Fifth Third to acquire Comerica for USD10.9b
Make us a preferred source
Make us a preferred source on Google
The news: Fifth Third Bancorp has agreed to buy Comerica for about USD10.9 billion ($16.5 billion) in stock, creating the ninth-biggest US bank with about USD288 billion in assets.
The numbers: Under the agreement, Comerica’s stockholders will receive 1.8663 Fifth Third shares for each Comerica share, representing USD82.88 per share as of Fifth Third’s closing stock price on 3 October 2025, and a 20% premium to Comerica’s 10-day volume-weighted average stock price.
When the deal is completed, Fifth Third shareholders will own approximately 73% and Comerica shareholders will own approximately 27% of the combined company.
The context: Comerica has been under pressure to finalise a deal, with activist investor HoldCo Asset Management recently positioning to launch a board fight if the bank did not see itself, the WSJ reported.
Other Comerica investors Citadel and North Reef Capital Management have also flagged concerns over the bank approaching the regulatory threshold of USD100 billion in assets, which would require it to bear significant new compliance costs.
Dallas-based Comerica has more than 350 branches in Texas, California, Michigan, Arizona and Florida, which will help Fifth Third expand into faster-growing regions of the US. Fifth Third, based in Cincinnati, operates 1,100 branches in the US South and Midwest.
Last month, US bank PNC Financial Services Group agreed to buy Colorado-based FirstBank Holdings in a USD4.1 billion ($6.22 billion) cash-and-stock deal. Pinnacle Financial Partners Inc also agreed to combine with Synovus Financial Corp. in an all-stock transaction valued at USD8.6 billion.
Dealmakers are expecting an uptick in banking consolidation as the Trump administration has indicated it will take a more open approach to proposed mergers.
