Company: CMA
Filing Date: 2025-08-05
Form Type: 424B5
Source: 0001193125-25-173600
Chunk: 20

Company: COMERICA INC
Filing Date: 2025-08-05
Form: 424B5
Chunk 20
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 on Form 10-Kfor the year ended December 31, 2024.

Risks Related to the Series B Preferred Stock and Depositary Shares

You are making an investment decision with regard to the depositary shares as well as the Series B Preferred Stock.

As described in this prospectus supplement, we are issuing fractional interests in shares of Series B Preferred Stock in the form
of depositary shares. Accordingly, the depositary will rely on the payments it receives on the Series B Preferred Stock to fund all payments on the depositary shares. You should carefully review the information in this prospectus supplement and the
accompanying prospectus regarding both of these securities before making an investment decision.

The Series B Preferred Stock and the depositary shares representing the Series B Preferred Stock are equity and are subordinate to our existing and future indebtedness.

The
shares of Series B Preferred Stock and the depositary shares representing the Series B Preferred Stock will be equity interests in Comerica and will not constitute indebtedness. This means that the Series B Preferred Stock, and the depositary shares
representing the Series B Preferred Stock, will rank junior to all indebtedness and other non-equity claims on Comerica with respect to assets available to satisfy claims on Comerica, including claims in the
event of a liquidation of Comerica.

Additionally, unlike indebtedness, where principal and interest customarily are payable on specified
due dates, in the case of the Series B Preferred Stock, (i) dividends will be payable only if declared by our board of directors or a duly authorized committee of our board of directors, (ii) dividends will not accumulate if they are not
declared and (iii) as a Delaware corporation, we are and will be subject to restrictions on payments of dividends and redemption price out of funds legally available under Delaware law. In addition, the Series B Preferred Stock may be fully
subordinate to interests held by the U.S. government in the event of a receivership, insolvency, liquidation, or similar proceeding, including a proceeding under the “orderly liquidation authority” provisions of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (the “Dodd-Frank Act”). Also, as a financial holding company, Comerica’s ability to declare and pay dividends is dependent on certain federal regulatory considerations discussed below.

As of June 30, 2025, our total medium- and long-term debt was approximately $5.8 billion. We may incur additional debt in the