Fifth Third, Comerica Set Feb. 1 Close After Fed Clears $10.9 Billion Merger

Federal Reserve approval follows a Justice Department review that found no significant competition issues and positions the combined bank for Category III oversight.

Overview

The Federal Reserve cited a Justice Department competitive analysis that identified no significant adverse effects as it granted the final approval needed.
The combined institution would be the 16th-largest U.S. depository with roughly $290 billion in assets and would enter Category III regulatory status.
Integration teams have begun transition planning, and Fifth Third expects full system and brand conversions later this year.
Shareholders of both companies voted overwhelmingly in favor, and the OCC and the Texas Department of Banking had previously approved the deal.
An activist investor’s Delaware lawsuit seeking to halt the transaction remains active, with a hearing later in February on claims of a rushed process, restrictive deal terms, and excessive compensation for Comerica’s CEO.