Fifth Third Completes Comerica Merger, Cementing Status as Top 10 U.S. Bank
CINCINNATI – Fifth Third Bancorp has officially closed its acquisition of Comerica Inc., a move that reshapes the U.S. banking landscape and propels the combined entity into the ranks of the nation's ten largest banks.
The deal, valued at $10.8 billion and receiving final regulatory approval in January, creates an institution holding approximately $294 billion in assets. Fifth Third now claims the title of the ninth-largest U.S. bank by total assets, according to the company's announcement.
Strategically, the merger grants Fifth Third a commanding presence in 17 of the country's 20 fastest-growing large metropolitan areas. While reinforcing its core Midwest strength, the bank gains significant scale in critical high-growth regions including Texas, California, Arizona, and the Southeast. The integration adds over 350 branches to Fifth Third's network, primarily in these markets.
"This is a transformative step for our company," said Tim Spence, Chairman, CEO and President of Fifth Third. "We are building density where growth is happening and enhancing our ability to serve commercial clients. This positions us for long-term, sustainable value creation for all our stakeholders."
The bank anticipates achieving roughly $850 million in cost synergies through the integration process, which will involve consolidating corporate functions and closing a number of branch locations. Full system and brand conversion for former Comerica branches is slated for the third quarter of this year.
Analysis & Context: The merger reflects a broader trend of regional consolidation as banks seek scale to compete with national giants and invest in costly technology. While Federal Reserve data might place the combined entity slightly lower on a list including niche financial firms, among traditional consumer and commercial banks, Fifth Third now indisputably sits in the top tier. The expansion mitigates its historical reliance on the Midwest, diversifying its revenue streams into more demographically vibrant economies.
Customer Impact: Fifth Third has stated the merger will not alter its banking operations in its Ohio hometown, as Comerica had no branches in the state. Customers can access transition details at the bank's dedicated microsite, 53.com/BetterTogether.
What People Are Saying
Michael R., Financial Analyst in Charlotte: "This is a savvy, growth-oriented move. The geographic diversification is textbook. Fifth Third was underweight in the Sun Belt, and now they've bought a premier footprint there overnight. The cost savings are just the icing."
Linda T., Small Business Owner in Dallas: "I'm cautiously optimistic. My Comerica relationship manager has been great. I just hope the personal service doesn't get lost in this 'synergy' talk. Bigger isn't always better for the customer on the ground."
David K., Former Banker & Commentator (Sharper Tone): "Let's call this what it is: a roll-up for efficiency, not for you. That $850 million in 'cuts'? That's jobs and shuttered local branches. They talk about 'building density'—that's banker-speak for reducing competition and consumer choice. Don't expect those savings to be passed on to you."
Priya S., Market Strategist in Chicago: "The regulatory approval was the final hurdle, and they cleared it. Execution risk is now the key. If they can integrate the systems and cultures smoothly while capturing those synergies, this deal will be a case study in successful regional bank consolidation."
Fox 19 contributed to this report. This article is based on original reporting by the Cincinnati Enquirer.