Leadership and Strategic Integration
The combined leadership structure reflects both banks’ influence. Farmer will become vice chair of the new entity, while Comerica’s Chief Banking Officer Peter Sefzik will oversee Wealth & Asset Management. Three Comerica board members will join Fifth Third’s board, with Farmer joining upon retirement.
Fifth Third said the merger will boost scale, profitability, and efficiency, while enhancing geographic reach across the Midwest, Southeast, and Western U.S.
By 2030, over half of Fifth Third’s branches will be located in the Southeast, Texas, Arizona, and California, underscoring the bank’s long-term pivot toward high-growth markets.
Expanding Reach and Recurring Revenue
The deal also brings in two significant $1 billion recurring fee businesses — Commercial Payments and Wealth & Asset Management — expected to strengthen recurring earnings and reinvestment capacity.
The merged institution will operate in 17 of the 20 fastest-growing U.S. markets, including financial hubs across Texas, California, and the Southeast, while reinforcing its dominance in the Midwest.
