Fifth Third Bank is acquiring Dallas-based Comerica for approximately $10.9 billion.
The Cincinnati-based Fifth Third and Comerica — which oversees Comerica Bank — announced the deal on October 6.
“Our unique approach to relationship banking has served our customers for nearly two centuries,” said Comerica President and CEO Curt Farmer in a press release. “I am confident that we will be better together, and our customers, shareholders and communities will benefit.”
Together, the banks will form the nation’s ninth-largest financial institution with about $288 billion in assets, according to the release. Combined, they will operate in 17 of the 20 fastest-growing U.S. markets — including Texas and California.
The deal is expected to close at the end of the first quarter of 2026. At that point, Fifth Third shareholders will own nearly 73% of the combined company, while Comerica shareholders will own about 27%.
Executives said the merger will benefit shareholders, increase efficiency, boost returns, and generate long-term growth.
“Joining with Fifth Third – with its strengths in retail, payments and digital – allows us to build on our leading commercial franchise and further serve our customers with enhanced capabilities across more markets, while staying true to our core values,” Farmer said in the release.
They expect more than half of Fifth Third’s branches to be located in Texas, Arizona, and California by 2030.
“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,” said Fifth Third President and CEO Tim Spence in the release. “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.”
Fifth Third plans to retain some of Comerica’s leadership for “continuity.” Farmer will become the bank’s vice chair, while Comerica Chief Banking Officer Peter Sefzik will lead Fifth Third’s Wealth and Asset Management division. Three members of Comerica’s board will also join Fifth Third’s board of directors, as will Farmer upon his retirement.
The transaction remains subject to shareholder and regulatory approvals and other closing conditions.
“Anything we do must be strategic, make financial sense, and expand the reach of our industry-leading products and services – and this combination checks every box,” Spence said in the release. “We’re thrilled to build our future with a franchise we have long admired.”
Scotiabank, a Canadian company, announced in September it would open a major regional hub in Dallas – investing $60 million in the expansion, as The Dallas Express previously reported. This comes as major financial firms are moving from Wall Street to “Y’all Street” in Dallas.