Fifth Third Bancorp will acquire Comerica Incorporated during a merger that will close in early 2026, the banking firms announced in a joint statement on Monday. A definitive merger agreement is in an all-stock transaction valued at $10.9 billion.

The transaction will result in the creation of the ninth-largest U.S. bank, with about $288 billion in assets. At close, Fifth Third shareholders will own about 73% and Comerica shareholders will own about 27% of the combined company. 

Comerica was founded in 1849 in Detroit. The bank has been expanding into other locations in Michigan and elsewhere, with offices currently in 15 states as well as in Canada and Mexico. 

Fifth Third's history goes back to 1858 in Cincinnati, Ohio. The bank currently has branches in 11 states, including some in Michigan. 

Tim Spence, Chairman, CEO and President of Fifth Third Bank, 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, said, "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." 

Key leadership decisions include naming Farmer as the company's vice chair. 

The transaction is subject to shareholder approvals for both Fifth Third and Comerica, customary regulatory approvals and closing conditions.