A MAJOR player in the banking industry with 1,100 branches is taking strides to acquire Comerica in a $10.9 billion deal.
Fifth Third is plotting to make the billion-dollar move in an effort to compete with the country’s biggest banks.
Should the all-stock transition go through as planned, the deal would create one of the top 20 biggest banks in the country.
The resulting entity would have a whopping $288 billion in total assets, per numbers from the Federal Reserve.
Cincinnati-based Fifth Third currently operates 1,100 locations in the Midwest and the South and would grow significantly once Comerica’s branches are added to its lineup.
Comerica is an American financial holding company and the parent company of Comerica Bank, a regional commercial bank that has over 350 locations across Texas, California, Michigan, Arizona and Florida.
Leveraging the acquisition to expand into the Dallas-based bank’s markets would help Fifth Third to bring its business into faster-growing regions of the US.
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