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

KEY TAKEAWAYS:

Fifth Third acquires Comerica for $10.9 billion in stock

Deal creates 9th largest U.S. bank with $288B in assets

Combined operations expand across Southeast, Texas, Arizona, California

Comerica executives to join Fifth Third leadership team

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

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, Texas, Arizona and California by 2030.

“This combination ma