Another bank tried to buy Comerica before Fifth Third deal

Core Insights - Comerica has decided to merge with Fifth Third Bancorp, marking a significant move in the banking sector with a deal valued at nearly $11 billion, the largest bank acquisition announcement of the year [1][9] - The merger was initiated by a phone call from Comerica CEO Curt Farmer to Fifth Third CEO Tim Spence on September 18, 2023, indicating Comerica's interest in selling [2][3] - The deal is expected to close in the first quarter of next year, pending regulatory approval and a review by the U.S. Department of Justice's antitrust division [4] Company Details - Fifth Third Bancorp aims to expand its presence in high-growth markets like Texas through this acquisition, while Comerica seeks to address funding pressures and balance sheet challenges [5] - Comerica's CEO, Curt Farmer, will transition to the role of vice chair at Fifth Third, with an annual compensation of $8.75 million and deferred compensation of $10.63 million [6][7] - Fifth Third has agreed to retain Peter Sefzik, Comerica's chief banking officer, as its head of wealth and asset management, although no other compensation agreements have been established with Comerica executives [8]