Another Bank Tried to Buy Comerica Before Fifth Third Deal
A regulatory filing on Wednesday revealed new details about the formation of the megamerger between Comerica and Fifth Third Bancorp. It also outlined the compensation arrangements for Comerica CEO Curtis Farmer, who will become vice chair at Fifth Third.
Background of the Merger Talks
After deciding to sell, the Dallas-based Comerica initially considered another bank's offer in September. However, the board concluded that Fifth Third would be "the optimal merger counterparty," according to a public document filed Wednesday night. The final deal, valued at nearly $11 billion, stands as the largest bank acquisition announcement this year involving a $77 billion-asset company.
Key Conversations Leading to the Deal
The merger negotiations began with a phone call on September 18, when Comerica CEO Curt Farmer contacted Fifth Third CEO Tim Spence to explore interest in a sale. Spence visited Dallas the very next day to continue discussions. This initial outreach came shortly after Spence had been congratulated by Farmer for securing a contract previously held by Comerica, positioning Fifth Third as the financial agent for a U.S. government prepaid debit card program.
Negotiations and Finalization
Over the subsequent two-and-a-half weeks, the two banks negotiated the terms and executed the agreement on October 5. The merger was publicly announced the following day.
"Fifth Third would be 'the optimal merger counterparty,'" according to a public document filed Wednesday night.
Comerica CEO Curt Farmer told Fifth Third CEO Tim Spence on Sept. 18 that his bank was looking to sell, and wondered if Cincinnati-based Fifth Third would consider a deal.
Summary: Comerica chose Fifth Third as the ideal partner after evaluating offers, leading to an $11 billion merger finalized through swift negotiations and key leadership discussions.
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