Comerica bank, which moved its Detroit headquarters to Texas in 2007 but still has strong local ties, is being sold to Fifth Third Bancorp in an all-stock transaction valued at $10.9 billion, according to a press release on Monday.
The acquisition will create the ninth-largest lender in the U.S., with approximately $288 billion in assets.
Comerica has a strong presence in the Midwest and Detroit and still has its name on the baseball stadium on Woodward Avenue in downtown Detroit…