Comerica Received an Offer Before Fifth Third
A recent filing revealed a relatively swift negotiation process and some short-term benefits for Comerica CEO Curt Farmer. Unlike other bank acquisition stories filled with tension and drama, this one was straightforward.
Earlier Proposal from Another Firm
Before Fifth Third made its move, another company—referred to as Financial Institution A—informally proposed an all-stock deal with Comerica in September. However, Comerica’s board decided the terms were unlikely to be better than those from another potential buyer.
Board's Decision on Optimal Partner
The board "determined that Fifth Third would be the optimal merger counterparty to a business combination transaction if Fifth Third were to make a proposal which appropriately valued Comerica."
Ongoing CEO Discussions
At the time, Fifth Third had not yet made an offer. Still, Comerica CEO Curt Farmer and Fifth Third CEO Tim Spence had "periodically discussed" financial trends over several years, according to the filing.
Comparison to Other Bank Mergers
This account contrasts with Capital One's lengthy six-month pursuit of Discover, which involved multiple declined offers and a seven-week pause in talks earlier in 2024.
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