The $10.9 billion sale of Comerica to Fifth Third Bancorp, led by HoldCo Asset Management, is shaking up Wall Street’s regional banking landscape — signaling that activist investors are back to shaping deals in one of America’s most regulated sectors.
HoldCo’s success in pressuring Comerica to sell has emboldened others. PL Capital recently urged Horizon Bancorp to consider a sale, saying “an M&A wave which will permanently alter the banking landscape has begun.”
While activist campaigns against major banks were once rare, the combination of credit-quality worries, regional loan losses, and shrinking valuations is making many mid-tier lenders vulnerable. As JPMorgan’s Jamie Dimon warned, “When you see one cockroach, there are probably more.”
HoldCo’s 53-page presentation identified eight additional targets — from Eastern Bankshares to Citizens Financial Group and KeyCorp — arguing that consolidation is the only path to restore shareholder value.
Yet, as Solomon Partners’ Tannon Krumpelman noted, “For the bigger deals, it is often driven by succession planning, ego, and individual personalities.” With activist pressure rising and M&A volumes accelerating, 2025 could mark the most transformative year for U.S. regional banking in over a decade.