Fifth Third Bancorp announced Monday its plans to acquire Comerica Inc. for $10.9 billion in a deal that represents its entrance into Texas and Southwest banking markets.

Cincinnati-based Fifth Third has 84 branches in North Carolina, primarily in Charlotte and Raleigh, but also with a branch in Banner Elk, Sparta and West Jefferson.

Dallas-based Comerica has announced plans to dip its toes into the North Carolina banking market through loan-production offices.

Winston-Salem native Curtis Farmer has been Comerica's chairman since November 2019 and chief executive since April 2019. Farmer would transition to vice chairman of the combined bank.

The all-stock deal, subject to regulatory and shareholder approval, is projected to close by March 31.

Fifth Third shareholders would own 73% of

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