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Fifth Third Bancorp said it would acquire Comerica for $10.9b, marking the latest effort by regional lenders to bulk up and compete with behemoths such as JPMorgan Chase and Bank of America. The all-stock deal would create one of the top 20 largest banks in the U.S., with $288b in total assets, according to Federal Reserve data.
This “appears to be a very supportive environment” for bank deals, Fifth Third Chief Financial Officer Bryan Preston said in an interview. He said regulators have signaled they believe consolidation is “healthy for the industry,” such as through faster approvals of bank tie-ups.
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