Until recently, regional banks drew little activist attention. That changed when HoldCo Asset Management loudly challenged Comerica’s board. In July 2025 HoldCo issued a report warning that Comerica and other midsize banks had underperformed due to poor management decisionsts2.techts2.tech. Within weeks, Comerica’s management began formally exploring strategic options, leading to the Fifth Third deal. HoldCo’s founders Vik Ghei and Misha Zaitzeff explained that many regional bank CEOs were overpaid and under-delivering – and they vowed to “shame” boards into actionintellectia.aits2.tech. After Comerica, HoldCo moved on: it recently threatened a proxy battle at Columbia Banking and is urging Eastern and First Interstate to either change course or sellreuters.comintellectia.ai. In short, investors see this as a new activist trend in banking. As Reuters observes, “lesser known investors like HoldCo… pushing for changes” have created a “new-found nervousness even at well-run banks”reuters.com. Law firms advising banks warn that with many institutions struggling to match peer profitability, activists have fertile ground – especially now that regulators are easing merger hurdlests2.techreuters.com.
