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Fifth Third Bancorp (FITB) investor relations material
Fifth Third Bancorp M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary6 Oct, 2025
Deal rationale and strategic fit
Creates the 9th largest U.S. bank with $288B in assets, $174B in loans, and $224B in deposits, expanding scale, profitability, and geographic reach, and positioning for national growth and market leadership.
Enhances presence in 17 of the 20 fastest-growing U.S. metro areas, including the Southeast, Texas, Arizona, and California.
Combines Comerica's commercial loan portfolio with Fifth Third's retail deposit base, diversifying the balance sheet and revenue.
Strengthens recurring fee businesses in Commercial Payments and Wealth & Asset Management, each exceeding $1B, supporting long-term growth.
Strong cultural alignment and leadership continuity, with proven integration success from prior acquisitions.
Financial terms and conditions
All-stock transaction valued at $10.9B, with Comerica shareholders receiving 1.8663 Fifth Third shares per Comerica share, representing a 20% premium to Comerica’s 10-day VWAP and a purchase price of $82.88 per share.
Pro forma ownership: 73% Fifth Third, 27% Comerica.
No tangible book value per share dilution is expected; 22% IRR and 9% EPS accretion projected by 2027.
Projected 2026 P/E multiple is 15.4x, dropping to 7.9x with full cost savings.
One-time charges are estimated at $950M–$1.3B after-tax, and a credit mark of $800M is expected.
Synergies and expected cost savings
$850M in pre-tax expense synergies, equal to 35% of Comerica’s projected noninterest expense base, mainly from eliminating redundant systems and processes.
$6.5B in capitalized value from identified cost savings.
No revenue synergies modeled; upside to growth could further increase IRR.
One-time restructuring costs of 1.3x–1.5x synergies recognized at close.
Quantify expected revenue synergies?
Preventing system conversion issues?
Strategy to unlock Comerica's growth potential?
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Next Fifth Third Bancorp earnings date
Q3 202517 Oct, 2025
Next Fifth Third Bancorp earnings date
Q3 202517 Oct, 2025
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Frequently asked questions
Midwest Consumer Banking
Fifth Third Bancorp is an American bank and financial services company, primarily focused on consumer banking. The company operates under the Fifth Third Bank and offers a wide range of financial products and services, including consumer banking, commercial banking, lending, payment processing, and investment advising. It operates numerous branches and ATMs across several states, primarily in the Midwest and Southeastern United States. It is headquartered in Cincinnati, Ohio, and its shares are listed on the Nasdaq.
1909
The most significant early event in the company's history was in 1909, when the Third National Bank and Fifth National Bank merged, forming the Fifth Third National Bank of Cincinnati. T the bank expanded its services and operations, growing steadily. In the 1970s and 1980s, Fifth Third Bancorp, through a series of acquisitions and mergers, significantly expanded its geographic footprint and diversified its financial services. It entered into new markets and started offering a wider range of products including loans, deposit accounts, and investment services. The company has grown steadily during recent decades, establishing itself as a prominent consumer bank in the Midwest.
The Company’s Services
The company's range of services encompasses retail banking, commercial banking, consumer lending, payment processing, and investment advising. In retail banking, Fifth Third Bancorp offers a variety of products including checking and savings accounts, credit cards, and mortgage services. The consumer lending part of Fifth Third Bancorp provides personal loans, auto financing, and student loans. Fifth Third Bancorp also has a significant presence in the investment sector. Through its wealth and asset management services, it offers investment advice, management services, and retirement planning.
A Regional Focus
Fifth Third Bank has made a strategic choice to maintain a regional focus, as opposed to expanding into a national banking entity. This is in contrast to national banks, which often spread their operations across the entire country, requiring a broader, less specialized approach. The regional focus enables Fifth Third Bank to develop closer relationships with local customers and businesses and is a similar strategy employed by companies such as M&T Bank and Comerica.
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