Fifth Third Bancorp is acquiring Comerica for $10.9 billion in an all-stock deal, creating the 9th largest U.S. bank with approximately $288 billion in assets and expanding its footprint significantly across high-growth markets.
Fifth Third Bancorp is set to acquire Comerica for $10.9 billion in an all-stock transaction, a move that will combine two major regional banks to form the 9th largest U.S. bank with an estimated $288 billion in assets. This strategic acquisition will solidify Fifth Third’s presence in the Midwest and greatly expand its operations into the Southeast, Texas, Arizona, and California, with projections indicating over half of its branches will be located in these high-growth regions by 2030. Fifth Third Chairman and CEO Tim Spence emphasized that the combination is a pivotal moment to accelerate strategy, build density in key markets, and deepen commercial capabilities, citing Comerica's strong middle market franchise as a complementary fit. Comerica stockholders will receive 1.8663 Fifth Third shares for each share they own, valued at $82.88 per share based on Friday's closing price. Post-merger, Fifth Third shareholders will own about 73% of the combined entity. This deal is part of a broader trend of consolidation in the regional bank sector, highlighted by PNC Financial's recent $4.1 billion acquisition of FirstBank. The transaction is expected to close by the end of the first quarter of 2026, pending approval from both companies' shareholders. Following the announcement, Comerica's shares rose 11%, while Fifth Third's shares declined 2%.
