Core Insights - Fifth Third Bancorp has entered a definitive merger agreement to acquire Comerica Incorporated in an all-stock transaction valued at $10.9 billion, expected to close by the end of Q1 2026 [1][11] - Following the announcement, Comerica's shares rose nearly 14%, while Fifth Third's stock experienced a slight decline of 1% after an initial increase [1] Merger Details - The merger will create the ninth-largest bank in the U.S. with nearly $288 billion in assets, $224 billion in deposits, and $174 billion in loans [3] - Comerica shareholders will receive 1.8663 Fifth Third shares for each share of Comerica, equating to $82.88 per share, representing a 20% premium to Comerica's 10-day volume-weighted average stock price [7] Strategic Rationale - The acquisition is a strategic move to enhance Fifth Third's growth plan, increasing scale, profitability, and geographic reach [4] - The combined entity will operate in 17 of the 20 fastest-growing U.S. markets, including key regions in the Southeast, Texas, and California [5] Business Model Diversification - The merger will diversify Fifth Third's business model, reducing commercial loan concentration from 44% to 36%, which is crucial for stability during volatile credit cycles [6] - Fifth Third anticipates $850 million in annual pre-tax cost synergies, approximately 35% of Comerica's non-interest expense base, and an internal rate of return of 22% [8] Financial Projections - The deal is projected to boost Fifth Third's earnings per share by 9% by 2027 and improve the combined efficiency ratio into the low-to-mid-50% range, about 200 basis points better than current levels [9]

Transaction Overview - Glacier Bancorp, Inc will acquire Guaranty Bancshares, Inc, expanding into Texas [8] - The transaction marks Glacier's entrance into Texas, a complementary state of operation [8] - Guaranty Bank & Trust will operate as Glacier's 18th separate bank division [8] - The deal is expected to be immediately accretive to EPS with minimal dilution to tangible book value per share and an earnback period of less than 1 year [8] - The deal is expected to have an internal rate of return (IRR) of approximately 20% [8] - Cost savings are estimated at 20% of GNTY's noninterest expense [8] Guaranty Bancshares Overview - Guaranty Bank & Trust has $3.2 billion in assets and 33 branches located throughout East Texas, Dallas/Fort Worth, Houston, Austin and Bryan/College Station [8] - Guaranty has $2.704 billion in deposits, with a 31.3% noninterest bearing deposits to total deposits [20] - Guaranty's net interest margin (NIM) is 3.70% [11] - Guaranty's gross loans HFI is $2.108 billion [20]