Comerica Bank, whose western U.S. headquarters is in San Jose, will be acquired by Cincinnati-based Fifth Third Bancorp in a $10.9 billion stock purchase revealed in a joint announcement this week by the two large regional banks.
The Comerica name, visible at 88 locations in the Bay Area and Southern California, will disappear into the Fifth Third brand once the deal is final early next spring.
Fifth Third is the 19th largest commercial bank in the U.S., with approximately $211 billion in assets, and Comerica is the 39th largest, approximately $78 billion in assets.
Federal regulators have indicated the agreement to create the ninth-largest U.S. lender is likely to win swift approval.
The Trump Administration cleared the way for the bank deal when the Consumer Financial Protection Bureau in April dropped a consumer protection lawsuit filed against Comerica in December 2024 that accused the bank of violating federal laws by providing inadequate customer service.
This week’s announcement follows an industry-wide crisis in 2023 that shook investor confidence and exposed the risks of bank runs and troubles in commercial real estate.
Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, valuing the deal at $82.88 per share based on Fifth Third’s closing price on Oct. 3. When the deal closes next year, Fifth Third shareholders will own about 73% of the combined company.
“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,” Fifth Third CEO Tim Spence said in a statement.
In addition to its western headquarters at 333 W. Santa Clara St. in San Jose, Comerica has three other banking centers in San Jose, another nine in the rest of Santa Clara County, six in Santa Cruz County and 15 in San Francisco and the East Bay.
Comerica has figured prominently among commercial lenders and wealth management in San Francisco and Silicon Valley and in consumer banking in Santa Cruz and Monterey counties for more than 30 years.
The bank, founded in 1848 in Detroit and headquartered since 2007 in Dallas, expanded into California when it purchased Pacific Western Bank in 1994. Comerica has offices in 15 states and services in 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico with banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas, and offices in North and South Carolina.
It was unclear this week whether the new bank will result in any personnel changes or closing of banking centers or offices. Signs displayed prominently on many office buildings in California, Arizona, Texas and other states likely won’t be changed until after the sale receives final federal approval.
If the Detroit Tigers make it past the Seattle Mariners in tonight’s American League divisional playoff, its postseason home games may be their last home ballpark named Comerica Park.
Tigers officials said this week it was “too early to discuss any potential changes to facility names.”Fifth Third was founded in 1858 in Cincinnati. Its name originates from the 1908 merger of two Cincinnati banks: the Fifth National Bank and the Third National Bank.
