The bank is open, Fifth Third (NASDAQ: FITB) to acquire Comerica in $10.9 billion

Fifth Third Bancorp (NASDAQ: FITB) announced it will acquire Comerica Incorporated (NYSE: CMA) in an all-stock transaction valued at $10.9 billion. Under the merger agreement, Comerica stockholders will receive 1.8663 Fifth Third shares for each Comerica share they own.

The exchange ratio represents $82.88 per share based on Fifth Third’s closing stock price on October 3, 2025, and provides a 20% premium to Comerica’s 10-day volume-weighted average stock price. Upon completion, Fifth Third shareholders will own approximately 73% of the combined entity, while Comerica shareholders will hold 27%.

The transaction will create the ninth-largest U.S. bank with approximately $288 billion in assets. The combined company will operate in 17 of the 20 fastest-growing markets in the country, including regions in the Southeast, Texas and California.

Comerica Chairman, President and CEO Curt Farmer will assume the role of Vice Chair following the merger. Peter Sefzik, Comerica’s chief banking officer, will lead Fifth Third’s Wealth & Asset Management business. Three members of Comerica’s Board will join Fifth Third’s Board of Directors after the transaction closes.

The transaction requires shareholder approvals from both companies, regulatory approvals and other customary closing conditions. The companies anticipate closing the deal at the end of the first quarter of 2026.