Fifth Third Bancorp and Comerica Incorporated, both of which have dozens of branches throughout Michigan, on Monday, Oct. 6, announced Fifth Third will acquire Comerica in an all-stock transaction valued at $10.9 billion.

Comerica’s stockholders will receive 1.8663 Fifth Third shares for each Comerica share, worth $82.88 per share as of Fifth Third’s closing stock price on Oct. 3, and a 20% premium to Comerica’s 10-day volume-weighted average stock price.

At close, Fifth Third shareholders will own approximately 73% and Comerica shareholders will own approximately 27% of the combined company, Fifth Third said in a press release.

According to Comerica, the company has 158 banking centers in Michigan as of April 1, most in the Detroit area. Fifth Third says it has 161 locations in Michiga

See Full Page