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US bank Fifth Third to buy regional lender Comerica in $10.9 billion deal
The $10.9 billion all-stock deal will create the ninth-largest U.S. bank with $288 billion in assets, expanding Fifth Third's presence in 17 of the 20 fastest-growing U.S. markets.
- On Monday, Fifth Third Bancorp announced it will acquire Comerica Incorporated in an all-stock transaction valued at $10.9 billion, issuing 1.8663 Fifth Third shares per Comerica share and creating the ninth-largest U.S. bank with $288 billion in assets.
- A consolidation wave driven by regulatory shifts has swept regional banks as U.S. regulators eased merger reviews, reversing Biden-era scrutiny, and last year’s banking turmoil pressured lenders to merge.
- Operationally, the merger adds more than 350 branches to Fifth Third's nearly 1,100 locations and plans 150 branches in Texas by 2029, `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 Fifth Third CEO Tim Spence.
- The deal still requires shareholder approvals and customary regulatory consents, with Comerica shares surging double digits and Fifth Third's stock dipping about 2.6%, while three Comerica board members join Fifth Third's board.
- The merger is expected to shift half the combined firm's footprint to the Sun Belt by 2030, prompt regional-bank consolidation, and support Fifth Third's plan for 200 new locations by 2028.
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Fifth Third and Comerica agree to form America’s ninth-largest bank
Fifth Third FITB.O on Monday agreed to buy regional lender Comerica CMA.N in an all-stock deal valued at $10.9 billion, creating the ninth-largest U.S. lender with a robust presence in the Midwest.
·Atlanta, United States
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Total News Sources64
Leaning Left17Leaning Right4Center22Last UpdatedBias Distribution51% Center
Bias Distribution
- 51% of the sources are Center
51% Center
L 40%
C 51%
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