Fifth Third Bancorp is buying Comerica in an all-stock deal valued at $10.9 billion.
The buyout will create the 9th largest U.S. bank with approximately $288 billion in assets, the companies said Monday.
Comerica's stockholders will receive 1.8663 Fifth Third shares for each share they own. This representing $82.88 per share as of Fifth Third's closing stock price on Friday.
Fifth Third shareholders will own about 73% of the combined company, while Comerica shareholders will own approximately 27%.
Three members of Comerica's board will join Fifth Third's board once the deal is complete.
The deal is expected to close at the end of the first quarter of 2026. It still needs the approval of both companies' shareholders.
