""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 Bank Chairman and CEO Tim Spence said in a statement. "Comerica's strong middle market franchise and complementary footprint make this a natural fit." Comerica's stockholders will receive 1.8663 Fifth Third shares for each share they own."
"Fifth Third shareholders will own about 73% of the combined company, while Comerica shareholders will own approximately 27%. There has been some consolidation in the regional bank sector recently. A month ago, PNC Financial said that it would buy Colorado-based FirstBank for $4.1 billion, giving PNC a substantial presence in the Colorado banking market as well as Arizona. The FirstBank acquisition would make PNC the largest bank in the Denver market, and give it more than 70 branches in Arizona."
Fifth Third Bancorp is buying Comerica for $10.9 billion in an all-stock deal, creating the ninth-largest U.S. bank with approximately $288 billion in assets. The combined company will operate in the Southeast, Texas and California and will strengthen Fifth Third's Midwest position. Over half of Fifth Third's branches are expected to be located in the Southeast, Texas, Arizona and California by 2030. Comerica stockholders will receive 1.8663 Fifth Third shares per Comerica share, and Fifth Third shareholders will own about 73% of the combined company versus Comerica's roughly 27%. Three Comerica board members will join the Fifth Third board. Recent regional consolidation includes PNC's planned $4.1 billion FirstBank acquisition.
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