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

Company: COMERICA INC
Filing Date: 2025-08-05
Form: 424B5
Chunk 25
---
 Reserve will approve any redemption of the Series B Preferred Stock that we may propose.
There also can be no assurance that, if we propose to redeem the Series B Preferred Stock without replacing such Series B Preferred Stock with common equity Tier 1 capital or additional Tier 1 capital instruments, the Federal Reserve will authorize
the redemption. We understand that the factors that the Federal Reserve will consider in evaluating a proposed redemption, or a request that we be permitted to redeem the Series B Preferred Stock without replacing it with common equity Tier 1
capital or additional Tier 1 capital instruments, include its evaluation of the overall level and quality of our capital components, considered in light of our risk exposures, earnings and growth strategy, and other supervisory considerations,
although the Federal Reserve may change these factors at any time.

The dividend rate will reset on the First Reset Date and each subsequent reset date, and any dividends declared may be less than the initial fixed annual rate of 6.875% in effect until the First Reset Date.

The annual dividend rate on the Series B Preferred Stock for each reset period will equal the five-year treasury rate as of the most recent
reset determination date plus 3.125% per annum. Therefore, the dividend rate and any dividends declared after the First Reset Date could be more or less than the fixed rate for the initial five-year period. We have no control over the factors that
may affect five-year treasury rates, including geopolitical conditions and economic, financial, political, regulatory, judicial or other events that may impact five-year treasury rates.

The historical five-year treasury rates are not an indication of future five-year treasury rates.

In the past, U.S. treasury rates have experienced significant fluctuations. You should note that historical levels, fluctuations and trends of
U.S. treasury rates are not necessarily indicative of future levels. Any historical upward or downward trend in U.S. treasury rates is not an indication that U.S. treasury rates are more or less likely to increase or decrease at any time during the
dividend reset period, and you should not take historical U.S. treasury rates as an indication of future rates.

Further, if we, in our
sole discretion, determine on or prior to the relevant reset determination date that the five-year treasury rate cannot be determined in the manner then applicable for such rate, we may, in our sole discretion, designate a designee to determine
whether there is an industry-accepted successor rate to the then-applicable base rate and, if applicable, to determine and make certain adjustments as further described