In a deal valued at $10.9 billion, Dallas-based regional lender Comerica Bank is being acquired by Fifth Third Bank with aggressive goals for Texas and creating a top-tier U.S. bank.
The all-stock deal will create a lender with combined assets of about $288 billion, making it the ninth-largest bank in the nation, according to Fifth Third’s presentation on the merger.
The new bank will operate under the Fifth Third name and brand.
Combining the banks expands Fifth Third’s reach to 17 of the 20 fastest-growing U.S. markets, including Texas, parts of the southeast United States and California, bank officials said in a conference call. The company previously had only a small presence in the Lone Star state.
“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, CEO and president of Fifth Third Bank, said in a statement.
Comerica’s middle-market franchise that provides specialized financial products and services to mid-sized companies and complementary branch footprint is a natural fit for Fifth Third, Spence said.
Fifth Third officials view Comeria’s asset and wealth-management division as one of its two reliable businesses generating $1 billion “high-growth recurring revenue engines,” with the other being commercial payments or business-to-business transactions, according to a presentation for shareholders on Monday.
The new combined bank plans to be very aggressive in Texas by supplementing the existing 101 Comerica locations with 150 new branches, according to the presentation. The goal is for Fifth Third to be among the top three banks with the most locations in Dallas, Houston and Austin by 2030.
Comerica Bank has eight locations in Tarrant County.
In late 2024, Comerica laid out plans to close 19 branches across its footprint in filings with the Texas Department of Banking, with five of those in North Texas, including one in Fort Worth at 1560 Magnolia Ave. Company officials cited underperformance at the locations as reasoning for the cost-cutting move.
Comerica Bank has been active with sports teams in the area, including the Dallas Stars, Dallas Sidekicks and the Texas Rangers. Along with being the official banking partner for the baseball team and other sports-related programs, the bank has worked with the Rangers as part of a push to serve more small-business customers.
Comerica’s CEO and president, Curt Farmer, will assume the role of vice chair of the new entity. Peter Sefzik, Comerica’s chief banking officer, will lead Fifth Third’s wealth and asset management business. Three members of Comerica’s board will join Fifth Third’s board of directors following the transaction close.
Founded in 1849, Comerica was long based in Detroit, until relocating to Dallas in 2007. The merger is expected to close in the first quarter of 2026.
The Comerica acquisition is one of several in the banking industry. In July, Houston-based Prosperity Bancshares, which has 61 locations in the Dallas-Fort Worth area, announced a merger with Corpus Christi-based American Bank.
This summer, Columbus, Ohio-based Huntington Bancshares announced a merger with Dallas-based Veritex, which has three locations in Fort Worth.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.
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