Fifth Third Acquires Comerica to Form Nation’s 9th-Biggest Bank
Fifth Third Bancorp will acquire Comerica Inc. in an all-stock transaction valued at $10.9 billion, creating the nation’s ninth-largest bank with approximately $288 billion in assets.
“This combination marks a pivotal moment for Fifth Third as we accelerate our strategy to build density in high-growth markets and deepen our commercial capabilities,” writes Chairman, CEO and President Tim Spence in a joint release. “Comerica’s strong middle market franchise and complementary footprint make this a natural fit. Together, we are creating a stronger, more diversified bank that is well-positioned to deliver value for our shareholders, customers, and communities — starting today, and over the long-term.”
The release notes the acquisition joins the banks’ largely complementary geographic strongholds: Though both serve dealers and car buyers nationwide, Dallas-based Comerica has a strong presence in California, Texas and the Southeast while Cincinnati, Ohio-based Fifth Third is known for its leadership in the Midwest market.
