CINCINNATI–Fifth Third Bank has reached an agreement to buy regional lender Comerica Bank in an all-stock deal valued at $10.9 billion, creating the ninth-largest U.S. lender with a strong presence in the Midwest.
Analysts have suggested such consolidations are likely to become more frequent under the Trump administration, which has taken a lighter regulatory approach as regional banks look to compete with the nation’s largest banks.
Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, valuing the deal at $82.88 per share based on Fifth Third’s closing price on Oct. 3.
$288-Billion Bank
The deal will create a bank with $224 billion in deposits and $174 billion in loans, and $288 billion in combined assets, expanding Fifth Third’s reach to 17 of the 20 fastest-growing U.S. markets, including parts of the Southeast, Texas and California.
“This is a crown jewel middle-market banking franchise,” a Fifth Third executive said on a conference call, according to Reuters, adding the bank is optimistic about its ability to further build the retail network.
Comerica CEO Curt Farmer will assume the role of vice chair in the combined company, while Peter Sefzik, its chief banking officer, will lead Fifth Third’s wealth and asset management business.
Q1 Completion Targeted
The deal is expected to close by the end of the first quarter of 2026, after which three Comerica board members will join Fifth Third’s board. The deal is also expected to lead to a name change for Comerica Park, home of the Detroit Tigers.
