Fifth Third Completes Merger with Comerica to Become 9th Largest U.S. Bank

Core Viewpoint - Fifth Third Bancorp has successfully completed its merger with Comerica Incorporated, resulting in the formation of the ninth-largest bank in the U.S. with approximately $294 billion in assets [1] Group 1: Merger Details - The merger combines Fifth Third's retail banking and digital capabilities with Comerica's middle market banking franchise, enhancing stability, profitability, and growth potential [1] - Fifth Third will now operate in 17 of the 20 fastest-growing large markets in the U.S., including key regions in the Southeast, Texas, and California, while maintaining its leadership in the Midwest [1] - The combined entity aims to have around 1,750 branches by 2030, with over half located in high-growth areas [1] Group 2: Business Strategy and Growth Opportunities - The merger creates two recurring and high-return fee businesses: Commercial Payments and Wealth and Asset Management, which will provide diversified earnings and reinvestment capacity [1] - Over the next five years, the company plans to scale Comerica's middle market expertise, deepen commercial and wealth relationships, expand retail banking, and build an innovation banking business [1] Group 3: Leadership and Integration - Tim Spence, chairman, CEO, and president of Fifth Third, emphasized the merger as a pivotal moment for the bank, aiming to deliver exceptional value for shareholders, customers, and communities [1] - Integration teams will work closely to ensure a seamless transition for customers, with full system and brand conversions expected in the third quarter [1]