Fifth Third’s $10.9 B Comerica Takeover Shakes Up Banking – Will Comerica Park Get a New Name?
A $10.9 B Deal to Create a Top-10 Bank Fifth Third Bancorp, based in Cincinnati, agreed to acquire Comerica Inc. of Dallas in an all-stock transaction valued at $10.9 billion reuters.com. The merger will form the nation’s ninth-largest bank by assets, a financial giant with approximately $288 billion in total assets and a deep footprint across multiple regions reuters.com ts2.tech. Under the deal terms announced October 6, each Comerica share will be exchanged for 1.8663 shares of Fifth Third stock ir.53.com. At Fifth Third’s pre-announcement share price, that equates to $82.88 per Comerica share, representing about a 20% premium over Comerica’s recent average