Another bank tried to buy Comerica before Fifth Third deal

Another Bank Tried to Buy Comerica Before Fifth Third Deal

A regulatory filing released Wednesday provided new details about how the megamerger between Comerica and Fifth Third came together. The document also described the compensation package for Comerica CEO Curtis Farmer, who will take on the position of vice chair at Fifth Third.

After deciding to sell, the Dallas-based bank focused on Fifth Third Bancorp as its preferred buyer. Another financial institution made an offer in September, but Comerica’s board concluded that Fifth Third represented the best merger partner.

"The optimal merger counterparty," stated a public filing released Wednesday night.

The two banks finalized a transaction valued at nearly $11 billion—the largest bank acquisition announced to date this year.

How the Deal Began

The merger discussions started with a single phone call. On September 18, Comerica CEO Curt Farmer reached out to Fifth Third CEO Tim Spence to explore a potential sale. Spence traveled to Dallas the following day to discuss the idea further.

This conversation occurred just a week after Farmer had phoned Spence to congratulate him on securing a contract that made Fifth Third the financial agent for a U.S. government prepaid debit card program, previously handled by Comerica.

Following two and a half weeks of negotiation, the banks signed the merger agreement on October 5 and announced it publicly the next day.

Author’s Summary

The Comerica–Fifth Third merger, sparked by a September phone call, evolved into an $11 billion agreement, marking the year’s largest bank acquisition.

American Banker — 2025-11-06