Fifth Third Bancorp ($FITB) announced on Monday that it will acquire Comerica Inc. ($CMA) in an all-stock transaction valued at $10.9 billion, marking one of the largest regional bank mergers since the 2023 banking crisis. The combined firm will rank among the 20 biggest U.S. banks, with total assets of roughly $288 billion.
- The deal will give Fifth Third a larger presence in key growth markets such as Texas, California, and Florida, where Comerica operates more than 350 branches.
- Comerica’s shareholders will own about 27% of the combined company, with Fifth Third shareholders retaining 73% ownership.
- Comerica CEO Curt Farmer will become vice chair of the merged entity, while Comerica’s chief banking officer Peter Sefzik will lead the wealth and asset management division.
- Comerica shares surged 12% in premarket trading following the announcement, while Fifth Third fell 3%.
- The transaction follows a wave of consolidation among midsize U.S. lenders, including recent merger announcements by PNC Financial and Synovus Financial.
- Activist investor HoldCo Asset Management had previously pressured Comerica to pursue a sale, citing mismanagement of interest-rate exposure and rising compliance costs near the $100 billion asset threshold.
Relevant Companies
- Fifth Third Bancorp ($FITB) — Acquiring Comerica to expand national footprint and asset base.
- Comerica Inc. ($CMA) — Target of acquisition; shareholders to receive Fifth Third stock.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
