“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,” Tim Spence, Chairman, CEO and President of Fifth Third, said.
“Comerica’s strong middle market franchise and complementary footprint make this a natural fit. Together, we are creating a stronger, more diversified bank that is well-positioned to deliver value for our shareholders, customers, and communities – starting today, and over the long-term.”
Curt Farmer, Chairman, President and CEO of Comerica, echoed the sentiment: “Joining with Fifth Third – with its strengths in retail, payments and digital – allows us to build on our leading commercial franchise and further serve our customers with enhanced capabilities across more markets, while staying true to our core values. I am confident that we will be better together, and our customers, shareholders and communities will benefit.”
The newly combined bank will operate in 17 of the 20 fastest-growing US markets, including the Southeast, Texas, and California, while reinforcing its dominance in the Midwest.
By 2030, more than half of Fifth Third’s branches are expected to be located in the Southeast, Texas, Arizona, and California. The deal also positions the bank with two $1 billion recurring fee businesses—Commercial Payments and Wealth & Asset Management—providing durable, diversified earnings.