockholders, and to recommend to Comerica’s stockholders that they adopt the merger agreement. Later on October 5, 2025, Comerica and Fifth Third executed the merger agreement. On October 6, 2025, prior to the start of trading, Comerica and Fifth Third issued a joint press release to publicly announce the execution of the merger agreement. The Section entitled “ The Mergers—Opinion of Comerica Financial Advisor—Comerica Public Trading Multiples Analysis ” beginning on pg. 99 is amended and restated as follows: Comerica Public Trading Multiples Analysis.Using publicly available information, J.P. Morgan compared selected financial data of Comerica with similar data for selected publicly traded companies engaged in businesses that J.P. Morgan judged to be sufficiently analogous to Comerica. The companies selected by J.P. Morgan were:

| • |     | Old National Bancorp |

| • |     | Columbia Banking System, Inc. |

| • |     | UMB Financial Corporation |

| • |     | Webster Financial Corporation |

| • |     | SouthState Bank Corporation |

| • |     | Cullen/Frost Bankers, Inc. |

| • |     | Cadence Bancorporation |

| • |     | Zions Bancorporation, National Association |

| • |     | Wintrust Financial Corporation |

| • |     | First Horizon Corporation |

| • |     | BOK Financial Corp |

These companies were selected, among other reasons, by J.P. Morgan because they are publicly traded companies with operations and businesses that, for the purposes of J.P. Morgan’s analysis, J.P. Morgan considered to be similar to those of Comerica. However, none of the companies selected is identical or directly comparable to Comerica, and certain of the companies selected may have characteristics that are materially different from those of Comerica. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that could affect the selected companies differently than they would affect Comerica. Using publicly available information, J.P. Morgan calculated for each selected company, (i) the multiple of price to estimated earnings per share for fiscal year 2026 (“Price/2026E EPS”), (ii) the multiple of price to tangible book value per share (“P/TBV”) and (iii) the 2026 estimated return on average tangible common equity (“202