Fifth Third Bancorp and Comerica Incorporated, both of which have dozens of branches throughout Michigan, on Monday, Oct. 6, announced Fifth Third will acquire Comerica in an all-stock transaction valued at $10.9 billion.
Comerica’s stockholders will receive 1.8663 Fifth Third shares for each Comerica share, worth $82.88 per share as of Fifth Third’s closing stock price on Oct. 3, and a 20% premium to Comerica’s 10-day volume-weighted average stock price.
At close, Fifth Third shareholders will own approximately 73% and Comerica shareholders will own approximately 27% of the combined company, Fifth Third said in a press release.
According to Comerica, the company has 158 banking centers in Michigan as of April 1, most in the Detroit area. Fifth Third says it has 161 locations in Michigan.
The transaction is anticipated to close at the end of the first quarter of 2026. The deal will create the ninth-largest U.S. bank with approximately $288 billion in assets, pending shareholder approvals for both Fifth Third and Comerica, regulatory approvals and closing conditions, Fifth Third said.
The combined entity will operate in 17 of the 20 fastest-growing markets in the country, including key regions in the Southeast, Texas and California, while solidifying its leadership in the Midwest, the company said.
“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 Tim Spence, chairman, CEO and president of Fifth Third Bank.
“Our unique approach to relationship banking has served our customers for nearly two centuries,” said Curt Farmer, chairman, president and CEO of Comerica. “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.”
Comerica was founded on Aug. 17, 1849, in Detroit, Michigan, according to the release. Comerica reported total assets of $78 billion at June 30, 2025.
Where does Fifth Third have Greater Lansing locations?
Where does Comerica have Lansing-area locations?
This article originally appeared on Lansing State Journal: Fifth Third to acquire Comerica Bank. Where they have Lansing-area locations
Reporting by Dan Basso, Lansing State Journal / Lansing State Journal
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