2 notable U.S. banks to merge in $10.9 billion deal

Two well-known companies are merging in a deal that would create one of the nation’s largest U.S. commercial banks.

Fifth Third Bank, which is based in Cincinnat, has agreed to purchase Dallas-based Comerica for an all-stock transaction of $10.9 billion, the regional banks said Monday.

The deal is pending regulatory approval, but executives at both banks indicated they expect the deal to close at the end of the first quarter of next year.

The merger will create the 9th largest U.S. bank with approximately $288 billion in assets.

“This combination marks a pivotal moment for Fifth Third as we accelerate our strategy to build density in high-growth markets and deepen our commercial capabilities,” said Tim Spence, Chairman, CEO and President of Fifth Third Bank.

“Comerica’s strong middle