06:47 AM EDT, 10/06/2025 (MT Newswires) -- Fifth Third Bancorp ( FITB ) and Comerica ( CMA ) said Monday they agreed to merge in an all-stock deal valued at $10.9 billion.

Under the terms of the agreement, Comerica's ( CMA ) shareholders will receive 1.8663 Fifth Third shares for each Comerica ( CMA ) share, representing a valuation of $82.88 per share or a 20% premium over Comerica's ( CMA ) 10-day volume-weighted average stock price, the companies said.

At the anticipated Q1 2026 close, Fifth Third shareholders will own around 73% of the combined company and Comerica ( CMA ) shareholders the rest, the companies said.

The combination is expected to be immediately accretive to shareholders, the companies said.

This combined bank will be the 9th largest in the US with $288 billion in assets and presences in the southeast, Texas, and California, as well as its stronghold in the Midwest, the companies said.

Tim Spence, chairman and chief executive of Fifth Third, will retain his post Comerica ( CMA ) Chief Executive and Chairman Curt Farmer will assume the role of vice chair, the companies said.

Comerica ( CMA ) shares were up 11.9% while First Third shares fell 2% in recent premarket activity.