Fifth Third’s Comerica acquisition brings new banking power — and opportunity — to Jax (Courtesy of the Jacksonville Business Journal) — Two of the nation’s best-known regional banks are merging — and Jacksonville may be one of the biggest beneficiaries.
Fifth Third Bancorp (Nasdaq: FITB) announced Monday it will acquire Comerica Inc. (NYSE: CMA) in an all-stock transaction valued at $10.9 billion, creating the ninth-largest U.S. bank with approximately $288 billion in assets. Under the agreement, Comerica shareholders will receive 1.8663 Fifth Third shares per Comerica share — a 20% premium based on Fifth Third’s Oct. 3 closing price.
The deal, expected to close in early 2026, will make the combined company a powerhouse across the Southeast, Texas and California — regions that Fifth Third executives have long identified as core to their expansion strategy.
“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, president and CEO of Fifth Third Bank, in a statement. “Comerica’s strong middle market franchise and complementary footprint make this a natural fit.”
A boost for the Southeast — and Jacksonville’s growing banking scene
For the First Coast, the merger brings together two banks already investing heavily in the region.
Cincinnati-based Fifth Third, which has operated in Florida since 1999, has 97 branches and nearly 700 employees across North Florida. The bank has spent the past two years doubling down on its Florida footprint.
In June, the bank named Scott Daigle as North Florida region president, overseeing markets including Jacksonville, Tampa, Sarasota and Orlando, while Brian Evans continues as Jacksonville city president. The banks also launched a statewide commercial banking structure under veteran banker Marty McAndrew in July.
Daigle told the Business Journal in July that North Florida is “integral” to Fifth Third’s expansion plans, citing the region’s rapid population growth and strong job market.
“We’ve had a stated objective of adding new offices and growing market share,” he said at the time. “Just the dynamics of North Florida are really well staged for the current tense and the future.”
That focus now takes on new weight.
The merger gives Fifth Third a stronger national middle-market presence and significantly expands its capabilities in commercial payments and wealth management — both high-demand services among Jacksonville’s expanding business base.
Bank leaders have previously said that by 2028, Fifth Third aims to have as many branches in Florida as in Ohio, where it has operated for more than 160 years. Those plans remain unchanged, Daigle confirmed to the Business Journal Monday afternoon, noting how 80% of Fifth Third’s site expansions are already under contract.
Comerica’s recent push into North Florida
On the other side of the merger, Comerica only recently began planting roots on the First Coast.
After entering the Jacksonville market in 2022, the Dallas-headquartered bank tapped local commercial banking veteran Christopher Clark in July to lead its North Florida operations. Though Comerica operates more than 350 retail branches nationwide — mainly in Texas, Michigan, California, Arizona and South Florida — its presence in Northeast Florida has focused on commercial lending and wealth management rather than retail.
“The demographics of North Florida and Jacksonville are extremely positive — it’s part of the country that we’re looking to grow and develop further,” said Corey Bailey, Comerica’s executive vice president and director of middle-market and business banking.
Clark said Jacksonville’s mix of industries makes it attractive for long-term growth: “We believe Jacksonville has a strong economic market, not only today, but well into the future. Much of that belief comes in the diverse range of industries within our city, which help insulate North Florida from challenging economic environments.”
Comerica’s local team remains small but expanding. Clark said in July the bank is finalizing office space in the next 12 to 18 months and plans to add more bankers to support its growing North Florida client base — particularly along the Beaches corridor.
“We’re busy in North Florida,” he said. “Because we’re busy, we need to add more bankers to the ground.”
Broader implications: Southeast acceleration and new market dominance
Under the combined structure, Fifth Third projects that over half of its branches will be located in the Southeast, Texas, Arizona and California by 2030, signaling a generational pivot from its Midwest roots.
In Texas alone, the bank plans to open 150 new financial centers by 2029, while in Florida, executives expect to strengthen commercial and middle-market relationships with larger employers and expanding small businesses alike.
“This combination checks every box,” Spence said. “It’s strategic, makes financial sense and expands the reach of our industry-leading products and services.”
For Jacksonville’s growing finance sector — already seeing increased activity from the newly merged Pinnacle-Synovous group, Truist, Regions and Chase — the Fifth Third-Comerica merger underscores how major banks are investing in regions where population and business growth are outpacing national averages.
With Fifth Third maintaining its No. 1 J.D. Power ranking for retail banking satisfaction in Florida for two consecutive years, the move positions the company to deepen relationships in one of its fastest-growing markets.
Comerica CEO Curt Farmer, who will become vice chair of the new organization, said in a statement the merger “allows us to build on our leading commercial franchise and further serve our customers with enhanced capabilities across more markets, while staying true to our core values.”
Cultural alignment — specifically a focus on the customer — between the two banks was particularly attractive for Fifth Third.
“(Comerica) has a smaller footprint in Florida than we already have in place but their talent is strong,” Daigle said. “Then they also have a nice wealth management business that’s here in Florida as well, and that’ll be accretive from day one.”
What comes next
Pending shareholder and regulatory approvals, the merger is expected to close by the end of the first quarter of 2026. Farmer and other Comerica leaders will take executive and board roles at Fifth Third to ensure a smooth transition.
For Jacksonville’s business community — from middle-market manufacturers to emerging tech startups — the acquisition could translate into expanded access to capital, a broader suite of digital tools, and a deeper bench of local relationship bankers.
As Daigle previously put it: “We want to be the one bank people most value and trust. We’re going to do that by continuing to add offices in the places that are growing — and Jacksonville is one of those places.”