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Fifth Third Buys Out Comerica, Tower Status Unclear
The $10.9 billion buyout of Dallas-based Comerica Inc. by Fifth Third Bancorp has officially closed. The deal allows Fifth Third to expand its footprint in Texas. Comerica has 101 branches in Texas, including 51 in DFW.
The Dallas Business Journal reports Fifth Third executives have said they plan to use the acquisition of Comerica to expand in DFW. The bank intends to open 150 new branches in Texas by 2029, or 50 per year, with many of them in the Metroplex.
Additionally, it’s not clear what will become of the 60-story Comerica tower at 1717 Main St.
For Fifth Third, the bank now has nearly 1,500 branches. Fifth Third had 1,130 banking offices in a dozen states in the Midwest and Southeast. Comerica had 352 branches in Arizona, California, Florida, Michigan and Texas. The deal gives Fifth Third retail branches in Arizona, California and Texas for the first time.
Fifth Third intends to become a top-five market share player in Austin, Dallas, and Houston through its planned branch expansion.
- ◦Sale/Acquisition
