Fifth Third & Comerica Merge in $10.9B Deal to Create U.S. Banking Giant
Fifth Third Bancorp (Nasdaq: FITB) and Comerica Incorporated (NYSE: CMA) have agreed to merge in a deal worth $10.9 billion. The transaction is expected to benefit shareholders and create a banking giant with a significant presence in key U.S. markets.
The merger, valued at $10.9 billion, will see Comerica's shareholders receive 1.8663 Fifth Third shares for each Comerica share, amounting to $82.88 per share. The combined entity will operate in 17 of the 20 fastest-growing U.S. markets, including the Southeast, Texas, and California.
The deal is expected to close at the end of the first quarter of 2026, pending shareholder and regulatory approvals. Curt Farmer, Comerica's Chairman, President, and CEO, sees the merger as a way to strengthen Comerica's commercial franchise and better serve customers. For Fifth Third, the acquisition accelerates its long-term growth plan, enhancing scale, profitability, and geographic reach. Post-merger, Peter Sefzik, Comerica's Chief Banking Officer, will become Deputy Chairman in the combined company.
Upon completion, the combined company will have approximately $288 billion in assets, making it the 9th largest U.S. bank. Tim Spence, Chairman, CEO, and President of Fifth Third Bank, views the combination as a pivotal moment for the bank, marking a significant step in its growth strategy.
