Business
fromwww.housingwire.com
1 day agoFifth Third completes Comerica merger
Fifth Third closed its $10.9 billion Comerica merger to expand branches and scale commercial, wealth and payments businesses across high-growth U.S. markets.
Cornerstone said the deal will expand its statewide market share, moving it into the top 20 Texas banks with less than $10 billion in assets, while reducing its cost of deposits by about 68 basis points. The merger is also expected to boost the bank's mortgage origination and servicing divisions by creating additional lending capacity and generating significant pricing and revenue synergies without compromising asset quality, according to the announcement.