Cincinnati’s Fifth Third Bancorp is acquiring Comerica, the major Dallas-based bank, in an all-stock transaction valued at $10.9 billion.
The deal, announced on October 6, will combine the two regional lenders into a larger institution with about $288 billion in assets, positioning it among the country’s top ten banks.
Comerica, with deep roots and significant operations in Texas and particularly Dallas, has been under pressure recently from activist investors calling for a sale. This move gives Fifth Third expanded reach into Southern and western markets.
Under the deal, Comerica shareholders will receive Fifth Third stock. The boards of both banks have approved the transaction, but regulatory and shareholder approvals remain ahead.
Analysts and customers will now watch closely how Fifth Third integrates Comerica’s branches, systems, and operations in Dallas and beyond.
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