Fifth Third Bancorp (FITB)

Fifth Third Bancorp reported third-quarter 2026 net income available to common shareholders of $828 million, or $0.90 per diluted share, on 19 October 1. That compares with $763 million in the prior quarter and $608 million a year earlier 1.

The bank now includes Comerica, bought in an all-stock deal valued at about $12.7 billion that closed on 1 February 2026 2. Excluding certain items, mostly merger charges, adjusted earnings per share were $1.13, the company said 1.

Chief executive Tim Spence said the bank completed the systems conversion less than a year after announcing the deal, with strong client and banker retention 1. Net charge-offs, loans written off as losses, were 31 basis points, which the company called resilient credit performance 1.

The open question is whether promised savings arrive: the company said in June it was on track for $850 million of yearly pre-tax expense savings by the end of 2026 5. Spence also warned that competition for deposits is heating up 1.

Fifth Third is a Cincinnati bank that, by its own tally, its assets grew from $105 billion in 2005 to $214 billion in 2025 5.

Its own timeline marks Project NorthStar, an efficiency program, from 2016 to 2019, the start of a Southeast expansion in 2018, and an acquisition that closed in March 2019 5. In 2019 it also moved to a national bank charter overseen by the OCC, the Office of the Comptroller of the Currency 5.

Net income available to common shareholders was $2,212 million in 2023, $2,155 million in 2024 and $2,376 million in 2025 3.

Diluted earnings per share were $3.22, $3.14 and $3.53 in those years 3. Return on average assets, a measure of profit against everything the bank owns, was 1.19 percent in 2025 3.

At the end of 2025 the bank had $214 billion in assets and 1,130 full-service banking centers across the Midwest and Southeast 3. It employed 18,676 full-time equivalent people 3.

The turning point came on 6 October 2025, when Fifth Third and Comerica announced a merger agreement in an all-stock deal valued at $10.9 billion 4. Comerica was a Dallas-based bank 9.

The announcement said Comerica brought a strong middle market banking franchise, meaning lending to mid-sized companies, and a footprint in high-growth markets 4. Press coverage noted that the savings plan would shrink Comerica's planned costs and that staff cuts followed 96.

The deal closed on 1 February 2026, with Fifth Third issuing new preferred stock to Comerica's preferred holders 2. Each Comerica common share became 1.8663 Fifth Third shares 2.

What the bank is

Fifth Third Bancorp is the holding company for Fifth Third Bank, National Association, and runs three businesses: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management 3.

Commercial Banking

This arm lends to and handles cash for large and middle-market businesses, governments and professionals 3. It also sells foreign exchange, trade finance, derivatives, leasing and real estate finance 3. It earned $1,342 million before taxes in 2025 3.

Consumer and Small Business Banking

This arm offers deposits and loans to individuals and small businesses through its banking centers, including mortgages, home equity loans, credit cards, auto loans and solar installation loans 3. It earned $2,445 million before taxes in 2025, the largest of the three 3.

Wealth and Asset Management

This arm provides wealth planning, investment management, trust and estate services, brokerage and advice for individuals, companies and not-for-profits 3. It earned $252 million before taxes in 2025 3. The merger announcement said Comerica's Peter Sefzik would lead it 4.

Third-quarter picture

In the third quarter, average loans were $179,244 million and average deposits $238,344 million, against $123,326 million and $164,754 million a year earlier 1. The bank declared a dividend of $0.42 per common share 2.

The company reported a 10.02 percent common equity tier 1 ratio, a measure of its loss-absorbing capital 1. It did not repurchase common shares this year to date 1.

People, rivals and problems

Tim Spence is chairman, chief executive and president, and Bryan Preston is chief financial officer 36. The 10-K says the bank competes with other banks and also with securities dealers, brokers, mortgage bankers, specialty finance, private credit and financial technology firms 3.

The company took after-tax merger-related charges of $171 million and interchange litigation charges of $26 million in the third quarter 1. The litigation is a long-running antitrust class action by merchants against card networks and banks 2.

The umbrella, in words

Its main bank is Fifth Third Bank, National Association 3. The subsidiaries exhibit, dated 15 February 2026, also lists Comerica units such as Comerica Securities, Inc. and Comerica Insurance Group, Inc. 7.

Fifth Third owns Comerica Incorporated, bought in an all-stock merger that closed in 2026 2. As of 31 March 2026, BlackRock, Inc. reported holding 8.0 percent of the common stock 8.

Its executive offices sit at Fountain Square Plaza in downtown Cincinnati 3. Of 1,130 banking centers at the end of 2025, 713 were owned, 185 leased and 232 on leased land 3.

The company said in June that it expected to reach $850 million of pre-tax run-rate expense savings by year-end 2026 5. It put total merger and integration costs at about $1.3 billion, with $657 million incurred through the first quarter 5.

Its stated targets for 2027 are a return on tangible common equity of 19 percent or more and an efficiency ratio of 53 percent 5. The efficiency ratio is costs as a share of revenue 5.

The company plans 150 new Texas branches by 2029, with over 90 locations already identified 5. It shows about 1,750 branches by 2030, up from 1,130 before Comerica 5.

Spence said the bank is building a Fifth Third that is better and not just bigger, guided in order by stability, profitability and growth 1. The company has not repurchased common shares this year 1.

The merger announcement expected over half of its branches to be in the Southeast, Texas, Arizona and California by 2030 4.