Fifth Third Completes Comerica Acquisition, Sets Post-Labor Day System Conversion
Fifth Third Seals Comerica Deal, Outlines Integration Timeline
CINCINNATI/DETROIT – Fifth Third Bancorp has officially closed its all-stock acquisition of Comerica Bank, a $12.3 billion move that reshapes the competitive landscape in Michigan and solidifies its position as the ninth-largest bank in the United States. The deal, first announced last October and approved by regulators and shareholders last month, was finalized on Monday.
The most immediate change for customers will come after Labor Day. Fifth Third CEO Tim Spence confirmed in an interview that the conversion of Comerica's customer systems to Fifth Third's platforms is scheduled for September 8. "In the vast majority of cases, your account number will stay the same," Spence stated, noting a 99.9% success rate in past integrations. "Our goal is to make this transition as seamless as possible."
The merger significantly alters Michigan's banking footprint. While 76 branches—55 Comerica and 21 Fifth Third locations—are slated for closure due to proximity, the combined entity will operate approximately 230 branches in the state. Spence framed this as a net gain, arguing Comerica customers will have access to roughly 60% more branches, while Fifth Third clients gain about 40% more.
Beyond Banking: A Stadium Renaming and Job Impacts
The integration extends beyond bank lobbies. Comerica Park, home of the Detroit Tigers, will be renamed following the 2026 baseball season. "There would be no change until the off-season," Spence said. "We don’t want to be disruptive." The future name of the stadium remains undisclosed.
Spence acknowledged that layoffs in Michigan are inevitable where roles overlap, though no specific figures were provided. He expressed long-term optimism for employment in metro Detroit, suggesting that after an initial "right-sizing," job numbers could eventually exceed the pre-merger combined total. The bank plans to maintain Comerica's recently opened Great Lakes Campus in Farmington Hills.
Market Reaction and Historical Context
The transaction, initially valued at $10.9 billion, grew to $12.3 billion due to rising share prices of both banks—an atypical response that Spence attributed to market confidence in the merger's strategic logic. Comerica stockholders received 1.8663 Fifth Third shares for each share held.
Comerica, founded in Detroit in 1849, moved its headquarters to Dallas in 2007. The acquisition marks a symbolic return of the historic brand to deep-rooted Midwestern ownership under Cincinnati-based Fifth Third, which now holds approximately $294 billion in assets.
Analyst & Customer Reactions:
Michael R. Chen, Financial Analyst at Great Lakes Capital: "This consolidation is a textbook response to margin pressures and digital shift costs. The branch optimization is aggressive but rational. The real test will be customer retention post-conversion."
Linda Patterson, Small Business Owner (Detroit): "I've banked with Comerica for 20 years. I'm anxious. More branches sound good, but will my local banker know my name? These big mergers always promise 'seamless' transitions, then you're on hold for hours fixing their mistakes."
David Park, Former Comerica Employee: "The human cost is being glossed over. 'Right-sizing' means pink slips for hundreds of loyal staff. They talk about talent quality in Michigan, but their first move is to cut jobs. It's corporate doublespeak."
Susan Miller, Longtime Fifth Third Customer (Grand Rapids): "If this gives me more ATM access in Detroit and better online tools, I'm for it. As long as my fees don't go up, consolidation might actually bring some welcome improvements."
Reporting by JC Reindl; Editing by Detroit Free Press Business Desk. Contact: [email protected].