Fifth Third Bancorp in Cincinnati has agreed to buy Comerica in Dallas. The $210 billion-asset Fifth Third said in a press release that it will pay $10.9 billion in stock for the $78 billion-asset Comerica. The deal, which is expected to close in the first quarter, priced Comerica at 173% of its tangible book value.
F&M Bank in Edmond, Oklahoma, has agreed to buy Community National Bank of Okarche in Oklahoma. The $758 million-asset F&M Bank did not disclose how much it will pay for the $128 million-asset Community National. The deal is expected to close in the fourth quarter.
Prosperity Bancshares in Houston has agreed to buy Southwest Bancshares in San Antonio, Texas. The $38.4 billion-asset Prosperity said in a press release that it will pay $268.9 million in stock for the $2.4 billion-asset parent of Texas Partners Bank. The deal, expected to close in the first quarter, priced Southwest at 153% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
