Fifth Third to Acquire Comerica in $10.9 Billion All-Stock Deal, Creating No. 9 U.S. Bank

Comerica shareholders will receive 1.8663 Fifth Third shares per share, an implied $82.88 offer, with Fifth Third investors owning about 73% of the combined company. The combination extends Fifth Third’s reach to 17 of the 20 fastest-growing U.S. markets, with CEO Tim Spence outlining plans to add roughly 150 branches in Texas and pursue a top-five position in Dallas, Houston and Austin. Leadership plans include Comerica CEO Curt Farmer becoming vice chair, Chief Banking Officer Peter Sefzik leading wealth and asset management, and three Comerica directors joining Fifth Third’s board. Comerica shares jumped double digits as Fifth Third slipped after the announcement, which outlets and analysts described as the largest U.S. bank acquisition disclosed in 2025. Executives framed the deal as accelerating growth in commercial payments and wealth management to roughly $1 billion recurring fee businesses, set against faster merger reviews and earlier activist pressure on Comerica.