Comerica bank, which moved its Detroit headquarters to Texas in 2007 but still has strong local ties, is being sold to Fifth Third Bancorp in an all-stock transaction valued at $10.9 billion, according to a press release on Monday.

The acquisition will create the ninth-largest lender in the U.S., with approximately $288 billion in assets.

Comerica has a strong presence in the Midwest and Detroit and still has its name on the baseball stadium on Woodward Avenue in downtown Detroit.

Under the agreement, Comerica’s stockholders will receive 1.8663 Fifth Third shares for each Comerica share, representing $82.88 per share based on Fifth Third’s closing stock price on October 3. Fifth Third shareholders will own approximately 73 percent, and Comerica shareholders will own approximately 27 p

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