Fifth Third Bancorp’s proposed acquisition of Comerica Bank could result in 76 branch closures in Michigan.
A list of those “expected” closures was submitted this week by Fifth Third to the Federal Reserve. The list also cites existing branches where customers affected by a bank closure would be expected to go. The closures would not take place until the second half of 2026, the documents say.
The documents became public this week via a Freedom of Information Act request from a consumer watchdog group, Fair Finance Watch, which is opposed to the Fifth Third/Comerica deal.
The $10.9 billion Fifth Third/Comerica deal was announced in October and is still subject to approval by the Federal Reserve Board as well as Fifth Third and Comerica shareholders, who are scheduled to vote on it Jan. 6.
In a statement for this article, a Fifth Third spokesperson said that even with the potential branch closures, the Fifth Third/Comerica combination will give Comerica customers access to about 65% more branches than they have today, and Fifth Third customers access to 45% more branches.
“As we plan for our combination with Comerica, we are evaluating our branch footprint to ensure future locations are conveniently located to meet the needs of all our customers,” the spokesperson, Sophie Isherwood, said. “Fifth Third will continue to serve customers through its remaining branches, the vast majority of which are located within one mile of the anticipated closure.” Any branch closures will not occur until the second half of 2026.”
Bank executives have previously said that if the deal goes through, Comerica would rebrand as Fifth Third Bank by late 2026 or early 2027. The rebrand would eventually include Comerica’s sports team sponsorships and naming-rights deals, including Comerica Park where the Detroit Tigers play.
Matthew Lee, executive director of Fair Finance Watch, said on Wednesday, Dec. 17, that his group opposes the Fifth Third/Comerica deal because they don’t believe it will be good for consumers and could negatively impact the availability of lending.
“We are opposed to it because we think that the effect of the merger is negative. Comerica may have its issues, but Fifth Third has a worse fair lending record than Comerica,” he said. “We looked at it state by state, and we find them (Fifth Third) to be, in every instance, worse than their peers in terms of lending fairly to distressed communities.”
Fifth Third provided the Free Press with this comment regarding Lee’s claims:
“Fifth Third has a long-standing commitment to fair and responsible lending. We consistently receive favorable evaluations under the Community Reinvestment Act (CRA), including our most recent Outstanding CRA rating—the highest possible — reflecting our dedication to serving all communities equitably.
“Our goal is to expand access to homeownership for qualified borrowers, particularly in underserved communities. To help overcome affordability barriers, we’ve introduced Special Purpose Credit Programs (SPCPs) with flexible guidelines and provide down payment and closing cost assistance. We also incorporate innovative solutions, such as considering rental payment history as a positive credit factor, to responsibly broaden access.
“The mortgage industry is evolving, and we believe lenders must adapt to help more individuals achieve sustainable homeownership. Fifth Third remains committed to doing so in a fair and inclusive manner.”
Fifth Third had 163 branches in Michigan as of June 30 and Comerica had 143, according to FDIC data.
If the 76 potential branch closings do happen, the combined Fifth Third/Comerica would still have the second-most branches of any bank in Michigan with 230. Huntington Bank would remain No. 1 with 299 branches.
(This story has been updated to include new information.)
Contact JC Reindl: 313-378-5460 or jcreindl@freepress.com. Follow him on X @jcreindl
This article originally appeared on Detroit Free Press: These 76 bank branches could close with Fifth Third, Comerica deal
Reporting by JC Reindl, Detroit Free Press / Detroit Free Press
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