Fifth Third Bancorp announced on Oct. 6 it will acquire Comerica Inc. in an all-stock deal valued at $10.9 billion, a move that will create the ninth-largest U.S. bank.
The combined bank will have about $288 billion in assets and operate across 17 of the 20 fastest-growing U.S. markets, the companies said. That footprint includes the Southeast, Texas, and California, alongside Fifth Third’s traditional Midwest base.
The acquisition comes amid a wave of consolidation among U.S. regional banks.
Fifth Third Bank Chairman and Chief Executive Tim Spence said the deal will deepen the bank’s reach in some of the country’s fastest-growing markets….