Big Bank Deal To Replace Comerica Logo with 'Fifth Third' at Office Buildings in San Jose and Statewide

"Comerica Bank, whose western U.S. headquarters is in San Jose, will be acquired by Cincinnati-based Fifth Third Bancorp in a $10.9 billion stock purchase revealed in a joint announcement this week by the two large regional banks. The Comerica name, visible at 88 locations in the Bay Area and Southern California, will disappear into the Fifth Third brand once the deal is final early next spring."

"Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, valuing the deal at $82.88 per share based on Fifth Third's closing price on Oct. 3. "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," Fifth Third CEO Tim Spence said in a statement."

Fifth Third Bancorp will acquire Comerica Bank in a $10.9 billion stock purchase, with Comerica shareholders receiving 1.8663 Fifth Third shares per Comerica share. The combined company will rank as the ninth-largest U.S. lender, with Fifth Third shareholders owning about 73% after closing. Fifth Third holds approximately $211 billion in assets and Comerica about $78 billion. Comerica’s brand will be replaced by the Fifth Third brand early next spring, affecting 88 Bay Area and Southern California locations and multiple banking centers across Santa Clara, Santa Cruz, San Francisco and the East Bay. Federal regulators indicated likely swift approval after the CFPB dropped a lawsuit against Comerica.

Read at San Jose Inside