Overview
- Comerica shareholders will receive 1.8663 Fifth Third shares per share, valuing the offer at $82.88 and about a 20% premium to Comerica’s 10‑day average, with post-close ownership split roughly 73% Fifth Third and 27% Comerica.
- The combined lender would hold about $288 billion in assets, placing it ninth among U.S. banks.
- Management says the deal extends reach to 17 of the 20 fastest-growing U.S. markets across the Southeast, Texas, Arizona and California and targets two $1 billion recurring fee businesses in commercial payments and wealth management.
- Leadership plans include Comerica CEO Curt Farmer becoming vice chair of the combined company and Comerica’s Peter Sefzik leading wealth and asset management, with three Comerica directors joining the board.
- Companies expect to close by the end of the first quarter of 2026 subject to approvals, as markets initially sent Comerica shares higher and Fifth Third lower on the announcement.