Fifth Third Bancorp to buy Comerica for $10.9 billion in tie

Fifth Third Bancorp is buying Comerica for $10.9 billion in an all-stock deal, tying up two big regional banks.

What You Need To Know

The buyout will create the 9th largest U.S. bank with approximately $288 billion in assets

Comerica’s stockholders will receive 1.8663 Fifth Third shares for each share they own

Fifth Third shareholders will own about 73% of the combined company, while Comerica shareholders will own approximately 27%

The buyout will create the 9th largest U.S. bank with approximately $288 billion in assets, the companies said Monday.

The combined company will have operations in the Southeast, Texas and California, and will greatly solidify Fifth Third's position in the Midwest. It is anticipated that over half of Fifth Third’s branches will be located in the Southeast,