Fifth Third to Acquire Comerica for $10.9B

Fifth Third Bancorp agreed to acquire Comerica Inc. in an all‑stock deal valued at $10.9 billion that would create the ninth‑largest U.S. bank with roughly $288 billion in assets. Comerica shareholders will receive 1.8663 Fifth Third shares per Comerica share—equivalent to $82.88 based on Fifth Third’s recent close—a roughly 17.5% premium, leaving Fifth Third shareholders with about 73% of the combined company. The merger gives Fifth Third a major entry into Texas and the Southwest—Comerica operates 108 Texas branches with about $9.42 billion in deposits—and expands its footprint across the Southeast, California and the Midwest, with the bank projecting over half its branches will be in Sun Belt markets by 2030. Fifth Third described the transaction as financially attractive; Bloomberg cited a roughly 22% internal rate of return and about 9% EPS accretion for Fifth Third shareholders. Comerica CEO Curt Farmer will become vice chair, Comerica executives will assume leadership roles in wealth and asset management, and the deal remains subject to customary regulatory and shareholder approvals.