CHARLOTTE — Fifth Third Bank announced a $10.9 billion all-stock merger with Comerica, creating the ninth largest bank in the United States.
The merger will unite Fifth Third’s retail and digital capabilities with Comerica’s middle-market banking franchise, resulting in a combined entity with $288 billion in assets, $224 billion in deposits, and $174 billion in loans, according to a release.
Fifth Third will expand its presence in 17 of the 20 fastest-growing markets across the U.S., including the Southeast, Texas, Arizona, and California. By 2030, over half of its retail footprint is expected to be concentrated in these regions.
The merger positions Fifth Third to become No. 2 in deposit share across Midwest markets and No. 1 in Michigan and Detroit, unlocking a $2 billion deposit growth opportunity once Comerica branches integrate Fifth Third’s digital tools.
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