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 (about $82.88, a ~17.5% premium), leaving Fifth Third shareholders with roughly 73% of the combined company. The merger gives Fifth Third 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, putting the combined bank in 17 of the 20 fastest‑growing U.S. markets and projecting that more than half its branches will be in Sun Belt states by 2030. Leadership terms include Comerica CEO Curt Farmer becoming vice chair, Peter Sefzik leading wealth and asset management, and three Comerica board members joining Fifth Third’s board. Management said the transaction is strategically accretive (Bloomberg cited roughly 22% IRR and about 9% EPS accretion); investors reacted positively (Comerica shares jumped around 14%), and the deal remains subject to customary regulatory and shareholder approvals amid a broader wave of regional‑bank consolidation and lighter regulatory dealmaking.