The buyout will create the 9th largest U.S. bank with approximately $288 billion in assets.
Fifth Third Bancorp is buying Comerica for $10.9 billion in an all-stock deal, tying up two big regional banks.
The buyout will create the 9th largest U.S. bank with approximately $288 billion in assets, the companies said Monday.
The combined company will have operations in the Southeast, Texas and California, and will greatly solidify Fifth Third’s position in the Midwest. Fifth Third has 40 branch and ATM locations in Chicago, according to its website. It is anticipated that over half of Fifth Third’s branches will be located in the Southeast, Texas, Arizona and California by 2030.
“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.
