Fifth Third Bank, Cincinnati, completed its acquisition of Comerica, Dallas, in February. The combined entity has approximately $294 billion in assets, making it the ninth-largest U.S. bank.
Full system and brand conversions are expected in the third quarter. Bank officials said in a news release that they plan to operate 1,750 branches by 2030, including 150 de novo branches in Texas.
“This combination marks a pivotal moment for Fifth Third as we accelerate our strategy to build density in high-growth markets and deepen our commercial capabilities,” said Tim Spence, president & CEO of Fifth Third.
When the deal was announced in October, the bank reported Comerica’s stockholders will receive 1.8663 Fifth Third shares for each Comerica share, representing a 20% premium to Comerica’s 10-day volume-weighted average stock price. Now that the deal has closed, Fifth Third shareholders own approximately 73% and Comerica shareholders own approximately 27% of the combined company.
Leadership moves
- Three members of Comerica’s Board will join Fifth Third’s Board of Directors.
- Curt Farmer, chairman, president and CEO of Comerica, will assume the role of vice chair and will join the Board upon retirement.
- Peter Sefzik, Comerica’s chief banking officer, will lead the wealth & asset management business.
